Journal of Accounting and Management Information Systems (JAMIS)

Professionalism vs. creativity in accounting

11-12/2005 ,   p144..146


Keywords:   roles of accounting, scorekeeping, financial accounting

Does accounting add value to organizations or is it simply a necessary evil which one day will be replaced by a single all-embracing software package? Accounting was originally developed to support the need for stewardship at a local level and tax assessment at national one. The principal focus of what we call financial accounting was to account for assets entrusted by the owner to an agent who would use them to generate a profit for the owner. The principal roles of accounting are: scorekeeping, attention-directing and problem-solving; adding value to business rather that merely keeping the score.