Riaz Academy
Just like Science, Arts or other social or economic field of human life, Accounting also has a history. If we study the civilization of mankind, then we can say that in every period, there was a recording of business and financial information.
With the developement of society, the techniques of recording business information also changed and now-a-days, it become more complex as compared to old days.
With the developement of society, the techniques of recording business information also changed and now-a-days, it become more complex as compared to old days.
The function of accounting is as old as the barter system. In Babylon, some 3700 years Before Century (BC) ago clay tables were used to record the payment of wages. The history of Egypet and Greek tell us that Book-keeping was in practice in city states. During that primitive time period, the use of accounting was only to record limited type of financial operations of government or private enterprises. There was no systematic recording of financial transactions of a particular unit. During that primitive period, the usage of accounting was only to record specific types of transactions.
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| Pioneer of Accounting: Luca Pacioli |
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| De Viribus Quantitatis |
The first book describing the Double Entry System of Accounting was written by an Italian MathematicianLuca Pacioli[called “Father of Accounting” or “Pioneer of Accounting“] in 1494 in Venice, namely “De viribus quantitatis”. He is the first person who describe the rules of book-keeping and use the terms like Assets, Equities, etc.
Now a days, commercial and busienss revolution maximize the scope and importance of accounting. In 21st century, the Role and Importance of Accounting is very increased due to globalization and International Investors.