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Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account (ledger) to which debit and credit entries (recognizing transactions) are chronologically posted to record changes in value (see bookkeeping). Such financial information is primarily used by lenders, managers, investors, tax authorities, and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. Accounting has been defined by the AICPA as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."

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Wikipedia About Accounting

Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account (ledger) to which debit and credit entries (recognizing transactions) are chronologically posted to record changes in value (see bookkeeping). Such financial information is primarily used by lenders, managers, investors, tax authorities, and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. Accounting has been defined by the AICPA as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."

Etymology

The English term accountant is derived from accomptant, which was pronounced by dropping the 'p' and over time further changed in pronunciation and spelling. Accomptant was derived from the French compter, itself originating from the Latin computare. From the word accountant the term accountancy is derived.

Early history

Accountancy's infancy dates back to the earliest days of human agriculture and civilization (the Sumerians in Mesopotamia, and the Egyptian Old Kingdom). Ancient economic thought of the Near East facilitated the creation of accurate records of the quantities and relative values of agricultural products, methods that were formalized in trading and monetary systems by 2000 B.C. Simple accounting is mentioned in the Christian Bible (New Testament) in the Book of Matthew, in the Parable of the Talents. The Islamic Quran also mentions simple accounting for trade and credit arrangements.

In the twelfth-century A.D., the Arab writer, Ibn Taymiyyah, mentioned in his book Hisba (literally, "verification" or "calculation") detailed accounting systems used by Muslims as early as in the mid-seventh century A.D. These accounting practices were influenced by the Roman and the Persian civilizations that Muslims interacted with. The most detailed example Ibn Taymiyyah provides of a complex governmental accounting system is the Divan of Umar, the second Caliph of Islam, in which all revenues and disbursements were recorded. The Divan of Umar has been described in detail by various Islamic historians and was used by Muslim rulers in the Middle East with modifications and enhancements until the fall of the Ottoman Empire.

Luca Pacioli and the birth of modern accountancy

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Painting of Luca Pacioli, attributed to Jacopo de' Barbari
Luca Pacioli (1445 - 1517), also known as Friar Luca dal Borgo, is credited for the "birth" of accountancy. His Summa de arithmetica, geometrica, proportioni et proportionalita (Summa on arithmetic, geometry, proportions and proportionality, Venice 1494), was a textbook for use in the abbaco schools of northern Italy, where the sons of merchants and craftsmen were educated. It was a compendium of the mathematical knowledge of his time, and includes the first printed description of the method of keeping accounts that Venetian merchants used at that time, known as the double-entry bookkeeping system.

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News about Accounting

Local accounting firm in new office

Denver PostThe Hanover office location of Smith Elliott Kearns & Co. LLC has moved to 55 Wetzel Drive from the former Frederick Street location.http://www.denverpost.com/breakingnews/ci_11434894?source=rs...

Xero shares jump on BT deal

Marlborough ExpressShares in Xero jumped after the online accounting software provider said it had secured a reseller deal with British Telecom.http://www.stuff.co.nz/marlborough-express/business/2401370/...

Xero shares jump on BT deal

StuffLATEST Shares in Xero jumped 30 percent after the online accounting software provider said it had secured a reseller deal with British Telecom. Xero said today the deal meant its services would be made available, to small British businesses, via BT's business applications service portal.http://www.stuff.co.nz/business/industries/telecoms-it-media...

OnPoint Community Credit Union names new CFO

dBusinessNews.comPortland - PORTLAND , ORE . , May 8, 2009, – OnPoint Community Credit Union has named James Hunt its new Chief Financial Officer. Hunt will be responsible for the accounting and finance business lines of Oregon ’s largest credit union, with more than 194,000 members and $2.5 billion in assets.http://www.dbusinessnews.com/shownews.php?newsid=182726&type...

New standards will help in making financial statements of insurance companies - public as well as private - easier for ...

India InfolineThe accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance firms reflect true natures of financial arrangements.http://www.indiainfoline.com/news/innernews.asp?storyId=1011...

News about Accounting

Pacific Asia Petroleum Ranked in the Top 3% of Companies for Its ...

MSN MoneyCentralHARTSDALE, N.Y., May 4, 2009 (GLOBE NEWSWIRE) -- Pacific Asia Petroleum, Inc. (OTCBB:PFAP) is rated amongst the top 3% of companies reviewed as to their accounting and governance risk, as reported by the Forbes Magazine "100 Most Trustworthy ... http://news.moneycentral.msn.com/provider/providerarticle.as...

On World Stage, Obama Uses Podium to Express Regret

FOX NewsApril 1: "If you look at the sources of this crisis, the United States certainly has some accounting to do with respect to a regulatory system that was inadequate." -- President Obama, at a press conference ahead of the G20 in London March ... http://www.foxnews.com/politics/2009/05/10/world-stage-obama...

Some 'Star Trek' gadgets no longer futuristic

San Francisco GateBut last month, a Government Accounting Office report criticized the Department of Defense for spending $396 million on research without producing a viable weapon. However, a rudimentary version of Star Trek's ubiquitous "universal translator" has ... http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/05/10/...

Farage: UKIP not just angry men

BBC NewsAnother, Ashley Mote, was convicted of benefit fraud and Tom Wise has denied charges of false accounting and money laundering - neither now sits as a UKIP MEP. Mr Farage said the question was how they were dealt with. "We haven't tried to brush ... http://news.bbc.co.uk/1/hi/uk_politics/8042747.stm

Fostering Interchange Between Sales, Distribution

Wall Street JournalThis year, the company expects a 17% decline in group operating profit to 121 billion yen, squeezed by the strong yen, a recent change in accounting rules, and flat sales at 2.3 trillion yen. Since joining Kirin in 1968 as a commercial science ... http://online.wsj.com/article/SB124198845854204481.html

Search results for Accounting

Accounting legal definition of Accounting. Accounting synonyms by the ...

A system of recording or settling accounts in financial transactions; the methods of determining income and expenses for tax and other financial purposes.http://legal-dictionary.thefreedictionary.com/Accounting

Accounting Careers at DeVry

Interested in accounting careers? Learn more from the nation's #1 path to accounting careers, DeVry.http://www.devry.edu/accounting/?WT.ac=tile-accounting

accounting - Definition of accounting at YourDictionary.com

noun. the principles or practice of systematically recording, presenting, and interpreting financial accounts; a statement of debits and credits; a settling or balancing of ... http://www.yourdictionary.com/accounting

accounting - definition of accounting by the Free Online Dictionary ...

ac·count·ing (-koun t ng) n. The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets ... http://www.thefreedictionary.com/accounting

Accounting @ Suite101.com

Accounting topics covered include small business accounting, public and managerial accounting, bookkeeping, auditing, tax accounting, GAAP, and general accounting topics.http://accounting.suite101.com/

Wikipedia results for Accounting

Accountancy - Wikipedia, the free encyclopedia

Accountancy [1] or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account to which debit ... http://en.wikipedia.org/wiki/Accounting

Accounting software - Wikipedia, the free encyclopedia

Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and ... http://en.wikipedia.org/wiki/Accounting_software

Accounting ethics - Wikipedia, the free encyclopedia

Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics.http://en.wikipedia.org/wiki/Accounting_ethics

Accounting scholarship - Wikipedia, the free encyclopedia

Accounting scholarship is an academic discipline oriented towards the profession of accounting, usually taught at a business school. Since accounting is a highly technical ... http://en.wikipedia.org/wiki/Accounting_scholarship

Accounting scandals - Wikipedia, the free encyclopedia

Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public ... http://en.wikipedia.org/wiki/Accounting_fraud
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William Black Wary of Bank Results ...

William Black Wary of Bank Results Since New AccountingWilliam Black, law and economics professor at the University of Missouri and a former U.S. bank regulator, talks with Bloomberg's Kathleen Hays about the impact of recent changes...Windows Media - Video

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JOB: Staffing Agency Denver Colorado - Finance, Accountingwww.fusionstaffing.net If your looking for a job in Colorado, CO in Finance or Accounting come apply on our site www.fusionstaffing.netFlash - Video

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ROYAL: Accounting for Sustainability project: speeches by Prince Charles and Tony BlairThe Prince of Wales has launched his Accounting for Sustainability project to encourage big businesses to become more 'green' by assessing the damage they are doing to the...MPEG 4 - Video

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Market to Market Accounting Under Review03/11/09 Market to Market accounting will be reviewed in Washington this Thursday and it could have a beneficial impact on the financial sector, saysFortis Analyst Philippe...Flash - Video

Answers for Accounting

acgaccounting?acgThe classes are not hard. I bet you have done more harder college math classes. Accounting was invented by the same person who invented Algebra. So basically, it an equation. Revenue -expenses =Own...shipraWhat is accounting cycle? How the accounting transactions pass through various books of accounts before?shipraIt probably starts with you placing an order for some goods. When the goods arrive, you need to pass a journal entry in the purchases journal to record the purchase of merchandise inventory. This will...Josephine HWhat is the difference between an accounting clerk, accounting technician and staff accountant?Josephine HFrom a UK perspective we have three or four categories: Unqualified Qualified by experience Accounting Technician CCAB Qualified Accountant Accounting Technician is a distinct qualification o...AnneAccounting from community college is different from Accounting at a 4 yr school?AnneLori SHow can I get into the accounting field, without experience in it?Lori Syou don't say if you are attending school during the day or at night. If you are attending during the day, focus on your studies and try to get into a CPA program. Pass that and you join a public acco...
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