Fundamentals of Accounting

The practice of accounting goes back thousands of years. It started because people needed to record business transactions and to know if their businesses were financially viable. Invoices (each of which highlights the details of a transaction) and receipts (each of which verifies that a payment has been made) were kept and then given to an accountant to calculate the net income or loss of the business up to some point in time.

The accountant would convert the financial transaction data (i.e., the data recorded on invoices and receipts) into accounting information. More often than not it would be the owner of the business who executed all the accounting tasks or an employee would be given the task of maintaining ...

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