0_Wizard
I am an accountant. Thanks to the establishment of  the Italian mathematician Luca Pacioli in 1494.
The modern field was established by the Italian mathematician Luca Pacioli in 1494.
chosen_Accounting_0
Accounting
chosen_topic_0_Accounting
Mathematics and art
Mathematics and art are related in a variety of ways. Mathematics has itself been described as an art motivated by beauty. Mathematics can be discerned in arts such as music, dance, painting, architecture, sculpture, and textiles. This article focuses, however, on mathematics in the visual arts. Mathematics and art have a long historical relationship. Artists have used mathematics since the 4th century BC when the Greek sculptor Polykleitos wrote his "Canon", prescribing proportions based on the ratio 1:√2 for the ideal male nude. Persistent popular claims have been made for the use of the golden ratio in ancient art and architecture, without reliable evidence.
Luca Pacioli
Fra Luca Bartolomeo de Pacioli (sometimes "Paccioli" or "Paciolo"; 1447–1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and a seminal contributor to the field now known as accounting. He is referred to as "The Father of Accounting and Bookkeeping" in Europe and he was the first person to publish a work on the double-entry system of book-keeping in that continent. He was also called Luca di Borgo after his birthplace, Borgo Sansepolcro, Tuscany. Luca Pacioli was born between 1446 and 1448 in Sansepolcro (Tuscany) where he received an abbaco education. This was education in the vernacular ("i.e.
Leonardo da Vinci
Leonardo di ser Piero da Vinci (; 15 April 14522 May 1519), more commonly Leonardo da Vinci or simply Leonardo, was an Italian Renaissance polymath whose areas of interest included invention, painting, sculpting, architecture, science, music, mathematics, engineering, literature, anatomy, geology, astronomy, botany, writing, history, and cartography. He has been variously called the father of palaeontology, ichnology, and architecture, and is widely considered one of the greatest painters of all time. Sometimes credited with the inventions of the parachute, helicopter and tank, he epitomised the Renaissance humanist ideal.
History of accounting
The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Roman Empire, the government had access to detailed financial information. In India Chanakya wrote a manuscript similar to a financial management book, during the period of the Mauryan Empire. His book "Arthashasthra" contains few detailed aspects of maintaining books of accounts for a Sovereign State.
Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Portrait of Luca Pacioli
The Portrait of Luca Pacioli is a painting attributed to the Italian Renaissance artist Jacopo de' Barbari, dating to around 1500 and housed in the Capodimonte Museum, Naples, southern Italy. The painting, which portrays the Renaissance mathematician Luca Pacioli, is mentioned for the first time in a 1631 inventory of the Ducal Palace of Urbino. It was later moved to Florence through Vittoria della Rovere-Medici, belonging to both the reigning dynasties of Urbino and Tuscany. The painting reappeared in the 19th century, as a property of the Ottaviano branch of the Medicis. It was subsequently acquired by the Italian state to prevent its being sold to England.
Summa de arithmetica
Summa de arithmetica, geometria, proportioni et proportionalita ("Summary of arithmetic, geometry, proportions and proportionality") is a book on mathematics written by Luca Pacioli and first published in 1494. It contains a comprehensive summary of Renaissance mathematics, including practical arithmetic, basic algebra, basic geometry and accounting, written in Italian for use as a textbook. The "Summa" is the first printed work on algebra in a vernacular language, and it contains the first published description of the double-entry bookkeeping system. It set a new standard for writing and argumentation about algebra, and its impact upon the subsequent development and standardization of professional accounting methods was so great that Pacioli is sometimes referred to as the "father of accounting."
1_Apprentice
Oh? How was Luca Pacioli instrumental in the establishment of accountancy?
0_Wizard
As the founder, he is called The Father of Accounting and Bookkeeping
He is referred to as "The Father of Accounting and Bookkeeping" in Europe and he was the first person to publish a work on the double-entry system of book-keeping in that continent.
partner_Luca_Pacioli_1
Luca Pacioli
partner_2_Luca_Pacioli
History of accounting
The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Roman Empire, the government had access to detailed financial information. In India Chanakya wrote a manuscript similar to a financial management book, during the period of the Mauryan Empire. His book "Arthashasthra" contains few detailed aspects of maintaining books of accounts for a Sovereign State.
Bookkeeping
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, such as the single-entry bookkeeping system and the double-entry bookkeeping system, but, while they may be thought of as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process. Bookkeeping is usually performed by a bookkeeper. A bookkeeper (or book-keeper) is a person who records the day-to-day financial transactions of a business.
Debits and credits
In double entry bookkeeping, debits and credits (abbreviated Dr and Cr, respectively) are entries made in account ledgers to record changes in value resulting from business transactions. Generally speaking, the sources for spending money in transaction account is "credit" (that is, an entry is made on the right side of the account's ledger) and what the money obtained with the credits is destined as "debit" in transaction accounts (that is, an entry is made on the left side). The credits here could also be share capital, revenues, etc. and The debits here could be assets, dividends, etc. From a technical point of view the sides refer to the balance sheet placement of accounts.
Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Double-entry bookkeeping system
Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account. The double entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit. For instance, recording a sale of $100 might require two entries: a debit of $100 to an account named "Cash" and a credit of $100 to an account named "Revenue." The accounting equation, formula_1, is an error detection tool; if at any point the sum of debits for all accounts does not equal the corresponding sum of credits for all accounts, an error has occurred.
Edward P. Moxey
Edward Preston Moxey, Jr. (October 2, 1881 – April 6, 1943 ) was an American accountant, and the first Professor of Accounting at the Wharton School of Finance and Commerce at the University of Pennsylvania. He is known for his early works on cost keeping in factories, which describe the elementary principles of cost accounting. Born in Philadelphia to Edward P. and Mary Ann, Moxey was named after his father. He was banker, broker, businessman and accountant, had founded the Edward P. Moxey accountancy firm, and had published the 1881 book, entitled "Fluctuations of the New York stock market, 1870-1880."
Accounting equation
The basic accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business. It is the foundation for the double-entry bookkeeping system. For each transaction, the total debits equal the total credits. It can be expressed as further more. In a corporation, capital represents the stockholders' equity. Since every business transaction affects at least two of a company’s accounts, the accounting equation will always be “in balance,” meaning the left side should always equal the right side. Thus, the accounting formula essentially shows that what the firm owns (its assets) is purchased by either what it owes (its liabilities) or by what its owners invest (its shareholders equity or capital).
1_Apprentice
What is it about being an accountant that you enjoy?
0_Wizard
It is that feeling you have when you do the financial reporting. And to let you know accounting is sometimes called financial reporting
The terms "accounting" and "financial reporting" are often used as synonyms.
chosen_Accounting_0
Accounting
chosen_topic_0_Accounting
International Financial Reporting Standards
International Financial Reporting Standards, usually called the IFRS Standards, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. In 2009 Reuters, the Wall Street Journal, USA Today and others claimed that the FASB succumbed to "political pressure" and lobbyists and tweaked mark-to-market accounting to accommodate "banks with toxic assets on their books."
Sarbanes–Oxley Act
The Sarbanes–Oxley Act of 2002 (), also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and Transparency Act" (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or expanded requirements for all U.S. public company boards, management and public accounting firms. There are also a number of provisions of the Act that also apply to privately held companies; for example, the willful destruction of evidence to impede a Federal investigation.
Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Financial accounting
Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction.
Centre for Financial Reporting Reform
The Centre for Financial Reporting Reform (CFRR), part of the World Bank’s Governance Global Practice, works with client countries in Europe and Central Asia to implement good corporate governance and financial reporting practices and standards. The CFRR provides a range of diagnostic assessments, technical assistance, knowledge and convening services in the fields of audit, accounting, financial reporting and the implementation of international standards in these areas. Partners include the European Union, the Austrian Development Cooperation, the Swiss State Secretariat for Economic Affairs and the Federal Ministry of Finance of the Republic of Austria.
Management accounting principles
Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner. Another term often used for management accounting principles for these purposes is managerial costing principles. The two management accounting principles are:   These two principles serve the management accounting community and its customers – the management of businesses. The above principles are incorporated into the Managerial Costing Conceptual Framework (MCCF) along with concepts and constraints to help govern the management accounting practice.
1_Apprentice
I took several accounting courses in college and I must confess to feeling quite lost! lol