Concepts of Accounting and Their Application in the Bible (Essay Sample)

Accounting and its relevance in the Bible
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Introduction
The Bible has various accounting concepts, from the objectives of accounting and internal control procedures to managerial accounting. The origin of modern accounting is mainly traced to Pacioli in the 15th Century. A majority of the basic ideas of contemporary accounting can be traced much further. The Bible, specifically considered to be covering the events between 1800B.C and 95AD, incorporates multiple references, both direct and direct, concerning accounting and critical accounting concepts. To be more specific, the Bible offers a discussion on financial accounting, internal control, and management accounting.
Financial Accounting
This is one of the fundamental purposes of accounting that involves monitoring the performance of management. Besides, accounting ensures that the accounting entity faces no fraud from either its agents or outsiders. According to the Bible in 2 Kings 12:16, "No accounts were kept with the men to whom the money was paid over to be spent on workmen since they were honest in their dealings". The Bible negatively speaks on fraud entailing the building of the temple. The same discussion is inferred in 2 Kings 22:7. These two verses in the Bible indicate that accounts would have been kept if the contractors were less than honest. Therefore, the Bible suggests that accounting is necessary to reduce fraud.
Similarly, the Bible provides the motive for monitoring agents in the parable of the steward. In Luke 16:2, "What is this I heard about you? Draw me up an account of your stewardship.'' These were the words of the owner when he had that his steward was wasting money. This quote from the Bible clearly indicates that accounting was