The History of Information (III) Get flash to fully experience
Pearltrees A waste book was one of the books traditionally used
in bookkeeping . It comprised a daily diary of all transactions
in chronological order. [ 1 ] It differs from a daybook in that
only a single waste book is kept, rather than a separate daybook
for each of several categories. The waste book was intended for
temporary use only; the information needed to be transcribed
into a journal in order to begin to balance one's accounts. [ 2
] The name of the book derives from the fact that, once its
information was transferred to the journal, the waste book was
unneeded. [ 3 ] The use of the waste book has declined with the
advent of double-entry accounting . Why Study Accounting
History? The history of accounting is as old as civilization,
key to important phases of history, among the most important
professions in economics and business, and fascinating.
Accountants participated in the development of cities, trade,
and the concepts of wealth and