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The earliest extant accounting records that follow the modern double-entry system in Europe come from Amatino Manucci, a Florentine merchant at the end of the 13th century. [1] Manucci was employed by the Farolfi firm and the firm's ledger of 1299–1300 evidences full double-entry bookkeeping.
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The PCAOB was created in response to an ever increasing number of accounting "restatements" (corrections of past financial statements) by public companies during the 1990s, and a series of high-profile accounting scandals and record-setting bankruptcies by large public companies, notably those in 2002 involving WorldCom and Enron, and the audit ...
Macmillan Inc. was an American book publishing company originally established as the American division of the British Macmillan Publishers.The two were later separated and acquired by other companies, with the remnants of the original American division of Macmillan present in McGraw-Hill Education's Macmillan/McGraw-Hill textbooks, Gale's Macmillan Reference USA division, and some trade ...
The real interest on a loan is the nominal rate minus the inflation rate. The formula R = N-I approximates the correct answer as long as both the nominal interest rate and the inflation rate are small. The correct equation is r = n/i where r, n and i are expressed as ratios (e.g. 1.2 for +20%, 0.8 for −20%). As an example, when the inflation ...
In the widely accepted ΛCDM cosmological model, dark matter accounts for about 25.8% ± 1.1% of the mass and energy in the universe while about 69.2% ± 1.2% is dark energy, a mysterious form of energy responsible for the acceleration of the expansion of the universe. [17] Ordinary ('baryonic') matter therefore composes only 4.84% ± 0.1% of ...
Elevator design by the German engineer Konrad Kyeser (1405). The earliest known reference to an elevator is in the works of the Roman architect Vitruvius, who reported that Archimedes (c. 287 BC – c. 212 BC) built his first elevator probably in 236 BC. [2]