Evolution of Accounting

Evolution of Accounting

here, in this article, we are going to learn Evolution of Accounting. we will study this in details. if we are doing something in accounting field, we should have knowledge of Evolution of Accounting.

The real development of accounting, i.e., the modern system of accounting based on double entry principles, took place only after the year 1450. SUMMA, written by Luca De Bargo Pacioli,considered the father of the modern double entry system, is believed to be the first publication on the double entry system of book-keeping.

The book, which was published in Venice in 1494, was basically on mathematics, but included a brief section on double entry principles. In 1543, SUMMA was translated into English and published by the publishers, Huge Old Castle.

Later on, James Pule improved the system of accounting for the purpose of accounts of debtors and creditors. This was followed by the publication of a number of books by Edward Jones, who introduced two columns for journal entries.

In the years that followed, many improvements took place in accounting, particularly in England. The great expansion of industry, trade and commerce, brought about by the industrial revolution in the 18th century, also contributed largely to further development, as accounting came to be used in several countries. Today, accounting is highly developed with several new concepts and many new practices.

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