Introduction- Accounting.docx

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Management and Organizational Studies
Management and Organizational Studies 1023A/B
James O' Brien

BMOS Lecture 1 9222010 53800 PM 6 Quick History LessonSince prehistoric times families had to account for food and clothing to face the cold seasonsEvidence of accounting records can be found in the Babylonian Empire in pharaohs Egypt and in the Code of HammurabiThe advent of taxation record keeping became a necessity for governmentsThe role of accountants in the ancient world is coming into clearer focus with new archaeological discoveries and interpretations of the artifacts It is now evident that writing developed over 5000 years agoby accountants7 Double Entry SystemThe Italian Renaissance brought the artistic accomplishments of man to new heightsFragments dated 1211 of the account book of a Florentine banker present the earliest known evidence of the double entrysystemVenice was the business cradle of Europe and it was here among merchants that double entry accounting was practiced8 The Father of Accountingin 1494 an Italian monk published a book explaining double entry bookkeepingIn his book Summa Luca Paciolo wrote We describe the method employed in VenicePaciolo made no claim to the invention of the double entry systemHe is recognized as the author of the first published double entry bookkeeping textVirtually unchanged for over 500 years9 ContinuedPacioli also documented the application of journals and ledgers which included assets liabilities capital income and expense accountsAlso laid out yearend closing entries and introduced the idea of a trial balanceThe Summa additionally discussed ethics and cost accounting
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