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Unlike most other modern professions accounting too has a history.the view of accounting history begins with 'Luca Pacioli's contributions in his book 'Della Mercatvra et del Mercante Perfetto'(On trade and the perfect Merchant), overlooks the evolution of accounting system in ancient and medieval times. Luca Pacioli(1445-1517)is known as the 'Father of Accounting', though he did not invented the system of accounting but he wrote the principles of modern,double entry book keeping which he learnt from the merchants of Italy.simple accounting is mentioned in the book of the Mathew,in the Christian Bible and even in the Qurans. Accounting is the methodical study of measurement of financial transactions.accounting is the study of measurement, disclosure of assuarance about the financial information that helps the the team of managers investors, tax authorities and others to take decisions on resource allocation.Modern Financial accounting is the double entry book keeping system which involves making two entries for every transaction.the two entries are debit account and credit account.Manegerial accounting is an integral part of management process which includes certain process like identifying,measuring, interpreting and communicating information to reveal the goal of an organisation.cost accounting is an important part of financial management that generate a salient infor-mation about the cost of an organisation and its components. relevant accounting information is capabale of making decision which is little different by helping users form predictions about the outcomes of the past, present and future or to confirm expectations.reliability depends upon the extent to which accounting descriptions is verifiable.accounting reform measures of some kind have been taken in each generation in attempt to keep book keeping closely connected to production capacity. in other word we could say that accounting is history of how business utilise their income and assets over time . Article written by soma.
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