ACCOUNTS AND FATHER OF ACCOUNTING

Father of Accounting which we use these days as "Double entry" system is "LUCA PACIOLI".

Definition: Committee of the American Accounting Association (AAA) defines in its 1966 report
as "the process of identifying, measuring, and communicating economic information to permit
informed judgements and decisions by users of the information".

Account, in bookkeeping, refers to assets, liabilities, income, and expenses recorded on individual pages of the so called book of final entry or ledger. Changes in account value are made by chronologically posting debit (DR) and credit (CR) entries to its page. Examples of accounts are cash, accounts receivable, mortgages, loans, land and buildings, common stock, sales, services provided, wages, and payroll overhead. Chart of accounts classifies types of accounts.

Bookkeeping (book-keeping or book keeping) is the recording of the value of assets, liabilities, income, and expenses in the daybooks, journals, and ledgers, in which debit and credit entries are chronologically posted to record changes in value. Bookkeeping is often mistaken for accounting, which is the system of recording, verifying, and reporting such information. Practitioners of accounting are called accountants.

Bookkeeping is undertaken by individuals and organizations including companies and legal persons. It refers to "keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left." [1] Bookkeeping is parted into accounting periods, and bookkeepers' work is closely related to that of accountants.

Individual and family bookkeeping involves keeping track of income and expenses in a cash account record, checking account register, or savings account passbook. Individuals who borrow or lend money track how much they owe to others or are owed from others.

Bookkeeping may be performed using paper and a pen or pencil or using computer software.