-
Records have been found in ancient civilizations in Egypt, Rome, Greece, and Arabia.
-
The Phoenicians created an alphabet using accounting, so they were not cheated through the trades they took part in with the ancient Egyptians.
-
Egyptians invented the first bead and wire abacus.
-
The auditing profession was created. Was named auditing because reports were given orally.
-
The first requirement for accounting records for the Italian republics.
-
Pacioli the father of accounting wrote his paper (everything about Arithmetic, Geometry, and Proportion.) It is a study on Italian merchants that showed several merchants kept books of their debits and credits. This was the earliest form of the double entry accounting system.
-
Innovations added to the double entry system. In the 17th century the East India Company created invested capital and dividend distribution. This created a change in financial and managerial accounting.
-
Accounting took off as companies tried to get financing and stay efficient. Many modern double entry methods developed during this time. The CPA was invented in 1896.
-
In the 20's accounting was important to reducing fraud and scandals in business at that time period. The GAAP was created by the AICPA and FASB in 1939 to set national accounting standards.
-
Technology has allowed for a central location for all accounting standards, called codification this shows all current standards and practices, and also shows standards that are currently up for debate. Peachtree and Quickbooks have helped automate the profession. Accountants are beginning to review more transactions rather than recording them themselves.
