Introduction Accountancy is a scientific discipline within the system of economic sciences‚ which has its own object and research method. Analyzing the evolution of scientific research on accountancy is extremely important because: “If someone manifests the desire to become a master in a specific art‚ he or she must study its history. Without having a historical background‚ our knowledge is incomplete and the judgment of current phenomena is precarious and lacks maturity” [1]. The arise and development
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t-account: debits and credits are entries made in account ledgers to record changes in value which is caused by business transactions‚ all of this is done in double entry bookkeeping. http://en.wikipedia.org/wiki/T_accounts 4. General Ledger: This is the main ledger that will have all of the financial accounts of a business; contains the offsetting debits and credit accounts. http://wordnetweb.princeton.edu/perl/webwn?s=general ledger 5. Debit: An entry that is recorded of an amount that
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nineteenth century with Alexander Shand [1844–1930].2 The Japanese translation of Shand’s (1873) Bank bookkeeping proved to be so important that his system of bank accounting became legally obligatory for the newly established banking system of the Meiji era. In the same year‚ Fukuzawa (1873–74) published a Japanese translation of Bryant and Stratton’s (1871) textbook‚ Common school bookkeeping. Yukichi Fukuzawa [1835–1901]‚ a prominent Japanese scholar and the founder of Keio Gijuku University‚
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CONTROL ACCOUNTS AND ITS USES INTRODUCTION: As the business grows in size‚ more than one ledger is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors‚ these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors’ accounts and the Purchases Ledger for creditors’ accounts. There may be more than three ledgers but for simplicity
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Accounting is an ancient human activity. From the time when men and women first engaged in trade‚ whether for barter or money‚ it must have been necessary to keep some kind of record of incomings and out-goings‚ to which the origins of the double entry bookkeeping system can be traced. Accounting is as old as money itself. The present form of accounting has passed through various stages of evolution. It has developed to meet the emerging needs and requirements of modern society. Like any other discipline
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Accounting history # Study of evolution in accounting‚ thought‚ practice & institutions # Responds to change in environment & societal needs. # Understand better the present‚ to forecast the future. # Contribute to acting pedagogy‚ policy & practice. History Development of Accounting Development of accounting record General Scientifc Period(1800-1955). # Concern about explaining what has been done without concerning about whether it is correct or not. Normative period (1957-1970) # Corncerning
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to account for every transaction without missing any item. Such a system of maintenance of a set of accounting books to record business transactions is known as book keeping system. ORIGIN OF BOOK KEEPING The practice of record keeping existed ages before the formal recording of history. Barbarians began to keep records by scratching them on rocks. From there crude forms of picture writing‚ the process of rudimentary bookkeeping began. The Italians were the leading bookkeepers and record makers
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balls. Water and electricity. Medical equipment such as first aid kits. Travelling expenses when the team plays somewhere. Maintenance of the building ( paint‚ varnish etc ). What recording systems does the club use to record incomes and expenses? Usually a simple system of bookkeeping is followed. First we; Distinguish clearly between receipts and income. Receipt are all monies that are received which include all cash transactions‚ irrespective of the related period or the nature
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I chose is GnuCash. GnuCash is a free and open source personal and small business accounting software program that implements a double-entry bookkeeping system. It was initially aimed at developing capabilities similar to Intuit‚ Inc.’s Quicken application‚ but also has features for small business accounting (Wikipedia.org). GnuCash runs on the following operating systems: Windows‚ Mac OS X‚ GNU/Linux‚ *BSD and Solaris. GnuCash has been translated into 21 languages and it handles multiple currency
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and divide‚ otherwise‚ you would not know how much money you had with you‚ how much you would have spent or whether the change you received was correct. Accounting is a system used by businesses to track financial information. Businesses then analyze and use the information to make business decisions. Accounting uses a double-entry method where accountants record transactions using debits and credits to individual accounts. The individual accounts are all part of the general ledger‚ which is the place
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