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Essay / Research Paper Abstract
A 5 page paper that explains the origin and construction of the income statement as used in modern accounting procedures. Also discussed are the purposes of the income statement and the benefits that the use of this statement offers business operators. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_LCIncome.doc
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Unformatted sample text from the term paper:
Pacioli became extremely interested in the relationship between the arts and the science of mathematics. With the illustrative help of his good friend Leonardo da Vinci, Friar Pacioli was
to publish several books on the subject during his years as professor of mathematics at several of Italys renowned universities of the era (Leadbeater 30). One of these books,
later proclaimed to be Paciolis masterpiece, was entitled Suma de Arithmetica Geometria Proportiono et Proportionalita, a title which translates into English as Everything About Arithmetic, Geometry and Proportion, and entered
publication in November of 1494 (30). In this volume, Pacioli introduced a language of numbers, a system that would enable businessmen to understand and keep track of the business
transactions that they conducted. This process, according to Pacioli, was extremely important to the nature of doing business, and without this system, he warned merchants, "you will grope your
way forward like a blind man and may meet great losses" (PG; Webber 214). What Friar Luca Pacioli had introduced at the dawn of the sixteenth century was the process
of double entry bookkeeping, a system that is still in use today. An integral part of this system is the income statement, also known as the profit and loss
statement. II. The Purpose & the Construction of the Income Statement According to Kenneth A. Koerber, author of College Accounting, the basic definition of bookkeeping is "the gathering, analyzing,
recording, reporting and interpreting of financial data" (PG). It is designed to aid the business practitioner in the operation of business by providing a method of "internal control" by
which the practitioner may measure, compare and project how well or how poorly a business is performing within a set period of time (Smyrl http://columbiachamber.com/news/profdevelopment/pd7.html). The income statement provides
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