Importance Of Accounting As An Academic Discipline

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Many have argued if whether the relevance of accounting history as an academic discipline will benefit the way in which accountants apply themselves. To some, accounting history has no effect on the way in which individuals conduct the practice of accounting; while others may think otherwise. This essay will attempt to debate, in favour of the relevance of accounting history as an academic discipline. The History of Accounting dates back thousands of years to archaic civilisations but was formally recognised in the 14th century, when double-entry bookkeeping had emerged and had been published by Luca Pacioli (the Father of Bookkeeping), in Summa de arithmetica, geometria, proportioni et proportionalita (1494). This included and explained the use of ledgers and journals, assets, liabilities, expenses and incomes, income statements and balance sheets – all of which are still utilised today. Over centuries, the accounting profession has evolved and has shaped the global economy (with the Industrial Revolution playing a major role in this evolution). But why is this relevant to accountants of today, and why should it influence the accounting practice? Accounting History may seem like a dull topic, but it is vital to understand the factors that have affected the current operation of accounting in this day and age. The past will always affect the future and is inescapable. Accounting History focuses on “accounting” in a general and economic theme. It is not a topic that is
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