The History Of Accounting
THE HISTORY OF
ACCOUNTING
By: The Brenna Hillard
ANCIENT ACCOUNTING
Ancient Egyptian bookkeepers kept meticulous records of the inventory of goods kept in royal storehouses. The accuracy of these records was assured by the swift and severe penalty that came if mistakes were ever discovered. ANCIENT ACCOUNTING
(CONTINUED)
In Mesopotamia scribes kept records of commerce on clay tablets. In ancient
Greece, the account books of bankers show that they changed and loaned money and helped people make cash transfers through affiliated banks in their cities.
THE FATHER OF ACCOUNTING
It was Luca Pacioli, who in
1494 first described the system of double- entry bookkeeping used by
Venetian merchants in his
Summa de Arithmeica,
Geometria, Proportioni et
Proportionalita. Also, the first to describe the system of debits and credits in journals and ledgers that is still the basis of today’s account system. THE BEGINNING OF MODERN
ACCOUNTING
19th Century
The modern, formal accounting profession emerged in Scotland in 1854 when Queen Victoria granted a royal charter to the Institute of Accountants in
Glasgow, creating the profession of charted accountant (CA).
In the late 1800s, chartered accountants from
Scotland and Britain came to the U.S. to audit
British investments. Some of these accountants stayed in the U.S., setting up accounting practices and becoming the origins of several U.S. accounting firms.
The first national U.S. accounting society was set up in 1887.
1816
John Croaker, a bank clerk from
England, was caught and charged with embezzling from the bank and was sent to the colony of
New South Wales. Upon arrival he was granted an immediate ticket of leave and began working as a clerk in the justiciary and set himself up as a commodities dealer. At this time, the first Bank of New South Wales opened, and
John Croaker helped to establish their bookkeeping practices, instigating double-entry bookkeeping for the first time in
Australia.
ACCOUNTING
By: The Brenna Hillard
ANCIENT ACCOUNTING
Ancient Egyptian bookkeepers kept meticulous records of the inventory of goods kept in royal storehouses. The accuracy of these records was assured by the swift and severe penalty that came if mistakes were ever discovered. ANCIENT ACCOUNTING
(CONTINUED)
In Mesopotamia scribes kept records of commerce on clay tablets. In ancient
Greece, the account books of bankers show that they changed and loaned money and helped people make cash transfers through affiliated banks in their cities.
THE FATHER OF ACCOUNTING
It was Luca Pacioli, who in
1494 first described the system of double- entry bookkeeping used by
Venetian merchants in his
Summa de Arithmeica,
Geometria, Proportioni et
Proportionalita. Also, the first to describe the system of debits and credits in journals and ledgers that is still the basis of today’s account system. THE BEGINNING OF MODERN
ACCOUNTING
19th Century
The modern, formal accounting profession emerged in Scotland in 1854 when Queen Victoria granted a royal charter to the Institute of Accountants in
Glasgow, creating the profession of charted accountant (CA).
In the late 1800s, chartered accountants from
Scotland and Britain came to the U.S. to audit
British investments. Some of these accountants stayed in the U.S., setting up accounting practices and becoming the origins of several U.S. accounting firms.
The first national U.S. accounting society was set up in 1887.
1816
John Croaker, a bank clerk from
England, was caught and charged with embezzling from the bank and was sent to the colony of
New South Wales. Upon arrival he was granted an immediate ticket of leave and began working as a clerk in the justiciary and set himself up as a commodities dealer. At this time, the first Bank of New South Wales opened, and
John Croaker helped to establish their bookkeeping practices, instigating double-entry bookkeeping for the first time in
Australia.