Reporting

In: Business and Management

Submitted By n3rt
Words 318
Pages 2
The Early History of Accounting

The Zenon papyri which were found by people on 1915 contain much information about business activities and several business operation of private estate of thirty year during the third century. This proves that accounting records exist on back to several thousand years.

The article present by Hain in 1966 state that .The Zenon’s accounting system contained provision for responsibility accounting, a written record of transaction, personal wages paid account, inventory records, and record of acquisition and disposal of asset. This was show that all the account is subject to auditing.

On 1300-1500, because the highly increasing on trade and commerce of Italian. The proper and accurate record for transaction is important urgent need. Through the Arabic numeral system and basis of arithmetic, Italian develops a double entry bookkeeping entry system. This can be found on the book by Italian monk, Fra Luca Pcioli. He formalized the practice and idea that the double entry bookkeeping enabled the organization to keep a proper, complete and accurate record of their transaction. And enhance the organization ability in prepared the financial statement.

On 1600, the people desire to obtain capital information rather than the whole financial statement. This had motive the separate the financial statement to statement of profit and loss and statement of financial position.

On nineteenth century, the evolution of transform joint ventures into business corporation in England also make an major impact in the development of accounting record. Under the corporation, the owner may not be the management. Thus, many external parties and owner need and demand the financial information of company to evaluate the company performance and also to know about the return of their investment. Therefore the concept of differential the capital and…...

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