PlsLory of Accounung

Accounung developed as a resulL of Lhe lnformauon needs

of merchanLs ln Lhe clLy-sLaLes of lLaly durlng Lhe 1400s.
ln LhaL commerclal cllmaLe, a monk, LuCA AClCLl, a
maLhemauclan and frlend of Leonardo da vlncl, publlshed
Lhe rsL known descrlpuon of double-enLry bookkeeplng
enuLled Summa de ArlLhmeuca, CeomeLry, roporuonl eL
roporuonallLe (LveryLhlng abouL ArlLhmeuc, CeomeLry
and roporuon), publlshed ln venlce ln november 1494.
1hls book conLalns prlmarlly prlnclples of maLhemaucs and
lncldenLally seL of accounung procedures.
PlsLory of Accounung
1he pace of accounung developmenL lncreased durlng Lhe
lndusLrlal revoluuon as Lhe economlcs of developed counLrles
began mass-produce goods.
ln Lhe 19
Lh
cenLury, Lhe growLh of corporauons, especlally
Lhose ln Lhe rallroads and sLeel lndusLrles, spurred Lhe
developmenL of accounung.

PlsLory of Accounung
CovernmenL plaLed a role ln leadlng more developmenL ln Lhe
eld of accounung when lL sLarLed uslng Lhe lncome Lax.
Accounung supplled Lhe concepL of lncome.
Also, Lhe CovernmenL aL all levels has assumed expanded
roles ln healLh, educauon, labor and economlc plannlng. 1o
ensure LhaL Lhe lnformauon LhaL lL uses Lo make declslons ls
rellable, Lhe governmenL has requlred sLrlcL accounLablllLy ln
Lhe buslness communlLy.
PlsLory of Accounung
AL Lhe beglnnlng of Lhe Lhlrd mlllennlum, Lhere would sull be
a loL of developmenLs ln Lhe eld of accounung. 1he greaL
challenge of globallzauon and Lhe eecL of new Lechnologles
(eg. Super compuLers, roboucs, lnLer and lnLra-neL, eLc) pose
a shl ln Lhe sLrucLure and pauern ln Lhe eld.
More and beuer lnformauon are now belng requlred and
Lherefore, accounung, belng Lhe means used ln
communlcaung buslness and nanclal lnformauon musL also
evolve lnLo a more emclenL level.