The first accountant or the so called the father of accounting is a Franciscan friar and an Italian mathematician by the name of Luca Bartolomeo Pacioli, aka : Fra Luca Pacioli. He was born in 1446 – 1447 and died on June 19, 1517. His Parents were Bartholomeus Pacioli. It was not known if Luca Pacioli did work bookkeeping for a certain merchant by the name of Ser Antonio de Rompiasi. But it is certain that he has described the method of bookkeeping used during the Italian Renaissance by the venetian merchants. The description is found in his textbook entitled “Summa de arithmetica proportioni et proportionalita”. Fra Luca Pacioli described this accounting method as the double-entry accounting system. He is widely know as the father of accounting even though he did not invent the accounting system. In his textbook he described the use of the journals and ledgers and discouraged a person not to go to sleep until the debits equaled the credits. His ledger has an account for assets that includes receivables and inventories. There were also liabilities, capital, income and expenses. He also demonstrated year-end closing entries and proposed that a trial balance must be used to prove a balance ledger. He had also introduced topics about accounting ethics and cost accounting.
Posted on: Tue, 27 Aug 2013 12:00:38 +0000
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