The first records of accounting were taxes recorded on clay
tablets in Egypt and Mesopotamia. As the
economy adopted a monetary system years later, accounting was also used to
record transactions. One of the most
significant events in the history of accounting is the development of the
double-entry method in 1458 which consists of recording transactions with both
a debit and credit value.
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Evolution of Accountants |
An Italian mathematician named Luca Pacioli published this
idea using the Gutenberg press in 1494, and because his twenty-seven page
lecture on double-entry bookkeeping was accessible to many, Pacioli’s book was
a frequent reference for accounting for several hundred years.
The industrial revolution created a greater need for more
efficient and accurate bookkeeping. As
companies grew and became more competitive, they needed to communicate who were
the shareholders in the corporation. During
the information age, many accounting organizations were created to create general
principles that would establish constituency across the board regarding how values
were to be reported on financial statements.
And the digital age would change it even more. The rapid progress of technology has enabled
the invention of computerized accounting systems that contain the transactions
of a business—they even comply with the Generally Accepted Accounting
Principles (GAAP) required by the US Securities and Exchange Commission. So if the computers can run the numbers, then
what’s our job? While accounting is
clearly useful and necessary, do we still need the accountants?