TABLES OF CONTENT
TABLE OF CONTENTS
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVE OF THE STUDY
2.0 LITERATURE REVIEW
2.1 HISTORY OF ACCOUNTING
2.2 DEFINITION OF ACCOUNTING
2.3 FEATURES OF ACCOUNTING
3.1 SUMMARY UP
2.1 LITERATURE REVIEW
The aim of this chapter is to look into or discuss the history
of accounting, its definition its features or characteristics and finally its role in the society.
We have and that in the introductory part of the research
report that accounting is that confer store of any business activity employed to communicates accounting useful to the interested users and ensure that the accountant performs his role of giving an independent opinion on wide area not relating to accounting such as pollution, statistics to mention but a few, this is as a result of the complex society which we live in, which creates complex problems that need complex solution on each of the problems.
In John W. Buckley and Marlene .H. Buckley book titled THE ACCOUNTING PROFFESSION I learnt that he profession is coming of age of document in its literature as well as its practice.
The current career literature of the American Institution of certified public accountant is in market contrast to its former publications.
The publication we are involved appeals to aspiring accountant in these terms (38) it states that every significance event in modern society commercial expansion, technical break through government programs, social services and the conduct of international relations requires assessment of resources in manpower, materials and money. Accountant sand squarely in the middle of those activities recording and budgeting the input and output of mankind work.
However, it is against this background that we proceed to discuss in details the constituents of literature review of this peculiar study on accounting profession.
2.2 HISTORY OF ACCOUNTING
The history of accounting can be traced from the very
moment man learnt to keep account event before he learnt to write of.
This is an evidence in ancient was the quip or knifed starting when writing appeared in the fertile Mesopotamia valley, it did so informs of commercial records. A large number of Babylonian account record survived up till today hiring lending and joint venturing.
In ancient Egypt, he find civilization flourishing in the fertile valley of the Nile as early as 500Bc. Thus the necessary for account record on using a Columbus as a writing instrument. The Bible also furnishes a number of reference to accounting among the Israelites.
The Athenian has a highly developed system of accounting in that this ancient accountant called loggias in ancient Athens maintained very determined records of accounting for private individuals as well as for public officials, important public records were engraved in stones and tables which of accounting in ancient Greece was the sand today. Appropriate records were kept by sketching the sand moistening would remove an existing record and pave way for a new ones.
2.3 DEFINITION OF ACCOUNTING
Accounting has been defined by the American Institute of
Certified Public Accountants as the art of recording, classifying and summarizing in term of money, transactions and events which are in part at least of a financial character and interpreting the result thereof.
Inanga (1985) I his book titled principles of accounting defined accounting as a process by which data relating to economic activities are measured, recorded and communicated to interest parties for analysis and interpretation.
Bierman (1965) in his book titled financial accounting theory states that financial accounting is concerned with:
1. Recording financial transactions, summarizing and presenting financial information in reports denasalizing the financial report. The information which accounting provides is essential for effective planning, control indecision making by management.
2. Discharging the accountability of organization to investors creditors, government agencies, taxing authorities, association members, contribution to welfare institution and others.
The greats changes in accounting are in response to the complexity of social and economic systems it serve.
This can be proved if we consider some of the decisions we face as individual for e.g. how much income and one receives in a given period of time? What expenses are incurred? To state but few when theirs question are answered especially in using premature records and report. We will begin to understand the purpose and complexity of accounting.
It is against this background, profession is all about what are the role it plays in the society, the former will be treated presently.
2.4 FEATURES OF ACCOUNTING PROFFESSION
Accounting is known as a profession for many reasons being
the fact that proper record must be kept any event or encounter by people, but there are professionals who carryout these accounting records it shall aspect of life in any event or encounter in the society.
I will let you know that there are institutions or bodies for the accounting profession for qualification; they are:
Institute of Chartered Accountant of Nigeria (ICN).
The Institute of Chartered Accountant of England and Wales, Sock land (ACA).
The Association of Certified Accountant (ACCA)
Certified Pubic Accountant (CPA).
Fro these mentioned but a few, make rules, principles and responsibilities for guiding the accountant who believing to any of these bodies and who ever that go contrary to these rules, principles and responsibilities has fail the body will be punished. The rules principles and responsibilities stated or passed by this body must be followed strictly by the members. As discussed in the former action of this project work, we defines accounting as the act of recording, classifying, summarizing, interpreting financial information data which is performed by a qualified accountant. Thus this certified accountant performs his accounting work if he possesses some characteristics of the accounting profession. These characteristics include: -
a. A specialized body of knowledge
b. A formal university education to public interest
c. Logal responsibility
d. Professional ethics
e. Professional recognition