Week 4 Assignment: Source Evaluation

In every business, accounting is a very important aspect in carrying day-to-day operations. Because it enables businesses keep track of their cash inflows, outflows, and gauging its financial position. Accounting in the ancient times was done on papers, it was a very tiresome task, and sometimes a lot of inaccuracy by the accountants accompanied it. In the modern cooperate world accounting is mainly done in computers mainly by use of Microsoft word excel. In addition, to other programs.

The act of accounting first came to play in the ancient times when barter trade was mainly practiced. This is because both parties had to record their agreements to prevent the other party from breaching the contract. Eventually the double entry ledgers were developed. After this a monk named Luka pacioli came up with the groundwork for modern accounting which provider a clearer picture of activities of a firm that were related to finance. The groundwork laid by the monk eventually led to establishment of accounting as a modern proffesion.

Since the adoption of modern technology, accounting has proved to be more accurate. This is because the computers mainly do calculations directly. The only job that has to be done by the accountants is to key in the right information and the formulas. In addition to these, the use of modern technology has enabled the calculations of accounting be fast. This is mainly because it does not involve the heavy paper work and long procedures anymore. Throughout these development stages the main role played by accounting was to keep records safe and make them available in time of need and the modern technology has played a great role in making sure this happens effectively.

Eikeset, A. M., Dunlop, E. S., Heino, M., Storvik, G., Stenseth, N. C., & Dieckmann, U. (2016). Roles of density-dependent growth and life history evolution in accounting for fisheries-induced trait changes. Proceedings of the National Academy of Sciences, 113(52), 15030-15035.

Bendovschi, A. C. (2015). The evolution of accounting information systems. SEA–Practical Application of Science, 3(07), 91-96.