Accounting research paper Example | Topics and Well Written Essays - 1500 words

Accounting - Research Paper Example Some researchers consider that some of the modern day accounting procedures such as receipts and ledgers were in practice during those periods but in a different way (King, 2006). Some scholars believe that writing originated from early inventory scripts at ancient warehouses more than twenty centuries ago. The idea that numerical calculating systems were in print language, does not surprise many archeologists and historians who continue to acknowledge that the version of human civilization entangles in the history of commerce (King, 2006). The details of the origin of monetary systems and commerce help in providing a historical description of the beginnings and advancement of accountancy, as commerce and accounting ran concurrently ever since their corresponding early development. It is for this reason that scholars often see accounting history as being inseparable from the history of business and finance (History of Accounting). This paper discusses the history of accounting from the early stages of recordings on clay tablets to present day generally accepted accounting principles. The paper highlights the major phases of accounting as well as the contribution of different governments and persons in the advancement of accounting systems. The double entry system of accounting originated in Assyrian, Chaldaean, and Sumerian civilizations at the home of the oldest commerce records. Financial strength of farmers coupled with increasing trading activities led to the expansion of businesses among communities residing in and around Mesopotamian valley. During this period, Babylonian became famous for the language of politics and business that spread to all the areas of Near East. Leaders held most domestic animals and land. They gave extensive importance to record-keeping practices. Accounting records were noted when sellers gave price quotations under authentication of an agreement (Chatfield, 1996). Accounting practices