Acc 307- Accounting Principles

ACCOUNTING - INTRODUCTION Accounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in order to permit informed judgments by users of the information. Microsoft Encarta Reference Library 2004

INTRODUCTION 1 Bookkeeping: record-keeping aspect of accounting which provides data to which accounting principles are applied n Created in response to the development of trade and commerce, earliest 1340. n First published accounting work was written in 1494 by Venetian monk Luca Pacioli