Accounting

Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof". The above definition is a good place to start. Accounting plays a crucial part in modern business, and more and more qualified Accountants are at the helm of today's companies.
The earliest Accounting records discovered are over 7,000 years old and were found in the Middle East, however the foundations of modern Accounting are accredited to Luca Pacioli , who introduced the Double Entry Bookkeeping system, consisting of a debit and credit entry for each transaction taking place in a company.
As Accounting developed , and potential investors required detailed financial information on a company before committing to an investment, accounting systems became split between Accounting for internal (i.e. management accounting) and external (i.e. financial accounting) purposes. There has also been a growing need for independent attestation of external accounts by auditors.