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The Journey of Accounting

In: Business and Management

Submitted By Acapatriot31
Words 3357
Pages 14
The Journey of Accounting The employment for accountants and auditors is expected to grow by twenty percent between 2008 and 2018, which is much faster than the average for all occupations (“U.S. Bureau of Labor Statistics” 5). This shows that accounting is a profession that is very dependable to get a job in. Accounting has been around for ages as it can be traced back to Italy in the Renaissance Era. Accountant’s nature of work is to make sure that business firms run efficiently, public records are kept accurately, and taxes are paid properly and on time (1). Accounting refers to a set of business practices designed to keep careful track of accounts, funds, and transactions between a company and its various stakeholders. The system we use today to track money in business was invented in Italy during the Renaissance. An Italian merchant invented it so that he could easily summarize his results at the end of the day. The system had a simple system of checks and balances to make sure that everything he had recorded was done correctly. The Italian merchant called his system the double-entry accounting system, and it was very simple to understand (Hart 4-5). His name was Luca Pacioli, born in Sansepulcro, Tuscany. Pacioli is known as “The Father of Accounting”. Later on, as trade increased between Europe and the Middle East, business grew beyond what a single owner could even handle. This caused the need for written records so that the business owners could keep up with their transactions (Jones 16-17). This shows that accounting is as old as civilization and is one of the most important aspects in economics. Accountants have invented writing, developed the banking system, and created the double entry bookkeeping system throughout time. Accounting turned into a profession in the 20th century and has become the core of the information revolution (Hart

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