Wood was used more for recording, ink and seals were used to write accounts on top of a piece of wood. It was used mostly by everyone as it was inexpensive plus it was very easy to write on top of it. Marked stick also played many roles, also known as counting tally. But in fourteenth century, there was an argument for a decline in tallies and to increase the use of paper which was found in England. Still this was an expensive import, in a result tally remained there for many years along for efficient calculation's an abacus was used.
By 1700, few professional accountants were found in Scotland for the Italian method of book keeping. But by 1800 there were many professional accountants who were operating in the major Scottish towns as the knowledge of accounting became even more common in the business community. The notable accountants were used to write clear exposition of the Italian method of book keeping and showed many techniques as well. In 1768, work progressed even more by the source of applications and funds. Transactions on credit were curtailed as the new receipts were made and payments were made from the Royal Bank of Scotland. New system for corporate and cash accounting were also emerged. Historical accounting has been focused on manorial accounting which was appeared in the middle ages and double entry bookkeeping which was there for over 700 years. It was not only adopted for various purposes but also for the government in different localities or countries. At the end of the eighteenth century, accounting was represented by over fifteen thousand separate organizations. They used to collect money, pay money, borrowed it, spent it and used to produce accounts which were not common until nineteenth century. In nineteenth century, government accounting system...
Mechanisms of the markets were familiar and disrupted at the time because of an unexpected war for the expansion of government in trading and manufacturing. Accountants of the government not only had accounts to Parliament for taxpayer's money but also to lessen the unfamiliar tasks including fixing prices and profits efficiency. Thus, by 1917 accounting system was on verge to collapse. Economist's referred this era as the most horrifying state of the accountancy. The government in 1921 was accused because of their wasteful and non-business methods but was solved after few years.
The central concept for accounting is capital. Without the consistent definition of the capital at its succeeding point, there can be no credible income data. This has been proofed in the recent professional prescriptions of current cost accounting for the purpose of external finance reports. To understand the concept of capital has a specific income proposal. There are two alternative capital maintenance approaches were identified which is to maintain the base of capital, defined in terms of a specific monetary attribute such as the purchasing power or money unit. Other one is a specific attribute of the reporting in the form of physical asset structure such as operating capacity or physical units. Infact, a debate arose in the late 1970s and 1980s concerning the physical and financial approaches. However, both of the concepts are not different from each other. (Basil Selig & Robert Henry, 1994)
Bibliography
Basil Selig & Robert Henry. "Accounting History: Some British Contributions" 1994. http://www.google.com.pk/books?id=avQ6KzZEzHoC&printsec=frontcover&dq=accounting+history&sig=BzfVxGuY9YCOP2zRSRbDXtQIeCM
