A Comprehensive Overview of Accounting and Finance: History and Future

This report provides a comprehensive overview of accounting and finance, beginning with its historical development from ancient civilizations to the Middle Ages, highlighting the use of clay tokens and the abacus. It details the functions and roles within accounting and finance, including accounts receivables and payables, business revenues and costs, financial reporting, payroll, financial analysis, profitability determination, financial budgeting, fraud prevention, and compliance and tax audits. The report emphasizes the importance of accounting and finance in tracking income, ensuring statutory compliance, and providing quantitative financial information for effective decision-making. Furthermore, it explores the future development of accounting and finance, focusing on the minimization of human interference through automation. The report concludes by summarizing the key aspects of accounting and finance, including their historical progression, essential functions, significance, and anticipated future advancements. Desklib provides access to this and many other solved assignments.