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    Ruby Ann Mariñas
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    Accounting has a history that dates back thousands of years to ancient civilizations like Mesopotamia who used clay tablets to record business transactions. A major development was double-entry bookkeeping in the 14th century described by Luca Pacioli. The modern accounting profession emerged in the 19th century in Scotland and the United States, establishing standards and practices. Today, accounting standards continue to develop under international organizations to serve the complex global business environment.

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    Accounting has a history that dates back thousands of years to ancient civilizations like Mesopotamia who used clay tablets to record business transactions. A major development was double-entry bookkeeping in the 14th century described by Luca Pacioli. The modern accounting profession emerged in the 19th century in Scotland and the United States, establishing standards and practices. Today, accounting standards continue to develop under international organizations to serve the complex global business environment.

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    10 views5 pages

    FABMpt

    Uploaded by

    Ruby Ann Mariñas
    Accounting has a history that dates back thousands of years to ancient civilizations like Mesopotamia who used clay tablets to record business transactions. A major development was double-entry bookkeeping in the 14th century described by Luca Pacioli. The modern accounting profession emerged in the 19th century in Scotland and the United States, establishing standards and practices. Today, accounting standards continue to develop under international organizations to serve the complex global business environment.

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    © All Rights Reserved
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    of 5

    Brief History of Accounting

    Submitted by: Francine R. Bumacod


    Brief History of Accounting home Info Table Graph

    GRACE
    ACCOUNTING The history of accounting or accountancy is thousands of years old and can be
    traced to ancient civilizations. The early development of accounting dates back to
    ancient Mesopotamia, and is closely related to developments in writing, counting
    and money and early auditing systems by the ancient Egyptians and Babylonians.
    hmppt home Info Table Graph

    Double-Entry French
    The Cradle of
    Bookkeeping Revolution
    Civilization
    (14th century) 1700s
    (3600 B.C.)
    In Mesopotamia, record- The most relevant event in
    keeping was done through accounting history is generally
    “Clay Tablet” as evidence of considered to be the In this period, the
    recording transactions. From dissemination of double entry development of
    India and China to Central and bookkeeping-by Luca Pacioli. accounting theory has
    South America, the clay tablet Summa de Arithmetica was begun and was
    records the business written by Luca Pacioli, the influenced by social
    transactions like accounts first book issued that upheavals
    receivable and accounts contained a detailed chapter on
    payable. double-entry bookkeeping.
    hmppt home Info Table Graph

    19th Century The Present


    The Industrial
    (20th Century)
    Revolution The modern and formal
    accounting profession
    (1760-1830) emerged in Scotland in 1854.
    In the present time,
    accounting standards were
    Most accountants stayed in established and practitioners
    The focus on this era are the U.S., establishing follow the rules of
    fixed assets and mass accounting practices and international organizations
    production. becoming the origins of or groups like AICPA.
    several U.S. Accounting Modern accounting
    firms. The first national U.S. standards were given more
    Accounting society was attention and time
    established in 1887
    hmppt home Info Table Graph

    Key Takeaways
    • The Cradle of Civilization (3600 B. C.)
    Clay tablets was used in keeping accounting records.

    GRACE

    ACE
    • Double-entry bookkeeping (14th Century)
    Double-entry bookkeeping was disseminated by Luca Pacioli
    (The Father of Accounting)

    • French Revolution (1700)


    Development of accounting theory began during this period.

    • The Industrial Revolution (1760-1830)


    Fixed assets and mass production were given importance.

    • The Beginnings of Modern Accounting in Europe and

    GRACE America (19thCentury)


    Modern Accounting in Europe and America began.

    • The Present (20thCentury)


    Development in the accounting profession was developed.

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