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Revenue Recognition - Research Paper Example

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Summary
Prior achieving a clear understanding and meaningful insight in the historical development of financial accounting theory, it is important to understand the need of financial accounting in the business world. Financial accounting is an important operation within an economy…
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Revenue Recognition

Download file to see previous pages... Modern financial accounting is highly dependent on double entry bookkeeping. However, the origin of double entry bookkeeping is not clearly known of yet literatures suggest that in almost every civilization, financial record keeping was followed. Franciscan Friar, Luca Pacioli is often associated with double entry bookkeeping because he published a book on the same in 1494. In the book, he spoke of debit and credit as well as of liabilities and assets. Pacioli also advised in the book about periodic profit calculation and yearly closing of books (Previts, Parker & Coffman, 1990).
Around sixteenth century, noticeable changes were proposed and incorporated in the bookkeeping techniques for the purpose of recording various kinds of transactions. During this period, usage of specialized subsidiary books such as separate cash book increased greatly. By the end of seventeenth century, evolution of periodic preparation of financial statements was witnessed. Additionally, the eighteenth century marked personification of different accounts and transactions for rationalizing debit and credit rules that were applicable to abstract and impersonal accounts (Jones & Riahi-Belkaoui, 2010; Previts, Parker & Coffman, 1990).
The period also pointed at evolution of three methods of treating fixed assets. Firstly, assets were carried forward in financial statements at original cost and difference between revenue payments and receipts was shown in profit and loss account. Secondly, fixed asset accounts were closed on the balancing date and the difference between debit and credit balance due to original cost and other expenditures was carried forward. The third method was to evaluate appreciation and/or depreciation in the asset value and the difference was reflected in profit and loss account. However, it was only around 1930s, the depreciation charges and methods became more evident in practice (Edwards, 2013).
Post industrial revolution in nineteenth century, cost ...Download file to see next pagesRead More
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