Showing posts with label Accounting. Show all posts
Showing posts with label Accounting. Show all posts

Generally Accepted Accounting Principles (GAAP)

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GAAP are the foundation, and ground rules of accounting practice. GAAP are followed by accountants all over the world.

Definition of GAAP: The accounting profession has developed a common set of standards that are generally accepted and universally practiced. This common set of standards is called generally accepted accounting principles (GAAP).
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Luca Pacioli

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Luca Pacioli was born in Sansepulcro, in Tuscany. He was probably born during 1445.  He born in a poor family. He lived as a child with the Befolci family. This town is very much in the centre of Italy about 60 km north of the city of Perugia. As far as Pacioli was concerned, perhaps the most important feature of this small commercial town was the fact that Piero delta Francesca had a studio and workshop in there and delta Francesca spent quite some time there despite frequent commissions in other towns.
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History of Accounting

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The history of accounting is very ancient like thousands of years. But the history of accounting profession is very young. It is indeed that modern civilization is impossible without accounting. . It is indeed that modern civilization is impossible without accounting.
Origin:
The origins of accounting are generally attributed to the work of Luca Pacioli, and Italian Renaissance mathematician. The concept of accounting comes from his book. But it is considered the first book on -counting was Della Mercatura e del Mercante Perfetto written by Benedetto Cotrugli in 1458 and published in 1573.
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