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Modern Accounting Systems Essay

  • Submitted by: Mandydog12
  • on January 16, 2012
  • Category: Miscellaneous
  • Length: 1,118 words

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Below is an essay on "Modern Accounting Systems" from Anti Essays, your source for research papers, essays, and term paper examples.

Modern Accounting Systems

Brenda Sheets

Principles of Accounting I

Sheryll Dahlke

October 10, 2011

Modern Accounting Systems

When you think of accounting, some people think about a room full of accountants sitting around their desks with adding machines and using pencil and paper to do paper financial statements.   With the advancement that technology brings in today’s financial world that is no longer the case.   The computer has accounting software that now most business’ use to compute their financial statements with and also usually just have a Chief Financial Officer and maybe 6 or 7 employees who handle different transactions in the business office.   I intend to go into the modern era of accounting to show what has changed since the days of our ancestors.
Before the year 1800 there was virtually no interest in identifying and managing costs of a business.   “Cost accounting principles and practices developed rapidly during the early 1800s.   Prior to that date, very little effort was made by business owners to classify and manage various costs.”   (King, Permo, Case)
There are lots of people who think that cost accounting did not come into existence until after 1800 (Previts& Merino, 56)   According to King, there is very little information available on cost methodology during the 1870’s.   The reason for this is that cost identification and accumulation methods were consider industrial secrets. (King, Perm, Casey)   The people of that era were generally afraid that if there was a lot of information published about cost accounting that competitors would discover their practices. (King, Permo, Case)
Fleishchman and Parker believe that early cost techniques contained significant deficiencies including the lack of manufacturing costs that flowed through general ledger accounts, no integration of manufacturing costs with financial reporting, and the general lack of utilization of cost as a management control tool   p.24).
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