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Accounting records have been found in ancient Egyptian, Roman and greek empires. They were used to record taxes and spending.
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To avoid getting cheated on the Phoenicians kept records of trades with Egyptians.
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The egyptians carried on with accounting and invented the bead and wire abacus.
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This was used to keep track of what came in and out the door, and account reports were given orally.
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in the 13th century the Italian Republics required businesses to keep accounting records. These accounts were taken to track day to day transactions.
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Luca Pacioli was the father of accounting. He invented the idea of credit and debit. He also came up with primitive income and balance sheet statements.
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Over time more people contribute new ideas to double entry records. They used presentations to gain investors and gain efficiency.
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Companies tried to gain efficiency and maximize profit during the industrial revolution. To do this they had to keep records of transactions and where the money was going. The first accounting organization was created in NY in 1887.
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Accounting was used to reduce fraud and scandals in the government and across the country. The U.S. GAAP was developed after by the American Institute of Certified Public Accountants, and the Financial Accounting Standards Board, in the year 1939.
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The AICPA and FASB worked with Securities Exchange Commission (SEC) to develop accounting standards for businesses. Accounting systems like Quickbooks have made the accounting profession automated.
