FABM QUIZ 1

• Nature of Accounting

  ART, FINANCIAL, PROCESS, INFORMATION SYSTEM
• FUNCTION OF ACCOUNTING

  MAINTENANCE OF SYSTEMATIC RECORDS

  FINANCIAL RESULTS OF AN ENTITY CAN BE COMMUNICATED

  MEETING LEGAL REQUIREMENTS

  PROTECTING ASSET OF A BUSINESS

  ASSISTANCE TO MANAGEMENT
• Accounting can be traced to

  ANCIENT CIVILIZATIONS
• Accounting records dating back more than

  7,000 years
• Accounting records found in

  Mesopotamia
• Early accounting records were also found in the ruins of ancient

  BABYLON, ASSYRIA, AND SUMERIA
• Detailed financial information as seen in the

  THE DEEDS OF THE DIVINE AUGUSTUS
• Records of cash, commodities and transaction were kept by

  MILITARY PERSONNEL OF THE ROMAN ARMY
• The merchant during goryeo dynasty of korea kept track of their business and trades through record keeping methodologies


  GORYEO DYNASTY

  METHODOLOGIES
• Father of Accounting

  LUCA BARTOLOMEO DE PACIOLI
• ITALIAN/FRENCH MATHEMATICIAN

  LUCA BARTOLOMEO DE PACIOLI
• Accounting is a service activity, it's function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, and in making reasoned choices among altenative cources of action.


  Accounting is a service activity, it's function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, and in making reasoned choices among alternative cources of action.