Accounting

overview and history

Accounting

The backbone of the business financial world, providing information to aid decision-making and considered the language of business with its own terms and rules.

Ancient Accounting

Found in civilizations like Babylonia, Greece, Egypt, and Assyria dating back to 2000 BC, used for tax records, materials, labor, and overhead, with accountants known as the "eye and ear" of the king.

Luca Pacioli

Recognized as the father of accounting, introduced double-entry bookkeeping in Venice, Italy in 1494, and described commerce-related concepts in his book "Particularis De Computis et Scripturis."

Debtor and Creditor

Terms originating from Italian merchants in the 15th century, where a debtor is one who owes money for goods or services received, and a creditor is one who is owed money for goods or services provided.

Evolution of Accounting

With the 19th-century development of trade and industry, accounting processes improved to accommodate business combinations, mergers, and consolidations, transitioning from manual to electronically assisted methods in the information age.