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The question to ask is “Why is it important to understand the concepts of accounting? This book does not intend to transform the reader into a CPA or accounting Superstar. But rather provides a platform to individuals who find themselves intimidated by accounting types in a corporate meeting, or a student entering a business program or an individual who wants to follow a dream by opening a business but needs to understand the importance of gathering good information to make good business decisions. Know the difference between Custodial accounting and Managerial accounting. Learn about the Father of Accounting. As we know, the rate of new businesses succeeding is low. New business owners must have good business plans in place and anticipate and plan for new business costs. The author envisions this book to be designed as one small step in helping individuals understand how sound business decisions are made. It is is intended to be the first step in self-education on accounting concepts.
The only comprehensive chronicle of American accountancy from the colonial period to the present, this completely revised edition provides practicing accountants and professional accounting students with a thorough knowledge of the origins of their profession. Gary John Previts and Barbara Dubis Merino address the evolution of accounting in social, political, and economic terms and discuss the major figures in each historical period. They consider the development of accounting in all of its major institutional domains, including public practice, financial reporting, business management, government, and education.
Accounting carries with its history a vast number of ideas which have slowly developed along with it. This volume relates this history as it took place during the first three decades of the twentieth century in the United States. In particular it deals with those individuals who were for the most part responsible for it. It was these pioneers who recorded their observations of the actual workings of the myriad adaptations and new devices which had slowly eased their way into accounting theory and practice in the USA in the early twentieth century.
The world certainly suffers no shortage of accounting texts. The many out there help readers prepare, audit, interpret and explain corporate financial statements. What has been missing is a book offering context and discussion for divisive issues such as taxes, debt, options, and earnings volatility. King addresses the why of accounting instead of the how, providing practitioners and students with a highly readable history of U.S. corporate accounting. More Than a Numbers Game: A Brief History of Accounting was inspired by Arthur Levitt's landmark 1998 speech delivered at New York University. The Securities and Exchange Commission chairman described the too-little challenged custom of earnings management and presaged the breakdown in the US corporate accounting three years later. Somehow, over a one-hundred year period, accounting morphed from a tool used by American railroad managers to communicate with absent British investors into an enabler of corporate fraud. How this happened makes for a good business story. This book is not another description of accounting scandals. Instead it offers a history of ideas. Each chapter covers a controversial topic that emerged over the past century. Historical background and discussion of people involved give relevance to concepts discussed. The author shows how economics, finance, law and business customs contributed to accounting's development. Ideas presented come from a career spent working with accounting information.
Global in scope, accounting has had its share of great thinkers and practitioners, from Luca Pacioloi, the father of accounting, to R. J. Chambers, W. W. Cooper, Yuji Ijiri, Stephen A. Zeff and other figures. This encyclopedia presents more than 400 entries that focus on such subjects as publications in the field, institutional bodies, accounting and economic concepts, accounting issues, authors in accounting, records, leaders in the profession, accounting in various countries, financial court cases, accounting exams and historical researchers.
Creating the 'Big Mess' and its sequel Accounting for Crises use Marx's theory of capitalism to explain why there is no generally accepted theory of financial accounting, and explore the consequences, by studying the history of American accounting theory from c.1900 to 2007. The answer, Creating the 'Big Mess', is first that while late-19th century British accounting principles, founded on the going-concern concept, provided an objective basis for holding management accountable to shareholders for its stewardship of capital, and were accepted by the nascent American profession, they are inchoate. Second, Irving Fisher's economic theory of accounting, based on the assertion that present value is the accountants' measurement ideal, which is subjective, framed early-20th century American accounting theory, which undermined British principles, making them incoherent. In an unregulated, pro-business environment, leading theorists, particularly Henry Rand Hatfield and William A. Paton, Jr., became authorities for management discretion, creating the 'big mess' Hatfield saw in late-1920s American accounting. Accounting for Crises examines the roles of Fisher's theory in promoting the speculation leading to the 1929 Great Crash, aggravating the Great Depression, hindering accounting regulation from the 1930s, producing the Financial Accounting Standard Board's conceptual framework, and facilitating the 2007-2008 Global Financial Crisis.
Accounting history continues in Volume 2 with six chapters, four supplements, plus conclusions. Chapters 1 to 3 of the second volume cover specialty topics, specifically auditing, taxes, and government accounting. Chapters 4 to 6 march along from the New Deal to beyond the mortgage meltdown and Great Recession. Supplements include audit opinions (the audit reports written for the annual financial audits), the scandals and corruption associated with accounting fraud, the formal standard setting process creating generally accepted accounting principles (GAAP), and finally computer technology, a key component of the accounting profession—and civilization. The concept of accounting as a profession developed by the 19th century, as accounting-related services (bankruptcy, taxes, and auditing) became important enough to hire experts and separate businesses to support these functions. Soon, licensing was required. Auditing and tax proved to be major money-makers for accountants. Accounting firms became mammoth and global (especially the Big 4) providing audit, tax and consulting services to giant multinational corporations as well as smaller business, governments, nonprofits organizations, and individuals. The rest of the book covers accounting since the early 20th century, when accounting became increasingly sophisticated and important to the commercial and political worlds. The 1920 reverted to “free markets,” financial market manipulation and speculation, fueled by abundant credit precipitating a boom; then the Great Depression, followed by FDR’s New Deal. Chapter 5 covers most of the post-World War II period. Chapter 6 covers the bubbles and busts of the late-20th century and beyond, with particular attention to Enron. Conclusions summarize the last 10,000 years of accounting, its overall impact on civilization, and predictions for the future.
This book, first published in 1989, reproduces and assesses several key works from the beginnings of the profession of accountancy. The articles featured partly formed the origins of American accountancy, and as such are extremely valuable reference resources for the historian of the profession.