-
In ancient civilizations, rulers kept accounting records for taxing and spending on public works.
-
The Phoenicians created an alphabet with accounting so that they were not cheated through trades with ancient Egyptians.
-
The Egyptians invented the first bead and wire abacus.
-
The auditing profession was created to double check storehouses as to what came in and out the door.
-
The first requirement for businesses to keep accounting records spread across many of the Italian Republics in the 13th century.
-
As the time progressed, double entry records had large and small innovations added. This means that for every business transaction, the amounts entered as debits must be equal to the amounts entered as credits.
-
The first income tax law in the U.S. was passed during the Civil War.
-
The American Institute of CPA's was founded to create and grade the Certified Public Accountant examinations.
-
During this time period, accounting really became important to reduce the amount of fraud and scandals that were performed in businesses around the country.
-
AICPA and FASB have been working together with the Securities Exchange Commission (SEC) to develop accounting standards for business.
