Accounts: History

Hey,

Before going to what is accounts and what is important while dealing with accounts, I'd wish to take you down to history lane and know a bit of it. While knowing history you'll know that everything that stands today is in someway or other the product of accounting.

It is said that Accountancy was born in Mesopotamia about 7,000 years ago but to me this kid(yes, even after 7,000 years accounts is just a kid) is lot more earlier then any civilization that we know of. For me it is older than even when man started living in colonies and in groups. It is just as old as when first time man would have killed an animal to feed himself and after eating a while, he would have looked at it and thought this much is left over and i'll have it in the evening or tomorrow. That was how he started keeping Inventory and does it count as accounting? Primitive accounting and we still use that aspect of primitive accounting in its some what refined form. But more on that latter.Yes it does. He kept accounting of it in his mind and started a first step in the birth of it.

Accounting has been key to development of proper trade and in turn key to many born civilizations. Accountants have participated in founding of cities, development of cultures, trade, business and a lot of other things. It has saved many of the industrialists going bankrupt and vice versa. It is believed that accounting was a major factor in Italian  Renaissance. 


Accountancy has developed a lot after its primitive nature. There are different branches of accounting such as Financial accounting, Management accounting and Management accounting but just as brothers they all share the same DNA.


In this blog i'll mostly stick to financial accounting and how a person can benefit from the knowledge of the same.

And next time we'll get to Accountancy nd what it can do to you :-)

A B C D of Accounts

Hey,

Till now whenever you would have studied a,b,c, you said A for apple b for ball but for most people who studied accounts or have to study now this is what A,b,c,d will look like. It is the way to know the world of accounts basic and subtle.

Why am I doing this? Many of the business persons have always had querries while understanding accounts and accountants have shown the whole world to them. You know what I mean. For them what alphabets of accounts are like,

And meaning of the Individuals and for the Individuals will follow.

A: Accounts(Aww, too painful)
B: Book keeping(For how many years?)
C: Credit(Really???)
D: Debit(Give me my money)
E: Expenses, expenditure((please give me some discount)
F: Fixed Assets(Should i sell them, should I keep them?)
G: Goodwill(the fruit of your blood and sweat, don't blow it)
H: Holding (HEll..Not for armatures even seasoned professionals struggle with them)
I: Income(your blood,sweat and...)
J: Journal entry(Joke that will not make you laugh)
K: Kash(Kash with K not C, lucky letter)
L: Loss(I am going home)
M: Money(Misery you're put through)
N:Notional(A concept beyond concept)
O: Overhead(starting few days of learning accounts)
P: Profit(Idk, who are you?)
Q: Quarter(some horrible time)
R:Rate of Interest(please sir i have more credibility in market, lower thr rate)
S: Share(I am going to piss off a lot of people)
T: Tax(fun finally!!!!!)
U: Unrecorded items(Man, that's what I am talking about)
V: VAT(who cares)
W:WDV(Market say up, accounts say down)
X:  * (I hope my income does)
Y: Year end(The torture time, save me now..)
Z: Zero(Account knowledge at the end of the first blog)

So guys get ready, its about studying but I know the emotions.

Cheers.