Scribd Logo
Upload

Welcome to Scribd!

  • 4 views

    Assignment Accounting

    Uploaded by

    obedita2
    Accounting originated around 3600 BC in ancient Mesopotamia, where clay tablets were used to record transactions. In the Middle Ages, double-entry bookkeeping emerged as a significant development, which was codified by Luca Pacioli in 1494. During the industrial revolution in the 17th-18th centuries, more sophisticated accounting methods were needed to manage complex business transactions. Accounting has evolved from its ancient origins to the modern era, influenced by figures like Pacioli, events like the industrial revolution, and advancements in technology.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Assignment Accounting

    Uploaded by

    obedita2
    4 views3 pages
    Accounting originated around 3600 BC in ancient Mesopotamia, where clay tablets were used to record transactions. In the Middle Ages, double-entry bookkeeping emerged as a significant development, which was codified by Luca Pacioli in 1494. During the industrial revolution in the 17th-18th centuries, more sophisticated accounting methods were needed to manage complex business transactions. Accounting has evolved from its ancient origins to the modern era, influenced by figures like Pacioli, events like the industrial revolution, and advancements in technology.

    Original Description:

    Tty

    Original Title

    Assignment Accounting(1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Accounting originated around 3600 BC in ancient Mesopotamia, where clay tablets were used to record transactions. In the Middle Ages, double-entry bookkeeping emerged as a significant development, which was codified by Luca Pacioli in 1494. During the industrial revolution in the 17th-18th centuries, more sophisticated accounting methods were needed to manage complex business transactions. Accounting has evolved from its ancient origins to the modern era, influenced by figures like Pacioli, events like the industrial revolution, and advancements in technology.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views3 pages

    Assignment Accounting

    Uploaded by

    obedita2
    Accounting originated around 3600 BC in ancient Mesopotamia, where clay tablets were used to record transactions. In the Middle Ages, double-entry bookkeeping emerged as a significant development, which was codified by Luca Pacioli in 1494. During the industrial revolution in the 17th-18th centuries, more sophisticated accounting methods were needed to manage complex business transactions. Accounting has evolved from its ancient origins to the modern era, influenced by figures like Pacioli, events like the industrial revolution, and advancements in technology.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 3

    The historical development of accounting

    can be traced back to the cradle of


    civilization, around 3600 BC, when early
    forms of record-keeping were first
    practiced. In ancient Mesopotamia, the
    civilizing influence of early cities led to the
    need for accurate record-keeping and
    accounting systems. Clay tablets were
    used to document transactions, debts,
    and inventories, representing a
    rudimentary form of accounting.

    Moving forward in time, during the Middle


    Ages, the use of double-entry bookkeeping
    emerged as a significant development in
    accounting practice. The Italian
    mathematician and Franciscan friar, Luca
    Pacioli, played a vital role in codifying this
    method in his book "Summa de
    arithmetica, geometria, proportioni et
    proportionalità" in 1494. Pacioli's treatise
    served as a comprehensive guide to
    arithmetic and featured a detailed
    explanation of double-entry bookkeeping,
    making him a prominent figure in the
    history of accounting.

    During the 17th and 18th centuries, the


    industrial revolution transformed the
    economic landscape, leading to
    significant advancements in accounting
    practices. The rise of business
    enterprises and trade necessitated more
    sophisticated accounting methods to
    manage complex financial transactions
    and measure business performance.

    In this period, the concept of the balance


    sheet emerged, providing a snapshot of a
    company's financial condition at a given
    point in time. Furthermore, professional
    accountancy bodies, such as the Institute
    of Chartered Accountants in England and
    Wales (ICAEW) and the London Stock
    Exchange, were established to regulate
    the profession and set accounting
    standards.

    Environmental events also had a


    considerable influence on the
    development of accounting. The Great
    Depression of the 1930s exposed
    weaknesses in financial reporting and
    emphasized the need for better
    transparency and disclosure. This led to
    the establishment of regulatory bodies,
    such as the Securities and Exchange
    Commission (SEC) in the United States, to
    oversee financial markets and set
    accounting standards.

    In recent times, globalization and


    advancements in technology, particularly
    the widespread use of computers and the
    internet, have significantly impacted
    accounting practices. The digitalization of
    financial records, the adoption of
    International Financial Reporting
    Standards (IFRS), and the introduction of
    advanced software have all revolutionized
    the way accounting is conducted, making
    it more efficient and reliable.

    In conclusion, accounting has evolved


    significantly from its origins in ancient
    civilizations to the modern era, shaped by
    influential figures like Luca Pacioli,
    environmental events like the industrial
    revolution, and ongoing advancements in
    technology. These developments have
    contributed to the sophistication,
    accuracy, and accountability of
    accounting practices, enabling
    businesses and organizations to better
    manage their finances and make informed
    decisions.

    You might also like