Reference no: EM132601895 , Length: word count:950

MA501 Introductory Accounting - Melbourne Institute of Technology

Short Research Essay on the History of Accounting

Learning Outcome 1: Demonstrate technical skills in recording financial information.

Learning Outcome 2: Analyze and record accounting transactions and events.

Learning Outcome 3: Generate financial statements consistent with the conceptual framework and accounting standards

Required:

You are to:

1. research when the system of double entry record keeping was first used, and why Pacioli is considered to be a such an important figure. While discussing this you should demonstrate what he described by a set of simple transactions covering the following actions:

(a) establishing a business entity by providing initial capital
(b) purchasing several items of stock for sale
(c) selling some, but not all of these items for more than the individual purchase price
(d) paying an expense

The transactions are to be of your own invention! Accordingly I expect that no two sets of transactions will describe the same events, including what is bought and sold and what expense is chosen.

These transactions are to be recorded in a journal.

2. The resultant journal entries are to be posted to a T format ledger and a trial balance is to be extracted.

3. The correct ledgers are to be closed off to a profit and loss account and a Profit and loss statement and balance sheet is to be extracted.

Attachment:- Introductory Accounting.rar