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2500 BCE
Ancient Civilizations Accounting
Proof found that ancient civilizations such as Egyptians, Greeks and Romans, all had an accounting system to keep a record of taxes. -
1000 BCE
Alphabet Created
The Phoenicians created an alphabet with accounting so that they were not cheated through trades with ancient Egyptians. -
500 BCE
Abacus was Created
Egyptians carried on with accounting records and even invented the first bead and wire abacus. -
423 BCE
The Auditing Profession was Created
The auditing profession was created to double check storehouses as to what came in and out the door. -
1200
The First Requirement for Businesses to Keep Accounting Records
The first requirement for businesses to keep accounting records spread across many of the Italian Republics in the 13th century. -
1494
Luca Pacioli Created Accounting Terms, Debit and Credit
Luca Pacioli, the father of accounting, writes his famous paper “Everything about Arithmetic, Geometry, and Proportion.” -
Double Entry and Certified Public Accountant is Created
During the Industrial Revolution, double entry accounting methods were developed, as well as the title of Certified Public Accountant. -
GAAP Accounting Standards was Created
GAAP was developed and the Financial Accounting Standards Board (FASB) in the year 1939. -
Automated Accounting was Created
Several automated accounting systems, like Peachtree and Quickbooks, are created.