Accounting in the context of "Certified Public Accountant"

Human history or world history is the record of humankind from prehistory to the present. Modern humans evolved in Africa around 300,000 years ago and initially lived as hunter-gatherers. They migrated out of Africa during the Last Ice Age and had spread to every continent except Antarctica by the end of the Ice Age 12,000 years ago. Soon afterward, the Neolithic Revolution in West Asia brought the first systematic husbandry of plants and animals, and saw many humans transition from nomadic lives to sedentary existences as farmers in permanent settlements. The growing complexity of human societies necessitated systems of accounting and writing.

These developments paved the way for the emergence of early civilizations in Mesopotamia, Egypt, Peru, the Indus Valley, and China, marking the beginning of the ancient period in the 4th millenium BCE. These civilizations enabled the establishment of regional empires and provided fertile ground for the advent of transformative philosophical and religious ideas. Hinduism originated during the late Bronze Age and was followed by the many seminal belief systems of the Axial Age: Buddhism, Confucianism, Greek philosophy, Jainism, Judaism, Taoism, and Zoroastrianism. Christianity began later as an offshoot of Judaism. The subsequent post-classical period, from about 500 to 1500 CE, witnessed the rise of Islam and China's flourishing under the Tang and Song dynasties while civilization expanded to new parts of the world and trade between societies increased. The political landscape was shaped by the rise and fall of major empires, such as the Byzantine Empire, the Islamic caliphates, and the Mongol Empire. This period's invention of gunpowder and the printing press greatly affected later history.

A financial centre (financial center in American English) or financial hub is a location with a significant concentration of commerce in financial services.

The commercial activity that takes place in a financial centre may include banking, asset management, insurance, and provision of financial markets, with venues and supporting services for these activities. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). Trading activity often takes place on venues such as exchanges and involves clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, private debt, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

The triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and economic. Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value. Business writer John Elkington claims to have coined the phrase in 1994.

In accounting, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated with production or replacement, market conditions and matters of supply and demand. Subjective factors may also be considered such as the risk characteristics, the cost of and return on capital, and individually perceived utility.

Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason. But in social accounting it also refers to a conceptual problem in social accounting practice, when the attempt is made to estimate the new value added by Gross Output, or the value of total investments.

In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of a business.Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue from interest, royalties, or other fees. "Revenue" may refer to income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, company X had revenue of $42 million". Profits or net income generally imply total revenue minus total expenses in a given period. In accounting, revenue is a subsection of the equity section of the balance statement, since it increases equity. It is often referred to as the "top line" due to its position at the very top of the income statement. This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses).

In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations. Sales revenue is income received from selling goods or services over a period of time. Tax revenue is income that a government receives from taxpayers. Fundraising revenue is income received by a charity from donors etc. to further its social purposes.

An economic entity is one of the assumptions made in generally accepted accounting principles. Almost any type of organization or unit in society can be an economic entity. Examples of economic entities in accounting are hospitals, companies, municipalities, and federal agencies.

The "Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities.