Accounting help to “balance the books”…and your homework
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Accounting, also known as accountancy, measures, discloses, and provides assurance about financial information, taking account of the financial transactions and record-keeping of organizations and individuals. Fair and accurate accounting helps investors, individuals, and regulators feel confident and secure that they are allocating their resources in the most efficient way possible. When it works well, accounting helps investors make wise decisions; when accounting goes badly, as it did in the Enron fiasco, investors make poor decisions because of incorrect or misleading information.
To help avoid problems like Arthur Anderson’s manipulation of Enron’s accounting, accountants follow what are known as Generally Accepted Accounting Principles. This is the body of rules and regulations that accountants use to provide the best quality accounting to all interested parties. These GAAP’s vary by country and jurisdiction but generally derive from the codes of official regulatory bodies, industry practice, and accounting literature and tradition.
That tradition goes back to the earliest human civilizations. The oldest evidence for accountancy comes from Mesopotamia, where the Sumerians (3000-2000 BCE) used an early form of writing to track sales of cattle, grain, and other agricultural products. The Bible also mentions accounting in the book of Matthew (25:20), where a ruler asked those he had given money to account for their investments.
But the most important development in accounting was the development of double-entry bookkeeping in medieval Italy. In this system, columns for debits and credits keep track of expenditures and income to give an accurate picture of an organization’s finances. Kept in large books or ledgers before the computer era, these columns are what we mean when we say that shady accountants “cooked the books.” The double-entry method is the basis for today’s accounting system.
Today, accountants work in a variety of fields, ranging from public accountants to management accountants to internal auditors, each accounting for a specific aspect of an organization’s (or government’s) finances. According to the US Labor Department’s Occupational Outlook Handbook, new accountants are required to have 150 semester hours of work in their field and to obtain licenses in their chosen field. There are 1.2 million accountants in the US alone, and almost 10 percent are self-employed, with many of the remainder working for tax-preparation, accounting, and payroll firms [1].
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[1] “Accountants and Auditors,” Occupational Outlook Handbook, US Department of Labor Bureau of Labor Statistics, 20 December 2005, <http://stats.bls.gov/oco/ocos001.htm> (17 September 2006).
