Origins All types of businesses‚ whether service‚ manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚
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Accounting Principles The general rules and concepts that govern the Accounting filed are referred to as the Principles of Accounting. The Financial Accounting Standards Board (FASB) using the groundwork of principles and guidelines has formulated these rules. They lay the foundation for sound and ethical accounting practices. The GAAP (Generally accepted accounting principles or "GAAP") consists of three important sets of rules: • The underlying accounting principles • The rules and standards
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HISTORY OF ACCOUNTING Accounting has a history that is usually discussed in terms of one seminal event- the invention and dissemination of the double entry bookkeeping processes. Paul Garner and Atsuo Tsuji (1995) report that the first printed treatise of bookkeeping in the world is the Summa de Arithemetica‚ Geometria‚ Proportioni et Proportionalita written by Luca Pacioli. The treatise was published in Venice in 1494‚ and was reprinted at Toscolano in 1523. This work is one of the most important
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I hereby submit my application to be admitted into the current MS in Accounting and Financial Management (MAFM) program. I am mostly attracted by the fact that the University is one of the most reputable universities in the state. Over the years I have learnt that persistence is one of the great virtues that help many achieve immeasurable success with confidence. Devry University offers M.S in Accounting and Financial Management with flexible class schedule and excellent education quality .The
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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Computers in accounting Uses and advantages and disadvantages of computers in accounting Traditionally accounts were kept by the means of handwritten record. Computers have only begun to be used in some of the functions of accounting over the last fifteen years or so. As computers became cheaper‚ easier to use‚ and more powerful‚ more firms have decided to computerise their own accounting records. However‚ some firms‚ (albeit a declining number) still prefer to use handwritten accountings. This leads
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There are many basic accounting concepts that are either directly or indirectly referenced in the Bible such as financial accounting‚ internal control‚ and management accounting‚ as discussed in the article “Accounting in the Bible” by Robert L. Hagerman. According to our textbook Fundamental Accounting Principles‚ accounting is an information and measurement system that identifies‚ records‚ and communicates relevant‚ reliable‚ and comparable information about an organization’s business activities
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* Write an essay in 250 to 300 words‚ Include the following: * The basic assumption of accounting * The constraints of accounting * A conclusion stating how you think sound financial reporting depends on principles‚ assumptions‚ and constraints. Refer to the U.S. GAAP in your response. The basic assumptions of accounting = separate entity assumption- finances from the company finance so that they don’t get intertwined with the owner or shareholders finance. Going concern assumption=
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1. Introduction The system for blocking in and regulation annual accounts in France is more different than in UK. During the reign of Louis XIV‚ French accounting was first introduced as a compulsory feature of business in 1673 by a law (known as the Savary Order) that required traders to maintain daybooks of their business transactions and prepare an annual list of assets. The Ordonnance de Colbert was the first regulation that imposes a form of accountability. It required traders to register
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Management Accounting Managerial accounting is the process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information in pursuit of an organization’s goals. Managerial accounting is an integral part of the management process‚ and managerial accountants are important strategic partners in an organization’s management team. The relation between accounting and management has been commonly expressed by the phrase‚ “Accounting is a tool of management”. Accounting practice has
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