Question

Indian historian have described economics of whom and explained the existence and significant of Accounting?​

Answer 1

Explanation:

The early development of accounting dates to ancient Mesopotamia, and is closely related to developments in writing, counting and money[1][4][5] and early auditing systems by the ancient Egyptians and Babylonians.[2] By the time of the Roman Empire, the government had access to detailed financial information.[6]

In India Chanakya wrote a manuscript similar to a financial management book, during the period of the Mauryan Empire. His book "Arthashasthra" contains few detailed aspects of maintaining books of accounts for a Sovereign State.

The Italian Luca Pacioli, recognized as The Father of accounting and bookkeeping was the first person to publish a work on double-entry bookkeeping, and introduced the field in Italy.[7][8]

The modern profession of the chartered accountant originated in Scotland in the nineteenth century. Accountants often belonged to the same associations as solicitors, who often offered accounting services to their clients. Early modern accounting had similarities to today's forensic accounting. Accounting began to transition into an organized profession in the nineteenth century,[9] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.[

Answer 2

Answer:

Accounting, also known as the accountancy, is measurement, processing, and communication of financial and the non financial information about economic entities such as businesses and corporations. Accounting, which is called the "language of business", measures the results of organization's economic activities and conveys this information to a variety of the stakeholders, including investors, creditors, management, and regulators. Practitioners of the accounting are known as accountants. The terms "accounting" and the "financial reporting" are often used as synonyms.

Accounting can be divided into the several fields including financial accounting, management accounting, tax accounting and the cost accounting. Financial accounting focuses on the reporting of the organization's financial information, including the preparation of the financial statements, to the external users of the information, such as the investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for the internal use by management. The recording of the financial transactions, so that summaries of the financials may be the presented in the financial reports, is known as bookkeeping, of which the double-entry bookkeeping is the most common system. Accounting information systems are designed to the support accounting functions and related activities.

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