TIMELINE HISTORICAL DEVELOPMENT IN ACCOUNTING THOUGHTS

 Account records date back to the ancient civilizations of

Circa 4000 B.C China,Babylonia,Greece,Egypt,Mesopotamia.

 Accounting developed as a result of the information needs of

merchants in the city-states of Italy.
 Luca Pacioli,a mathematician and friend of Leonardo De
Vinci,published the first know description of double-entry
bookkeeping entitled Summa de
1400s Arithmetica,Geometria,Proportioni et Proportionalite(Everything
about Arithmetic,Geometry and Proportion),published in Venice.
 The book is contained primarily principles of mathematics and
incidentally set of accounting procedures.

 The pace of accounting development increased during the

Industrial Revolution as the economics of developed countries
began to mass-produce goods.
1760-1840  Merchandise was priced based on manager’s hunches about
cost ,but increased competition required merchants to adopt more
sophisticated accounting system.

 The growth of corporations especially those in the railroad and

steel industries,spurred the development of accounting.
 Corporate owners were no longer necessarily the managers of
1900-2000s their business.Managers had to create accounting systems to
report to the owners how well their businesses were doing.

 There would still be a lot of development in the field of

accounting.
 The great challenge of globalization and the effects of new
technologies pose a shift in the structure and pattern in this field.
2100s  More and better information are now being required and
therefore,accounting,being the means used in communicating
business and financial information must also evolve into a more
efficient level.