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	Financial Accounting Accounting is the systematic process of measuring the economic activity of a business to provide useful information to those who make economic decisions. Accounting information is used in many different situations. Bankers use accounting information when deciding whether or not to make a loan. Stockbrokers and other financial advisers base investment recommendations on accounting information, while government regulators use accounting information to determine if firms are complying with various laws and regulations. THE HISTORY OF ACCOUNTING No one really knows who exactly invented accounting, references in the quran and the bible indicate that some form of accounting has existed for centuries.Accounting records were used by ancient traders, farmers , etc.. to control their assets, monitor their costs, collect payments , and calculation. In 1494 Luca pacioli an italian monk , codified existing bookkeping practice , the double-entry bookkeping system that we know today. Accounting continued to develop, but increased in importance with the rise in popularity of companies as the predominant form of business entity. Due to the separation of the ownership and the management , shareholders were required to produce and interpret financial documents to enable shareholders to make decisions. Accounting standards were later developed to make it easier to compare different companies , and the accounting profession grew in order to assists in the application of these complex accounting standards. Share \|	Financial Accounting Chapters Introduction to accounting Balance sheet Income Statement Statement of Cashflow Current Assets Non Current Assets Current Liabilities Non Current Liabilities Shareholders Equity Framework Additional Issues in liability reporting Affiliated Firms Additional Dimensions of Financial Reporting

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Financial Accounting

Accounting is the systematic process of measuring the economic activity of a business to provide useful information to those who make economic decisions. Accounting information is used in many different situations. Bankers use accounting information when deciding whether or not to make a loan. Stockbrokers and other financial advisers base investment recommendations on accounting information, while government regulators use accounting information to determine if firms are complying with various laws and regulations.

THE HISTORY OF ACCOUNTING

No one really knows who exactly invented accounting, references in the quran and the bible indicate that some form of accounting has existed for centuries.Accounting records were used by ancient traders, farmers , etc.. to control their assets, monitor their costs, collect payments , and calculation. In 1494 Luca pacioli an italian monk , codified existing bookkeping practice , the double-entry bookkeping system that we know today.

Accounting continued to develop, but increased in importance with the rise in popularity of companies as the predominant form of business entity. Due to the separation of the ownership and the management , shareholders were required to produce and interpret financial documents to enable shareholders to make decisions. Accounting standards were later developed to make it easier to compare different companies , and the accounting profession grew in order to assists in the application of these complex accounting standards.

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