Accountancy (British English) or accounting (American English) is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. ...
Accounting In Mesopotamia, circa 3500 B.C. Five thousand years before the appearance of double entry, the Assyrian, Chaldaean-Babylonian and Sumeriancivilizations were flourishing in the Mesopotamian Valley, producing some of the oldest known records of commerce.
Government and bankingaccounts in ancient Rome evolved from records traditionally kept by the heads of families, wherein daily entry of household receipts and payments were kept in an adversaria or daybook, and monthly postings were made to a cashbook known as a codex accepti et expensi.
Among Roman accounting innovations was the use of an annual budget, which attempted to coordinate the Empire's diverse financial enterprises, limited expenditures to the amount of estimated revenues and levied taxes in a manner which took into consideration its citizens' ability to pay.
Financialaccounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated.
Application of InternationalAccounting Standards originating in InternationalAccounting Standards Board headquartered in London and bearing more resemblance to UK than current US practices is often advocated by those who note the relative stability of the UK accountingsystem (which reformed itself after scandals in the late 1980s and early 1990s).
Accountingreform of a far more comprehensive sort is advocated by those who see issues with capitalism or economics, and seek ecological or social accountability.
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