Accounting

The body of knowledge governing the science of recording, classifying and

analyzing financial transactions

Accountancy
The practice and art of the science of accounting

American Institute of Certified Public Accountants (AICPA)

This organization defined accounting as an art of RCSI (Recording,
Classifying, Summarizing, and Interpreting)

American Accounting Association (AAA)

This organization defined accounting as the process of IMC (Identifying,
Measuring, and Communicating)

Accounting Standards Council (ASC)

This organization defined accounting as a service activity

Bookkeeping
The "how" of accounting

False. Accountants are the ones responsible

Management is responsible for the design and management of the
accounting information systems that bookkeepers use. T/F

Generally Accepted Accounting Principles (GAAP)

A collection of commonly followed accounting rules, standards and
procedures for financial reporting

Stewardship
The careful and responsible management of something entrusted to one's
care

True
In accounting, the classical notion of stewardship applies to the valuation
and the stewardship role. T/F

True
Financial statements show the results of the stewardship of management, or
the accountability of management for the resources entrusted to it. T/F

Amatino Manucci
The inventor of double entry bookkeeping and partner of a merchant
partnership called Giovanni Farolfi & Company in Florence

Amatino Manucci
He introduced the Florentine Approach of double entry (known as Journal
Entries)
Farolfi Ledger of 1299-1300
The earliest evidence of full double-entry bookkeeping

Italy
By the late 14th and 15th centuries, double entry had been widely adopted
in which country?

Luca Pacioli
He recommended the Venetian Approach of double-entry bookkeeping

1. Memoriale (Memorandum)
2.Giornale (Journal)
3.Quaderno (Ledger)
The three major books of accounts in the Venetian Approach of double-entry
bookkeeping: (3)

Andrea Barbarigo
He introduced the Venetian Approach of double-entry bookkeeping

The Venetian Approach

This was the most famous form of double entry that was disseminated to the
rest of Europe through foreign merchants and through the work of Luca
Pacioli

Jacques Savary
The chief architect of the Commercial Code of France in 1673 (Called Code
of Savary). Generally uses historical cost as the basis of valuation

Savary Commercial Code

The Historical Cost Method of Accounting was also known as?

Napoleon Commercial Code

The Fair Value Method in Accounting was also known as?

Accounting
The first form of primitive written language

Fr. Luca Pacioli

A Franciscan monk which is often called the "Father of Accounting"

Particularis de Computis et Scripturis (Details of Calculation and Recording)

The first known printed treatise on bookkeeping, widely believed to be the
forerunner of modern bookkeeping practice

Summa de Arithmetica, Geometria, Proportioni et Proportionalita

First known book printed and published in Venice, Italy

Eugen Schmalenbach
Father of all the European Charts of accounts
International Accounting Harmonization
The process through which the national rules or norms, different from one
country to another, are improved in order to become comparable and to give
the same interpretations to transactions and events