Reading, United Kingdom

Accounting and Business

Bachelor's
Language: EnglishStudies in English
Subject area: economy and administration
Qualification: BA
Kind of studies: full-time studies
Bachelor of Arts (BA)
University website: www.reading.ac.uk
Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Accounting
Accounting for the most part, remains a legalistic and traditional practice, almost immune to self-criticism by scientific methods.
Kenneth Boulding (1958, p. 95) as cited in: Edward Stamp, Michael J. Mumford, Ken V. Peasnell (1993) Philosophical Perspectives on Accounting. p. 147.
Accounting
The accounts of money, supplies and provisions should then be considered. The overseer should report what wine and oil has been sold, what price he got, what is on hand, and what remains for sale. Security should be taken for such accounts as ought to be secured. All other unsettled matters should be agreed upon. If any thing is needed for the coming year, it should be bought; every thing which is not needed should be sold. Whatever there is for lease should be leased.
Cato the Elder. De Agri Cultura, about 160 BC. Of the duties of the owner.
Business
Somewhere in the past. organizations were quite simple, and 'doing business' consisted of buying raw material from suppliers, converting into products, and selling it to customers... For the most part owner-entrepreneurs founded such simple business and worked along with members of their families. The family-dominated business still accounts for a large portion of the business start today.
R. Edward Freeman (2007) Strategic Management: A Stakeholder Approach p. 5
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