Ppt 1 introduction to accounting
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The document discusses the history and evolution of accounting. It describes how accounting originated from barter systems where goods and services were directly exchanged. As commercial activities increased during the Industrial Revolution, financial record keeping became more important. The role of accountants has also evolved over time from mere record keeping to providing decision-making support in areas like forensic accounting, e-commerce, financial planning, and environmental accounts. Accounting provides important information about business transactions, earnings, expenses, assets, and liabilities.
Ppt 1 introduction to accounting
- 2. Accounting is as old as money itself 16-Aug-14 2 Dr.PadmaShakar
- 3. BARTER SYSTEM People exchange goods and services for exchange of goods and services. During barter system record keeping was not necessary It was used long before when money was not used. Barter system means to trade by exchange of commodities rather than by the use of money. 16-Aug-14 3 Dr.PadmaShakar
- 4. Wikipedia defines barter as a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange such as money. 16-Aug-14 4 Dr.PadmaShakar
- 5. Industrial revolution of the 19th Century increased commercial activities, mass production and credit there for recording of transaction became important. 16-Aug-14 5 Dr.PadmaShakar
- 6. ROLE OF THE ACCOUNTANT From a mere financial record keeping an accountants role has now evolved into providing information to decision making team. Accountants work these days include: Forensic accounting (solving crimes like computer hacking, and theft of large amounts of money in the internet), E-commerce designing web-based payments system, Financial planning, and Environmental accounts 16-Aug-14 6 Dr.PadmaShakar
- 7. EVOLUTION OF THE ROLE OF AN ACCOUNTANT 16-Aug-14 7 Dr.PadmaShakar
- 8. IMPORTANCE OF ACCOUNTING To offer investment details; To give the results of business transaction; To give details of earning and expenses; To give details of goods purchased or sold; To give details of money receivables from customers; To give details of money payable to suppliers; and Nature and value of assets owned an liabilities in the organization. 16-Aug-14 8 Dr.PadmaShakar
- 9. REFERENCES: https://www.mint.com/barter-system-history-the-past-and-present/ http://www.capgemini-consulting.com/blog/results- count/2013/09/from-business-partner-to-business-catalyst-not-just- spotting-problems-but NCERT text book class for XI TN State board text book class for XI 16-Aug-14 9 Dr.PadmaShakar Thank you