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ACCOUNTING THEORY - Essay Example
Finance & Accounting
Pages 8 (2008 words)
To better understand accounting theories there is need to develop an understanding of what accounting is in the first place.This picture is best painted by looking at the history of accounting that will also provide insight into the various accounting theories…
Among these are the ground concepts that may be used in the formulation of accounting theories among other aspects of accounting theories. Some contend that in the beginning many primitive societies, those that were in existent in the earliest days, developed the art of counting before developing the art of naming (Brown, 2006, 3). These primitive forms of accounting for the number of items provide the basis by which early societies may be said to have been practicing accounting. Such groups are likes of the Egyptian with the need to account for grain harvested and stored. Examples of other such systems may be found in other early civilizations such as the Greeks and the Tibetans. Over time these systems of accounting for various items moved into the business world. This was in earlier European and Asian countries that mostly participated in trade with one another and within their countries. One will find evidence of the differences in practices among the various countries to indicate differentiation in as far as the earlier practice of accounting is concerned. There is also need to mention the contribution of the likes of Luca Pacioli who made contributions to the earlier forms of accounting (Riahi-Belkaoui, 2005, 3). He is credited with developing the double entry system of bookkeeping that is still widely taught and practiced in accounting spheres to date. ...
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