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Essay / Research Paper Abstract
This 7-page paper discusses some historical factors in the accounting profession including invention of the double-entry method and creation of the FASB. Bibliography lists 4 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTaccthist.rtf
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for goods and services reaches back to the Roman Empire and even earlier. What ended up spurring the growth of a specific accounting system and the double-entry system introduced by
Luca Pacioli was two things -- the use of Roman numerals for financial transactions and arithmetic, the manipulation of number symbols (CPA Finder, 2001).
Other aspects came together as well to formulate the need for a specific accounting system. These included the power to change private property between two parties; wealth productively
employed; widespread commerce, as the exchange and interchange of goods and services on a widespread level (internationally) spurred the need for some kind of system; credit, or the exchange of
goods for a future promise of payment; writing, to record transactions and money, the "common denominator" for the exchange of goods and services (CPA Finder, 2001). Once all of these
factors came together, there suddenly seemed the need to record and account for wealth, where it was going, what it was doing, and what it was buying (or selling).
This is where Luca Pacioli, the so-called "Father of Accounting" came to the fore. Luca Pacioli and the First Accounting Book
In the late 15th century, accounting became a specific science, thanks to the words of Luca Pacioli. Pacioli, a mathematician and monk, published
his treatise in 1494 in Venice, and was reprinted in 1523 in Toscolano (CPA Finder, 2001). Pacioli based his premise of a
"double-entry" system on account books kept, at the time, by Venetian merchants (CPA Finder, 2001). The double-entry system was (and continues to be) fairly straightforward. It states that for every
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