What is accounting? The word accounting is derived from the French word “Compter”, which took its origin from the Latin word “Computare” (Wikipedia, 2013). The subject of accounting is accountancy. Accountancy is the systematic recording, reporting, and analysis for the financial transactions of a business (Gabison, 2013). The person in charge of the accounting is also known as the accountant who is also required to follow rules and regulations, such as generally accepted accounting principles (Webster, 2013). Accountancy also allows a business to analyze financial performance of the business, and look at the statistics such as net profit. Accounting requires severe number crunching ability and one has to be very patient while generating such reports. A slight mistake in accounting might end up generating a wrong report of the business.
The first professional organizations of accountants we found in Scotland 1854, with the Edinburgh Society of Accountants and the Glasgow Institute of Accountants and Actuaries (Bellis, 2013). The organization was each granted a royal charter, the members of an organization could call themselves charted accountants. Now there are organizations of chartered accountants and now all over the world. In the world today accounting has come so far since the 1800’s. The branches of accounting have increased tremendously in the last hundred years.
Accounting involves financial records and recording them making sure each number is right. Accounting deals with severe number crunching ability and one has to be very patient while generating such reports or the slightest mistake and can give the wrong report for the business. Accounting was established in 1854, and has grown tremendously since then and now there are jobs all around the world (Bellis, 2013). Being an accountant takes a lot of skill and training but is worth it in the end. Be sure that you know what you’re doing in order to be a great accountant.
Accounting has come so far for...