Biblical Concepts Of Accounting And Finance - 811 Words

Faith Essay The acts of accounting and finance date back to the beginnings of recorded history and has evolved over the centuries to become a cornerstone of societies across the globe. Both the Old and New Testament of the Bible discuss the subject of accounting and finance in many scriptures and parables. The biblical concepts taught about accounting and finance are, without fail, applicable to modern business. Without an ethical foundation build upon a biblical foundation accounting and finance practices are bound to fail. This paper will tie biblical concepts to accounting and finance as well highlight the implications of a secularism. Biblical Foundation Accounting serves to ensure that financial information is accurately tracked, managed and reported acorss business as well in the personal lives of people. This was as much a necessary function in biblical times as it is today. Although scandals and fraud have farther reaching impact today, it is not a phomenon of our time. So much is this case that botht he Old and New Testament provide rules for accounting and financial actions. Jesus used parables throughout the new Testament that relate to money and it was one of the topics he spoke the most on. Hagerman (1980) states, â€Å"the Bible points out that financial accounting is necessary to avoid fraud, to monitor agents, and to reduce conflicts over resources† (p. 72). With the Bible providing solid accounting and finance principles, it becomes difficult toShow MoreRelatedAccounting And Finance Represents Two Different Views921 Words   |  4 PagesAccounting and Finance represents two different views. Accounting is the foundation of all business, it can be shared into two methods financial and managerial. (Hicks Hicks, pg. 3) On the other hand, Finance is the discipline that revolves around the allocation of money. 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