Introduction
Accounting is the systematic record keeping and reporting of an organization's performance in monetary terms. Accounting provides a summary of the economic results of organizational decisions for internal use and transmits them to external stakeholders such as volunteers, donors, creditors and regulatory agencies. Accounting and financial reporting date back to clay tablets used by the Mesopotamians to record tax receipts around 3000 BC. In 1494, Luca Pacioli, a Franciscan monk and mathematics professor, published the first known text to describe a comprehensive double-entry bookkeeping system. Then in the 1800's, England began an independent audit function that added credence to financial reports. As British capital was invested in a growing U.S. economy in the late 19th century, British chartered accountants and accounting methods came to the United States. Since, no group was legally authorized to establish financial reporting standards, alternative methods of......
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Approximate Word Count: 1582
Approximate Pages: 7 (260 words per double-spaced page) |