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FABM1 LAS 4 Accounting - Brief History

The document outlines the history of accounting from ancient civilizations using clay tablets to record transactions to the modern computer-aided systems used today. It notes key developments like the double-entry bookkeeping method first used in Genoa in 1340 and discussed by Friar Luca Pacioli in 1494. As trade grew, more systematic record keeping methods and the title of CPA were introduced. Present accounting addresses changing user needs through software and compliance with standards.

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54 views1 page

FABM1 LAS 4 Accounting - Brief History

The document outlines the history of accounting from ancient civilizations using clay tablets to record transactions to the modern computer-aided systems used today. It notes key developments like the double-entry bookkeeping method first used in Genoa in 1340 and discussed by Friar Luca Pacioli in 1494. As trade grew, more systematic record keeping methods and the title of CPA were introduced. Present accounting addresses changing user needs through software and compliance with standards.

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hsdownshsala
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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LEARNING AS ONE NATION

FABM1_4
Expanded Project
SHS L E A R N I N G ACTIVITY
Name: Score/Mark:
Grade and Section: Date:
Strand: STEM ABM HUMSS ICT (TVL Track)
Subject: Fundamentals of ABM 1
Type of Activity Concept Notes Skills: Exercise / Drill Illustration
Laboratory Report Essay/Task Report Others: ________
Activity Title: LA-04. Accounting: Brief History
Learning Target: To point out highlights in the history of accounting
References: 1) Hinayon, et al., Fundamentals of Accounting Vol. 1, pp. 12-13
(Author, Title, Pages) 2) (Web) History of Accounting (July 2020), Strategiccfo.com, Retrieved
February 4, 2021
3) Q. J. Abcede, CVIF Learning Activities
Below is a brief historical outline of how accounting evolved from a barter system
through millennia to computer-aided systems today.
Early tradesmen in the Middle East regions exchanged commodities such
8500 BC as spices and oil, clothing, and other goods with clay objects which are
marked with symbols that record a transaction.
The ancient Roman, Greek, and Egyptian civilizations also used clay
tablets to record public revenues, religious offerings, building of temples,
2500 BC
etc. Such records are believed to have been used by rulers for decision-
making purposes.
Methods for keeping records became more systematic as trade and
commerce grew. Merchants from Venice, Florence, and Genoa used
1300-1500
these methods to monitor their daily transactions. The double-entry
method of bookkeeping was, in fact, first used in Genoa in 1340.
Friar Luca Pacioli, a Venetian monk, wrote a book entitled Summa de
Arithmetica, Geometria, Proportioni et Proportionalita

contained his discussions about the double-entry bookkeeping practices


1494
commonly used by the merchants in Italy (mentioned above). According
to him, this early system helped merchants in keeping their records
which they could use to grow their businesses. Pacioli became the Father
of Double-Entry Bookkeeping.
During the Industrial Revolution, the way goods were produced changed
from the craftsman to the assembly-line method, and factories became
necessary for large-volume production. With this progress, accounting
1700-1900 needed to take off and be professional. Methods of double-entry
bookkeeping and accounting were developed. This then gave birth to
several accounting organizations and the title of the Certified Public
Accountant was introduced shortly in 1896.
As trade and commerce significantly step forward, accountants play a
huge With the advent of technology,
At Present they now use accounting software and computer systems to address the
changing needs of the users of financial information, while complying
with the accounting standards and principles.
Questions: (1) Record-keeping is the common denominator for different periods of
history. Why is record-keeping given much importance? What can happen if
records are not diligently prepared and stored?
(2) Give an example of 'changing needs' of present users of financial information.

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