Accounts subject(All commerce and accounting students must read this because it is very useful Post to them):
1) Accounts is the one of the oldest subject because some archaeologists found the evidence of accounting records on clay tablets from Egypt and Mesopotamia,as early as 2000 to 3300 BC.., according to ThoughtCo article.
2)The five basic principles of accounting plays a crucial role but so many of us didn't know what they are:
Revenue recognition principle
Historical cost principle
Matching principle
Full disclosure principle and
Objectivity principle.
3)There are three golden rules in accounting.they are:
#Debit - the recover , credit - the giver (personal accounts)
#Debit - what comes in , credit - what goes out (Real accounts)
#Debit - all expenses and losses , credit - all incomes and gains (nominal a/c)
About father of accounts in india
The father of accounts in india is Luca pacioli.He is the first Person who published book on double entry system in 1494.he did not invent the system.
Simply he described a method used by merchants in venice during the Italian Renaissance period.His system included most of the accounting cycle as we know it today.
About father of accounts in india
Most of forgot the name of him but he did wonders in accounting.His name is shri kalyan subramani Iyer he is popularly known as k.s.iyer(1859-1940).He was a pioneer of commercial and accounting in india.
Mother of simplified accounting in india
###Most of us, didn't know about the mother of accounts in india is SU LIN CPA is the mother of accountancy in india. Su Lin CPA Inc. has been in the CPA profession for more than 20 years.
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