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HISTORY OF ACCOUNTING
The history of accounting or accountancy can be traced back to thousand of years ago when the ancient civilization took place. That time period was closely connected with writings, counting and money. Many evidences were put forth showing different forms of bookkeeping in ancient Iran and auditing systems existed at that time. Even at that time the government of Romans was having access to detailed financial information (by the time of the Emperor Augustus). At the time medieval period double-ended bookkeeping got developed and the methods of accounting got its division into financial accounting and management accounting. It was during 19th century when accounting become a professional and by merging with local professional bodies, Institute of Chartered Accountants in England and Wales was formed in England.
ACCOUNTING AS A FIELD OF EDUCATION
It is up to the regulations of a state and also vary from location to location that what practices and bindings the professional bodies undertake for the concerned profession. For instance, in United States chartered accountants of ICAEW (Institute of Chartered Accountants in England and Wales)are bounded by code of ethics related with the concerned field and also undergo annual training. A person can having graduation degree and doctorate degree of accounting. Accounting create a good path for the development of professionals. The degree can be used to gain the membership of professional accounting bodies by fulfilling the requirements for being a part of such professional. Professional qualification of the field of accounting further includes chartered accountant designation and other degrees which are certificates and diplomas.
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Accounting or Accountancy Assignment Help covers all the important topics like:
- Tax Accounting Assignment Help consists of accounting methods that concentrates only on taxes. Tax Revenue Code governs tax accounting which prescribes particular rules and regulations for individuals and the companies that they must follow while preparing for their tax returns. The principles of taxes differ from general accounting principles. Lot of countries (European countries) follows Generally Accepted Accounting Principles while American accountants have two different options including GAAP (Generally Accepted Accounting Principles) and tax accounting.
- Cost Accounting:The basic goal of cost accounting is to alert or to advise the management team of the firm about the detailed information of cost efficiency & capability. This information creates an opportunity for the management team to cope-up with the factors resulting in the high or low cost for the production and plan for the future operations accordingly. This type of accounting information is used in financial accounting but it is only in hands of manager to deal with such issues and make related decisions.
- Activity based costing is an approach of cost accounting. Just like cost accounting that provides information about the cost being used in the firm, activity based accounting gives information about the cost being used at each activity level or the working level. Activity based costing assign an indirect cost to a product which could equate the cost of products made in bulk. This approach is usually used by manufacturing units or sectors to calculate a true cost of production per unit so that the bulk production cost cannot affect the firm.
- Financial Accounting: Financial Accounting (or financial accountancy) is concerned with the reporting of financial transactions especially of a business. The financial statements or reports are prepared which are further made available for public consumptions including stakeholders, shareholders, employees, business owners and banks.
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