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    Earliest Record of Accounting

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    KIm Ipanag
    Accounting has roots dating back over 7,000 years to Ancient Mesopotamia, where people kept records of crop and herd growth using early accounting techniques. During the Roman Empire, accounting evolved further with detailed financial records kept, including distributions, grants, and money spent. Luca Pacioli is credited with documenting double-entry bookkeeping in 1494 in his book Summa de Arithmetica, which became the seminal text on bookkeeping and accounting for centuries.

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    Earliest Record of Accounting

    Uploaded by

    KIm Ipanag
    10 views2 pages
    Accounting has roots dating back over 7,000 years to Ancient Mesopotamia, where people kept records of crop and herd growth using early accounting techniques. During the Roman Empire, accounting evolved further with detailed financial records kept, including distributions, grants, and money spent. Luca Pacioli is credited with documenting double-entry bookkeeping in 1494 in his book Summa de Arithmetica, which became the seminal text on bookkeeping and accounting for centuries.

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    History-of-Accounting

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    Accounting has roots dating back over 7,000 years to Ancient Mesopotamia, where people kept records of crop and herd growth using early accounting techniques. During the Roman Empire, accounting evolved further with detailed financial records kept, including distributions, grants, and money spent. Luca Pacioli is credited with documenting double-entry bookkeeping in 1494 in his book Summa de Arithmetica, which became the seminal text on bookkeeping and accounting for centuries.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views2 pages

    Earliest Record of Accounting

    Uploaded by

    KIm Ipanag
    Accounting has roots dating back over 7,000 years to Ancient Mesopotamia, where people kept records of crop and herd growth using early accounting techniques. During the Roman Empire, accounting evolved further with detailed financial records kept, including distributions, grants, and money spent. Luca Pacioli is credited with documenting double-entry bookkeeping in 1494 in his book Summa de Arithmetica, which became the seminal text on bookkeeping and accounting for centuries.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    History of Accounting

    History of AccountingFor some, the first name that might come to mind when referencing
    early accounting history is Luca Pacioli. Pacioli described double-entry bookkeeping in his
    “Summa de Arithmetica, Geometria, Proportioni et Proportionalita” back in 1494. While that
    may sound like a long time ago, accounting may have roots that trace back even earlier.
    Accounting has been around for centuries. It’s a critical part of the business, record-keeping,
    and life in general. The first record of accounting occurred thousands of years ago in
    Mesopotamia and has evolved into the intricate element of business and life that it is today.
    Below is an informative guide that explores a short history of how accounting has evolved over
    thousands of years.

    Earliest Record of Accounting


    Abacus Early Accounting

    The earliest accounting records were found over 7,000 years ago among the ruins of
    Ancient Mesopotamia. At the time, people relied on accounting to keep a record of crop and
    herd growth. They used accounting techniques that are still used today to determine if there was
    a surplus or shortage after crops were harvested each season.

    Accounting History During the Roman Empire

    Later, during the reign of the Roman Empire, accounting continued to evolve much further. “The
    Deeds of the Divine Augustus” is an account of Emperor Augustus’ financial dealings. It listed
    such quantities as distributions to the people, grants of land, building of temples, money to
    military veterans, religious offerings, and money spent on theatrical shows and gladiator events.
    This discovery hints at the scope of accounting information available to the emperor, which he
    then probably used for planning and decision-making purposes. Roman historians also recorded
    public revenues, the amount of money in the state treasury, taxes, slaves, freedmen, and more.

    Luca Pacioli’s Contribution to the Accounting Profession

    In 1494, Pacioli wrote Summa de Arithmetica, Geometria, Proportioni et Proportionalita, which


    included a twenty-seven-page treatise on bookkeeping titled, Particularis de Computis et
    Scripturis (Details of Calculation and Recording) on the subjects of record keeping and double-
    entry accounting. Pacioli’s book became the reference text and teaching tool on the subjects of
    bookkeeping and accounting for the next several hundred years. This was the first time that
    symbols for plus and minus appeared in a printed book. This book was the first known published
    work on the topic of double-entry bookkeeping. Summa Arithmetica was also the first known
    book printed in Italy to contain algebra.

    Accounting basics are also mentioned in the New Testament of the Bible in the Book of
    Matthew as well as in other religious texts such as the Qur’an.
    Accounting During the Middle Ages

    accounting middles ages during the Middle Ages, bartering was the primary form of money-
    changing, but when Europe changed to a monetary economy is the 13th Century, merchants
    began relying on bookkeeping to keep a record of multiple transactions. This is when double-
    entry bookkeeping got its start, which is when a debit and credit value is entered for each
    transaction by the accountant. Merchants at the time used accounting as an ad-hoc ordering
    system. It provided them with constant information about their businesses that they could use in
    decision-making to grow their business as they saw fit. This laid the foundation of how we use
    and understand accounting today.

    Accounting Methods Today

    Nowadays, there are accounting standards, auditing regulations, and ethical standards for
    accountants to follow. Accountants and their peers handle the monetary ebb and flow of the
    economy. Obviously, they are not the only people responsible for this, but they play a huge role.
    Each business, company, corporation, government, and an individual must use at least basic
    accounting principles during their life, and often during their daily activities. It’s an important
    element of business and over thousands of years has evolved into what we know as in modern
    accounting today.

    ASSIGNMENT: Based on the development of accounting in history, what could be the future of
    accounting? Write a short write up on the next assignment tab.

    Prepared by: Arthur Nery ng Buhay Mo

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