What do you mean by accounting environment, Accounting Standards

Assignment Help:

Q. What do you mean by Accounting Environment?

Record keeping in an accounting sense is deliberation to have begun about 4000 BCE. The control, record-keeping, and verification problems of the ancient world had many characteristics similar to those we encounter today. For illustration, an ancient government as well kept records of receipts and disbursements and used procedures to check on the honesty and reliability of employees.

A study of the progression of accounting suggests that accounting processes have developed primarily in response to business needs. As well economic progress has affected the development of accounting processes. History demonstrates that the higher the level of civilization the more elaborates the accounting methods.

The emergence of double entry bookkeeping was a critical event in accounting history. In 1494 a Franciscan monk Luca Pacioli illustrates the double-entry Method of Venice system in his text called Summa de Geometric, Arithmetical, Proportion and Proportionate (Everything about arithmetic, geometry, and proportion). Several consider Pacioli's Summa to be a reworked version of a manuscript that circulated among teachers and pupils of the Venetian school of commerce and arithmetic.

Seeing as Pacioli's days the roles of accountants and professional accounting organizations have expanded in business and society. As professionals accountants have a accountability for placing public service above their commitment to personal economic gain. Complementing their compulsion to society accountants have analytical and evaluative skills needed in the solution of ever-growing world problems. The special capability of accountants or their independence and their high ethical standards permit them to make significant and unique contributions to business and areas of public interest.


Related Discussions:- What do you mean by accounting environment

What do you meant by human capital, Question 1: Businesses have become ...

Question 1: Businesses have become increasingly aware of the environmental implications of their operations, products and services. (a) Describe why businesses should be con

Balance sheet, Balance sheet is related along with reporting the financial ...

Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value

Constructing a balance sheet, Comprising examined the conceptual origin of ...

Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi

Data attributes for every entity, Make a new information system for this co...

Make a new information system for this company. Your solution should contain the following items: 1.  An overview of the primary features of the new system, describing why this

Explain how the use of environmental accounting can help, QUESTION An i...

QUESTION An important function of Environmental Accounting is to bring environmental costs to the attention of corporate stakeholders who may be motivated to identify ways of r

International accounting standard committee, International Accounting Stan...

International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property) a. Held for sale in the ordinary course of business. b. In the proces

Accounting, During 2011, Lavina Corporation had cash and credit sales of $9...

During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of

Accountant, We have a demonstration instrument that was paid for years ago....

We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd