Stewardship accounting, Accounting Basics

In earlier times in history, wealthy people utilized 'stewards' to direct their property. These stewards made an account of their stewardship to their owners periodically. This idea lies at the root of financial reporting even now that basically engages the orderly recording of business transactions, generally termed as 'book-keeping'. In fact the accounting ideas and procedures, in use at present for systematic recording of business transactions have their origin in the practices utilized by merchants in Italy during the fifteenth century. The Italian method that particularly began to be termed as 'double entry book-keeping' was adopted by the other European countries during the nineteenth century. "Stewardship accounting", means it is related along with the requirement of business owners to maintain records of their transactions, the tools and property they owned, debts they owed and the debts the others owed them.

Posted Date: 4/2/2013 6:50:11 AM | Location : United States

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