ACCOUNTING
Is as old as civilization itself
ACCOUNTING
Started as a simple recording of repetitive exchanges
1. THE CRADLE OF CIVILIZATION
√ Around 3600 B.C.
√ Clay tablet is use during this time
2. 14th CENTURY - DOUBLE-ENTRY BOOKKEEPING
√ Luca Pacioli - father of accounting in Italy
√ Pacioli is a friend and contemporary of Leonardo da Vinci
√ Pacioli wrote SUMMA DE ARITHMETICA - first book published that contained a detailed chapter of double entry bookkeeping
√ ITALIANS of 14th and 16th Centuries
Considered as the "father of modern accounting"
3. FRENCH REVOLUTION (1700s)
√ Development of accounting theory began during this period.
√ Greatly influenced the development of
°Social upheavals affecting government
°Finances
°Laws
°Customs and business
4. THE INDUSTRIAL REVOLUTION (1760-1830)
√ Mass production and the great importance of fixed assets were given attention during this period.
5. 19th CENTURY– The Beginnings of Modern Accounting in Europe and America
√ The modern, formal accounting profession emerged in Scotland in 1854 when Queen Victoria granted a Royal Charter to the Institute of
Accountants in Glasgow,
√ Chartered Accountant (CA)
In the late 1800s, chartered accountants from Scotland and Britain came to the U.S. to audit British investments.
√ The first national U.S.
accounting society was set up in 1887.
√ The American Association of Public Accountants was the forerunner to the current American Institute
of Certified Public Accountants (AICPA).
√ In this period rapid changes in accounting practice and reports were made.
√ A merger is when one company takes over all the operations of another business entity resulting in the dissolution of another business.
6. THE PRESENT– The Development of Modern Accounting Standards and Commerce
√ The 20th century developed around state requirements for financial statement audits.
√ As economies worldwide continued to globalize, accounting regulatory bodies required accounting practitioners to observe
International Accounting Standards.
√ Nowadays, investors seek investment opportunities all over the world.
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ACCOUNTING
RandomMaybe you are here because you're an ABM Student. Grade 11 or 12? This may contained a detailed notes in FUNDAMENTALS OF ACCOUNTANCY BUSINESS MANAGEMENT 1 (FABM1).
