Transcription of CHAPTER-2 FOCUS ON ACCOUNTING CONCEPTS
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CHAPTER-2 FOCUS ON ACCOUNTING CONCEPTS
71 CHAPTER-2 FOCUS ON ACCOUNTING CONCEPTS Topics in the chapter Evolution of ACCOUNTING Definitions of ACCOUNTING ACCOUNTING CONCEPTS and Conventions Methods of ACCOUNTING Theories of ACCOUNTING Approaches to ACCOUNTING theory Methodology of ACCOUNTING ACCOUNTING Research ACCOUNTING Process Bases of ACCOUNTING System ACCOUNTING Standards Techniques of Inventory Valuations Methods of Depreciation Financial Statement 72 Evolution of ACCOUNTING Double entry system of ACCOUNTING as understood today is believed to have originated in the last quarter of the 13th century and evidence leads to its use in Florence at that point of time. The oldest surviving records include those of Rinerio and Baldo Fini between 1296 and 1305 and the branch ledger of Giovanni Forolfi for the years and 1300 first record of complete double entry system is the Massari (treasurers) accounts of the city of Genoa in 1340.
No.4 ‗Basic Concepts of Accounting Principles Underlying Financial Statements of Business Enterprises‘ 1970 have defined ―Accounting is a service activity .Its function is to provide information
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