There are many evidences of keeping records back in 3000 BC. But, systematic book keeping was only found sometimes in the 14th Century. The first record of a complete accounting was found in the records of Geneo, Italy. The first published work describing accounting was one of the five sections in Summa de Arithmetica, Geometria, Proportion et Proportionality (everything about Arithmetic, Geometry and Proportion) published by Luca Pacioli in1494 in Venice. This section of accounting was the world's only accounting textbook until the 16th century. Luca Pacioli is known as the "Father of Accounting". He introduced Double Entry System in 1494 in Italy.
Meaning
Accounting is the process of recording business transactions in systematic way in terms of money, reporting results of business activities and interpreting such results for the purpose of effective control of future activities. It includes identifying, recording, classifying, summarizing, analyzing and interpreting financial transactions.
Meaning
Accounting is the process of recording business transactions in systematic way in terms of money, reporting results of business activities and interpreting such results for the purpose of effective control of future activities. It includes identifying, recording, classifying, summarizing, analyzing and interpreting financial transactions.
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