History of Accounting Flashcards - Quizlet

3/17/22, 11:20 PM History of Accounting Flashcards | Quizlet
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History of Accounting
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Terms in this set (86)
abacus functioned as a calculator in the ancient times
abacus developed by the Sumerians in 5000 BCE
sumerians, 5000 abacus was developed by the ______ in ______ BCE
papyrus developed by ancient egyptians in 4000 BCE
allowed recording commercial transactions, trans. of

papyrus
religious texts, music, lit., etc.
ancient egyptians, 4000 papyrus was developed by ______ ______ in ______ BCE
clay tablets unearthed by archaeologist Dr. Gunter Dreyer
clay tablets were unearthed by archaeologist ______

Dr. Gunter Dreyer
______ ______
https://quizlet.com/510272802/history-of-accounting-flash-cards/ 1/9
German Institute of archaeologist dr. gunter dreyer is from the ______ ______
Archaeology ___ ______
considered to be among the oldest written tax

clay tablets
accounting records
signed into federal law on July 21, 2010 in response

Dodd-Frank Act
to the Great Recession
contains 16 major areas of reform including financial

Dodd-Frank Act
stability, orderly liquidation authority etc.
international accounting ias

standards
international financial reporting ifrs

standards
many countries including the Philippines have

adopted the blank and blank to support
ias and ifrs
comparability and understandability of financial
statements across the globe
discovered in the tomb of King Scorpion I in Egypt

old stone labels that date back to 3000 BCE or around 5300 years
ago
were complete with marks representing accounts of

old stone labels oil and linens which were believed to be paid to the
king as taxes
used in Mesopotamia to record their loans, herds,

clay tokens and tablets
crops, and system of trade
performed extensive duties in writing and recording

scribes
in the mesopotamian civilization
scribes equivalent of present day accountants
assured that the agreements were in compliance

scribes with the detailed code requirements for commercial
transactions
introduced by the Greeks in 600 BCE in the form of

money
coins
was adopted by Greeks in facilitating record-

phoenician writing system
keeping
Greek Alphabet invented to facilitate record keeping by greeks
bankers in Greece offered credit and helped

bankers' books of accounts
people transfer funds to banks in other cities
helped establish the finance and legal system in

accounting
Rome
introduces by Romans which coordinated estimated

annual budget revenues and taxes paid by the citizen in relation to
the nation's expenditures
Historycash
of book
Accounting maintained by households for their expenses
took possession of all properties in the name of the

William The Conqueror
king upon his invasion in England
occurred in 1086, contained all the real estate

domesday book
surveyed by William The Conqueror
pipe roll aka Great roll of the Exchequer
to date, the most ancient surviving accounting

pipe roll
record in the English Language
contains the yearly accounting of rents, fines, taxes

pipe roll
due to the King of England from 1130 to 1830
every transaction done uses opposite

double-entry system
corresponding entries to 2 different accounts
double-entry system total debits should equal total credits
Luca Pacioli Italian, aka Friar Luca dal Borgo
a mathematician, friend, and contemporary of

Luca Pacioli
Leonardo da Vinci
Luca Pacioli considered the "Father of Accounting"
wrote Summa de Arithmeticq, Geometria,

Luca Pacioli Proportioni et Proportionalita (Everything About
Arithmetic, Geometry, and Proportion)
summa de arithmetica, one section of this book, de computis et scripturis

geometria, proportioni et (of reckonings & writings), is composed of 36 short
proportionalita chapters that describe bookkeeping
summa de arithmetica, the accounting cycle, similar to modern, is also

geometria, proportioni et included in this book
proportionalita
summa de arithmetica, explains the extensively used balance sheet of

geometria, proportioni et today, memorandum, journals, ledgers, accounts,
proportionalita etc
Luca Pacioli credited him for the original idea of the

benedetto cotrulgi
double-entry bookkeeping
broadly recognized to be the father of accounting

italians for their marked contribution to the improvement of
trade and commerce
used the double-entry bookkeeping or system of

early capitalistic venetian
recording in the late 15th century to calculate their
merchants
profits and earnings
the dawn of modern accounting in Europe and

nineteenth century
America
fourteenth century the birth of double-entry bookkeeping
domination of the theories of marked not only the beginning but also the latter
accounts part of the 19th century
industrial revolution this revolution took place in england
industrial revolution replaced hand tools with machine or power tools
industrial revolution otherwise known as factory system
industrial revolution transformed accounting into an actual profession
queen victoria queen of Scotland in 1854 ish
granted a royal charter to the institute of accountant

queen victoria in Glasgow on July 6, 1854, thereby creating the
profession of Chartered Accountant (CA)
July 6, 1854 when did acc became a formal profession
Scottish or British CA sent to the US to audit British investments
some of these accountants decided to stay in

Scottish or Brotish CA America and put up acc firms to practice their
profession
american association of public born in 1887

accountant
american association of public the first national us accounting society

accountant
american association of Public provided a formal certification process for

Accountant accountants
american association of Public the predecessors of the present American Institute

Accountant of Certified Public Accountants (AICPA)
twentieth century the evolution of modern accounting standards
American Institute of Certified the first national professional association for CPAs
Public Accountants
American Institute of Certified Institute formed in the young but prosperous us

Public Accountants
securities and exchange formed bc of the economic depression

commission
(periodic reports vouched by CPA s were filed by

securities and exchange
all) publicly traded companies had to register with
commission
them before selling their securities to the public
financial accounting standards fasb

board
securities and exchange sec

commission
built in 1973 prior to the tasking of AICPA to set the

financial accounting standards
accounting and auditing standards for the periodic
board
reports
the result of the demand for more reliable and

financial accounting standards
comparable financial reporting by the Congress
board
and SEC
governmental accounting gasb

standards board
currently 2 of the significant authorities establishing

fasb and gasb the generally accepted accounting principles
(gaap) in the us
otherwise known as the computer age, digital age,

the information age
or new media age
brought a significant change in the workload of

the information age
accountants
manual and tedious and time consuming tasks were

the information age replaced by faster and more accurate computer
methods
transactions can be consummated online with the

the information age
help of the internet
procedures were expedited and needs & demands

the information age are met thru the development of accounting
software
twenty-first century accounting in the modern times
international accounting iasc

standards committee
international accounting iasb

standards board
international accounting replaced by the international accounting standards

standards committee board in January 2001
greatest corporate fraud case recorded in

Enron Scandal
American History
caused Arhtur Andersen to close (one of the top

Enron Scandal
audit firms in the us)
passed by the us Congress in 2002 to protect

sarbanes-oxley act
investors from corporate misinformation
imposed tougher restrictions on Accountants

sarbanes-oxley act
conducting consultancy services
the year that witnessed tougher times due to the

2008
economic recession in the us

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3/17/22, 11:20 PM History of Accounting Flashcards | Quizlet

Study sets, textbooks, questions Upgrade: Free 7-da...

Terms in this set (86)

abacus functioned as a calculator in the ancient times

abacus developed by the Sumerians in 5000 BCE

sumerians, 5000 abacus was developed by the ______ in ______ BCE

papyrus developed by ancient egyptians in 4000 BCE

allowed recording commercial transactions, trans. of

clay tablets unearthed by archaeologist Dr. Gunter Dreyer

clay tablets were unearthed by archaeologist ______

considered to be among the oldest written tax

signed into federal law on July 21, 2010 in response

contains 16 major areas of reform including financial

international accounting ias

international financial reporting ifrs

many countries including the Philippines have

discovered in the tomb of King Scorpion I in Egypt

were complete with marks representing accounts of

used in Mesopotamia to record their loans, herds,

performed extensive duties in writing and recording

scribes equivalent of present day accountants

assured that the agreements were in compliance

introduced by the Greeks in 600 BCE in the form of

was adopted by Greeks in facilitating record-

Greek Alphabet invented to facilitate record keeping by greeks

bankers in Greece offered credit and helped

helped establish the finance and legal system in

introduces by Romans which coordinated estimated

took possession of all properties in the name of the

occurred in 1086, contained all the real estate

pipe roll aka Great roll of the Exchequer

to date, the most ancient surviving accounting

contains the yearly accounting of rents, fines, taxes

every transaction done uses opposite

double-entry system total debits should equal total credits

Luca Pacioli Italian, aka Friar Luca dal Borgo

a mathematician, friend, and contemporary of

Luca Pacioli considered the "Father of Accounting"

wrote Summa de Arithmeticq, Geometria,

summa de arithmetica, one section of this book, de computis et scripturis

summa de arithmetica, the accounting cycle, similar to modern, is also

summa de arithmetica, explains the extensively used balance sheet of

Luca Pacioli credited him for the original idea of the

broadly recognized to be the father of accounting

used the double-entry bookkeeping or system of

the dawn of modern accounting in Europe and

fourteenth century the birth of double-entry bookkeeping

industrial revolution this revolution took place in england

industrial revolution replaced hand tools with machine or power tools

industrial revolution otherwise known as factory system

industrial revolution transformed accounting into an actual profession

queen victoria queen of Scotland in 1854 ish

granted a royal charter to the institute of accountant

July 6, 1854 when did acc became a formal profession

Scottish or British CA sent to the US to audit British investments

some of these accountants decided to stay in

american association of public born in 1887

american association of public the first national us accounting society

american association of Public provided a formal certification process for

american association of Public the predecessors of the present American Institute

twentieth century the evolution of modern accounting standards

American Institute of Certified Institute formed in the young but prosperous us

securities and exchange formed bc of the economic depression

sumerians, 5000 abacus was developed by the in BCE