The History of Accounting

  • 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.