0_Wizard
Accounting is a great field to get into! It was actually established by Luca Pacioli in 1494
The modern field was established by the Italian mathematician Luca Pacioli in 1494.
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Accounting
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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.
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.
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."
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.
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.
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.
1_Apprentice
Wow, how neat! I wonder what they used to count back then? Was it even money?
0_Wizard
That is a good question! I have no idea.  In today's world their are several fields of accounting, including financial accounting and tax accounting
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting.
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Accounting
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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.
Tax accounting in the United States
U.S. tax accounting refers to accounting for tax purposes in the United States. Unlike most countries, the United States has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles. The Internal Revenue Code governs the application of tax accounting. Section 446 sets the basic rules for tax accounting. Tax accounting under section 446(a) emphasizes consistency for a tax accounting method with references to the applied financial accounting to determine the proper method. The taxpayer must choose a tax accounting method using the taxpayer's financial accounting method as a reference point.
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.
Sustainability accounting
Sustainability accounting (also known as social accounting, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, or non-financial reporting) was originated about 20 years ago and is considered a subcategory of financial accounting that focus on the disclosure of non-financial information about a firm's performance to external parties such as capital holders, mainly to stakeholders, creditors and other authorities. These represent the activities that have a direct impact on society, environment, and economic performance of an organisation. Sustainability accounting in managerial accounting contrasts with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organisation's performance at economic, ecological, and social (known as the triple bottom line or Triple-P's; People, Planet, Profit) level.
Accounting research
Accounting research is research on the effects of economic events on the process of accounting, and the effects of reported information on economic events. It encompasses a broad range of research areas including financial accounting, management accounting, auditing and taxation. Academic accounting research "addresses all aspects of the accounting profession" using the scientific method, while research by practicing accountants focuses on solving problems for a client or group of clients. Academic accounting research can make significant contribution to accounting practice, although changes in accounting education and the accounting academia in recent decades has led to a divide between academia and practice in accounting.
Taxation in the United States
The United States of America has separate federal, state, and local government(s) with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2010, taxes collected by federal, state, and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico are taxed less as a share of their GDP. However, taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others.
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."
1_Apprentice
Huh, good to know. Do you know anything else about Tax Accounting?
0_Wizard
Unlike most countries, in the United States has a comprehensive set of accounting principles
Unlike most countries, the United States has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles.
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Tax accounting in the United States
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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.
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 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."
Generally Accepted Accounting Principles (United States)
Generally Accepted Accounting Principles, also called "GAAP" or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain. The Financial Accounting Standards Board (FASB) has published US GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Auditors took the leading role in developing GAAP for business enterprises. Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Securities and Exchange Commission regulations.
Auditor's report
The auditor's report is a disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit. An auditor's report is considered an essential tool when reporting financial information to users, particularly in business. Since many third-party users prefer, or even require financial information to be certified by an independent external auditor, many auditees rely on auditor reports to certify their information in order to attract investors, obtain loans, and improve public appearance.
Tax accounting in the United States
U.S. tax accounting refers to accounting for tax purposes in the United States. Unlike most countries, the United States has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles. The Internal Revenue Code governs the application of tax accounting. Section 446 sets the basic rules for tax accounting. Tax accounting under section 446(a) emphasizes consistency for a tax accounting method with references to the applied financial accounting to determine the proper method. The taxpayer must choose a tax accounting method using the taxpayer's financial accounting method as a reference point.
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.
1_Apprentice
Hmm, do you know anything about Accounting in foreign countries?
0_Wizard
A little, in other countries there are rules to be followed by accountants, to maintain books, as long as they are comprehensible and understandable.
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.
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International Financial Reporting Standards
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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.
Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional Accounting & Finance body in the world. However, the rapid growth and autonomy of the ACCA in the early 2000s, soon made ICAI the third largest in terms of membership, the first being the ACCA. ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India.
Accounting ethics
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors. Due to the diverse range of accounting services and recent corporate collapses, attention has been drawn to ethical standards accepted within the accounting profession.
TPR Storytelling
TPR Storytelling (Teaching Proficiency through Reading and Storytelling or TPRS) is a method of teaching foreign languages. TPRS lessons use a mixture of reading and storytelling to help students learn a foreign language in a classroom setting. The method works in three steps: in step one the new vocabulary structures to be learned are taught using a combination of translation, gestures, and personalized questions; in step two those structures are used in a spoken class story; and finally, in step three, these same structures are used in a class reading. Throughout these three steps, the teacher will use a number of techniques to help make the target language comprehensible to the students, including careful limiting of vocabulary, constant asking of easy comprehension questions, frequent comprehension checks, and very short grammar explanations known as "pop-up grammar".
Accountant
An accountant is a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resource(s). In many jurisdictions, professional accounting bodies maintain standards of practice and evaluations for professionals. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant.
Association of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). From Dec 2017, ACCA recorded that it has 200,000 members and 486,000 students in 180 countries. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 100 offices and centres and more than 7,200 Approved Employers worldwide, who provide employee development. The term 'Chartered' in ACCA qualification refers to the Royal Charter granted in 1974.
Forensic accountant
Forensic accountants are experienced auditors, accountants, and investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company; or are hired by a company who may just want to prevent fraudulent activities from occurring. They also provide services in areas such as accounting, antitrust, damages, analysis, valuation, and general consulting. Forensic accountants have also been used in divorces, bankruptcy, insurance claims, personal injury claims, fraudulent claims, construction, royalty audits, and tracking terrorism by investigating financial records.