An Exploration of the Biblical Background to Finance and Accounting Concepts and Practices

Phd Akamanwam Effiong Itang
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Phd Akamanwam Effiong Itang: Finance Division, Eni Nigeria, Agip Base, Port Harcourt, Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 11, 519-527

Abstract: Finance and accounting practices dates back to centuries in history. There are also evidence of biblical doctrines and practices regarding accounting, financial management practices. The purpose of this study was to explore biblical literature with the objective of summarizing and synthesizing various finance and accounting concepts and practices recorded in the Bible and to provide evidence that finance and accounting concepts and practices are traceable to the Mosaic, prophetic, and apostolic eras of the Bible. The narrative review approach was employed in the study to explore the texts of the New International Version of the Holy Bible. This methodology was deemed useful in the study as the author had no intention to generalize the outcome of the study but to interpret and summarize identified finance and accounting concepts and practices. The result of the study shows that the Bible has a record of various finance and accounting concepts and practices, such as funding and financing, treasury management, book-keeping and accounting, budgeting and internal control, auditing, savings and investment, lending, and borrowing. This outcome provides evidence that biblical literature forms a good background to contemporary finance and accounting concepts and practices as well as demonstrates the importance of biblical doctrines in strengthening responsible financial management and accountability. The study’s result would enhance the development of an academic curriculum for a course of study in Financial Theology or Theology of Finance in our Theological Institutes and other institutions of higher learning. The result of the study would also be useful in developing a Bible-based framework of finance and accounting for Christian organizations and other Bible-oriented establishments, which could incorporate biblical sources of funds and expenditure heads into prescribed book-keeping and accounting formats and processes.

Date: 2024
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