Accounting and the Development of Society

If some research is undertaken that provides evidence that capital markets do not always behave in accordance with the Efficient Market Hypothesis, does this invalidate research that adopts an assumption that capital markets are efficient?

What makes a large organization like Wal-Mart financially successful? One could say it is the result of outstanding personnel or perhaps a strong determination to succeed. These factors certainly contribute. However the key to financial success in organizations lies in good accounting. Since early civilization began, accounting has been an important part of our financial transactions. In today’s world our use of modern accounting systems and accurate financial statements are critical components that make modern organizations successful. To facilitate understanding of this point one must understand how

Each and every one of us is entitled to the expression of the will of a community (which, according to Rousseau, is the collective will of the constituent individuals). In a similar light, the law is to regard each individual without bias; performing its duty of

The purpose of accounting is to record the financial information, such as transactions and performance, related to a business. The accounting profession has been in existence for as long as business transactions have occurred. It wasn’t until 1494, however, when Luca Pacioli, a Venetian merchant, wrote Summa de Arithmetica, Geometrio, Proportioni et Proportionalita. His writings described a two-entry system of debits and credits, which became the basis for modern accounting systems. Three centuries later, with the emergence of the Industrial Revolution and the development of corporations, the profession of being an accountant became a necessity to keep track of the rising costs and cash flows. As a result, the American Association of Public

At the end of the last century, accountants began to organize and become a profession as state societies and boards of accounting debuted. At that time a few companies began to issue financial statements; however, there were no established standards, codes of ethics, or generally accepted principles. Practitioners wishing to represent the economic reality of an entity had to rely on professional judgement. Over time, the profession evolved so that committiees emerged to address these issues, and practitioners voluntarily abided by their guidance.

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

Rousseau is theorizing from the concept of the general will, which promotes individuals to become conscious citizens who actively participate as a community to form policies for a governing structure. The general will advocates for a commitment to generality, a common interest that will unite all citizens for the benefit of all. Rousseau states, “each one of us puts into the community his person and all his powers under the supreme direction of the general will; and as a body, we incorporate every member as an indivisible part of the whole” (Rousseau 61). The general will is an expression of the law that is superior to an individual’s

“This fame study of original man, of his real wants, and of the fundamental principle of his duties, is likewise the only good method we can take, to surmount an infinite number of difficulties concerning the Origins of Inequality, the true foundations of political bodies, the reciprocal rights of their members, and a thousand other familiar questions that are as important as they are ill understood.” (Rousseau, Preface lviii)

MC Wells ‘A Revolution in Accounting Thought’. The Accounting Review. V.LI. No.3. July 1976. pp471-82. The article does not have an abstract – write an abstract of no more than 400 words. A short guide to writing an abstract is provided. ----Answered by Wenxin

Rousseau: Good citizens are equally committed to both the state and their fellow citizens. “The act of association consists of a reciprocal commitment between society and the individual, [man] finds himself doubly committed, first, as a member of a sovereign body in relation to individuals, and secondly as a member of the state in relation to the sovereign” (62). HOWEVER: “for every individual as a man may have private will contrary to, or different from, the general will that he has as a citizen. His private interest may speak with a very different voice from that of his public

“Man was born free, and he is everywhere in chains. Those who think themselves the masters of others are indeed greater slaves than they” (Rousseau, pg. 49). With Rousseau’s beginning statements he establishes an unjust link between government and the people it governs revealing that the natural rights of the people have been either taken or modified to fit the agendas of men who are slaves to the power they mandate. These “chains” that

To over view the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner.

The field of accounting can be divided into two distinct, but sometimes overlapping categories. Describe the similarities and differences between the two categories and provide examples of the users of each type of data that are the result of the work in each category.

On the other hand, Rousseau is of the idea that human beings are good in nature but they are latter to be vitiated by the political societies which are not part of the man’s natural state. Men need to live in collaboration and help each other to face life challenges. However, with the establishment of political and social institutions, men begin to experience inequalities as a result of greed. Rousseau claims that, in man’s natural state, they only strive for the basic needs and once those needs are satisfied they are contented in that state (Hobbes & Malcolm, 2012). Additionally, Rousseau points out that after the inception of social and political institutions, humans began to be self-centered

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.