Accountancy

Definition of accounting

It can be made clear before attempting to define accounting that there is no unanimity among accountants regarding its precise definition. Let’s look at three popular definitions on the topic anyhow: The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the Read more…

By Anagha Sanil, ago
Accountancy

Book keeping and accounting

Bookkeeping is the knowledge branch that tells us how to keep track of business transactions. It is considered as an art of systematically recording the different types of transactions occurring in account books in a business concern. According to Spicer and Pegler, “bookkeeping is the art of recording all money Read more…

By Anagha Sanil, ago
Accountancy

Evolution of accounting

Accounting is as old as money alone. It has evolved in response to the social and economic needs of society, as have medicine, law and most other fields of human activity. People in all civilizations have kept different types of business activity records. The oldest known is Babylonia’s clay tablet Read more…

By Anagha Sanil, ago