The history of bookkeeping is really ancient choose thousands the years. Yet the history of accounting profession is new. Modern-day civilization is difficult without accounting.

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The beginnings of bookkeeping are generally attributed to the work-related of Luca Pacioli, and also Italian Renaissance mathematician. The ide of accounting comes native his book. However it is thought about the an initial book on audit was Della Mercatura e del Mercante Perfetto composed by Benedetto Cotrugli in 1458 and also published in 1573.

Luca Pacioli: Luca Pacioli, known as The dad of accounting and bookeeping was born in Sansepolcro, Italy in 1445. He to be a Franciscan mock. Yet he was well known as one Italian Renaissance mathematician. Pacioli to be a near friend and tutor come Leonardo da Vinci and also a modern of Christopher Columbus. Pacioli was passed away in 1517 at his birthplace.

The Book: modern-day accounting is based on the book Summa de Arithmetica, Geometria, Proportioni et Proportionallta which way an summary of arithmetic, geometry and also proportions. It to be publish in 1494 in Venice. This book contains 36 chapters top top bookkeeping. Present accounting concept originates from the chapter De Computis et Scripturis which method of reckoning and also writings. In his text he defined a system to ensure the financial information was videotaped efficiently and also accurately.

History Chronology

Modern accounting is emerged through the following five stages:

bookkeeping in the Primitive Age. Accountancy in the middle Ages. Audit in the Pre-Industrial revolution Age. Audit from Industrial revolution to Nineteenth Century. Audit in the twenty Century and also Present Time.

They room briefly disputed below:

(1) accountancy in the Primitive Age: The times prior to 476 year are known as primitive period of accounting. In this period accounting is restricted upto counting. At that time the business tasks were operated v barter system.

(2) audit in the center Age: The duration from the year 476 come 1453 is known as the middle period of accounting. In this period business tasks were expanded native one country to another country. At the time the business tasks were operated through financial system.

(3) audit Pre-Industrial transformation Age: The period from the year 1454 to 1760 is recognized as the pre-industrial transformation of accounting. In this duration some books on bookkeeping written and published prefer Luca Pacioli’s Summa, Cotrugli’s Della etc.

(4) Accounting from Industrial revolution to Nineteenth Century: The period from the year 1760 to the finish of nineteenth century is recognized as short article industrial period of accounting. In this period some branches of accountancy like cost bookkeeping is originated. In this period some accountancy standards and also institutions like the academy of Accountants in Edinburgh is established. Also in this period, the three varieties of company concerns – proprietorship, partnership, and corporation to be established.

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(5) bookkeeping in the twentieth Century and Present Time: after ~ the year 1900 to date is recognized as contemporary accounting age. Within this duration all species of branches of accounting like costing, management accounting, auditing, taxation, government accounting, socioeconomic accounting, human resource accounting and so on are perfect established. In current years, electronic accounting like software, e-business, e-commerce, website etc are very popular come the users for easiness, cheapness, and also fastness.