The impact of information technology on accounting world - Essay Example BACKGROUND Accounting is as old as mankind and people used accounting to settle their scores even when the barter system was in place. People used different methods of keeping records of their transactions and claims to settle their exchanges as monetary transactions. When accounting was revolutionized, people brought up several new ways of book keeping which were beneficial and easy to go about. Different rules and principles came in to being when people gave rise to concepts of accounting such as accrual, matching, fair presentation and consistency etc. With progress in this field, people adopted the use of profit and loss statements as well as balance sheets to conduct their accounting but even then paper records were maintained. This was a hectic exercise which required a lot of time and tracking of records to keep them up-to-date with their daily transactions.
