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    Group 1: Rafael Ramos Qaiser Bueno Kimverly Solis Antonio Jabson Xena Molato Kristzen Legaspi

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    Reymso
    - Accounting originated in ancient civilizations like Mesopotamia and the Roman Empire as a means to track income and spending for businesses and personal finances. - During the Middle Ages, barter was common but the use of money returned in the 13th century, leading merchants to adopt bookkeeping to track multiple monetary transactions. - The Industrial Revolution saw the rise of corporations and investors who did not manage companies but had financial interests, increasing the need for accounting of company results.

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    Group 1: Rafael Ramos Qaiser Bueno Kimverly Solis Antonio Jabson Xena Molato Kristzen Legaspi

    Uploaded by

    Reymso
    42 views7 pages
    - Accounting originated in ancient civilizations like Mesopotamia and the Roman Empire as a means to track income and spending for businesses and personal finances. - During the Middle Ages, barter was common but the use of money returned in the 13th century, leading merchants to adopt bookkeeping to track multiple monetary transactions. - The Industrial Revolution saw the rise of corporations and investors who did not manage companies but had financial interests, increasing the need for accounting of company results.

    Original Title

    Group 1 Bookkeeping

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    - Accounting originated in ancient civilizations like Mesopotamia and the Roman Empire as a means to track income and spending for businesses and personal finances. - During the Middle Ages, barter was common but the use of money returned in the 13th century, leading merchants to adopt bookkeeping to track multiple monetary transactions. - The Industrial Revolution saw the rise of corporations and investors who did not manage companies but had financial interests, increasing the need for accounting of company results.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    42 views7 pages

    Group 1: Rafael Ramos Qaiser Bueno Kimverly Solis Antonio Jabson Xena Molato Kristzen Legaspi

    Uploaded by

    Reymso
    - Accounting originated in ancient civilizations like Mesopotamia and the Roman Empire as a means to track income and spending for businesses and personal finances. - During the Middle Ages, barter was common but the use of money returned in the 13th century, leading merchants to adopt bookkeeping to track multiple monetary transactions. - The Industrial Revolution saw the rise of corporations and investors who did not manage companies but had financial interests, increasing the need for accounting of company results.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    Group 1

    Rafael Ramos
    Qaiser Bueno
    Kimverly Solis
    Antonio Jabson
    Xena Molato
    Kristzen Legaspi

    TIMELINE OF
    ACCOUNTING AND
    BOOKKEEPING
    Accounting in Ancient Civilizations: Mesopotamia, The Roman Empire

    - A means of keeping track of income and spending is essential to


    running a business, or even maintaining personal finances. A system
    of recording transactions is the basis of accounting.

    Medieval Accounting

    - Barter was the main system of trade during the Middle Ages. But
    Europe returned to a monetary economy in the 13th century,
    according to historians. At that time, merchants began needing

    Timeline: bookkeeping to keep track of multiple transactions.

    Accounting in Industrial Revolution


    - With the advent of industrial corporations, investors and debtors,
    though not part of a company's management, nonetheless had a
    vested interest in the company's results.

    Accounting Today

    - Since establishment of the SEC, the pressure to hire good


    accountants has intensified. The financial cost to companies for
    falsifying records or having inadequate accounting is high, and
    continues to grow.
    Who is Luca Pacioli?
    Fra Luca Bartolomeo de Pacioli, was an Italian 
    mathematician, Franciscan friar, collaborator with 
    Leonardo da Vinci, and an early contributor to the field
    now known as accounting. He is referred to as "The
    Father of Accounting and Bookkeeping" in Europe and he
    was the first person to publish a work on the 
    double-entry system of book-keeping on the continent. He
    was also called Luca di Borgo after his birthplace, 
    Borgo Sansepolcro, Tuscany.
    Why is Pacioli considered as the “Father of Accounting?”

    Luca Pacioli was an accountant for a number of these wealthy families as well as a teacher of
    accounting.

    The reason Luca Pacioli is known as the Father of Accounting is because he wrote the first
    accounting textbook. What is incredible, is that the way he describes accounting is the same way
    we do accounting today. He lays out the whole system of double entry bookkeeping. He
    describes debits and credits. He describes journals and ledgers. He describes the financial
    statements. He describes the year end closing process. And a number of other things. He did not
    invent these things, but what he did was gather together all the best practices of accounting, and
    put them in a book.
    What are his Contributions to modern
    Accounting?

    The system he introduced in his book of accounting was mostly the accounting
    cycle which is well-known in the modern world of accounting. Luca Pacioli
    introduced the use of journals and ledgers in accounting systems and warned that
    the accountant must not sleep until the debits are equaled to credits. The ledgers
    he introduced were based on assets receivables and inventories, liabilities,
    capital, expenditure and income accounts.
    What are his Contributions to
    modern Accounting?
    Friar Luca also demonstrated the entries which the companies can use for their
    yearend and he proposed the entry of trial balance for a balanced ledger. He also
    introduced wide range of topics ranging from accounting ethics to cost
    accounting. His proposed accounting entries and year end closing entries became
    so famous that they were widely used in industrial and financial organizations in
    the modern world. Today, no organization can ignore his proposed journal and
    ledger accounting system and then showing the balance of debits and credits to
    get the desired results for the organizations.
    Thank You For
    Listening!
    GROUP 1: TIMELINE AND HISTORY OF ACCOUNTING AND
    BOOKKEEPING

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