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Proof found that ancient civilizations such as Egyptians, Greeks and Romans, all had an accounting system to keep a record of taxes.
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The Phoenicians created an alphabet with accounting so that they were not cheated through trades with ancient Egyptians.
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Egyptians carried on with accounting records and even invented the first bead and wire abacus.
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The auditing profession was created to double check storehouses as to what came in and out the door.
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The first requirement for businesses to keep accounting records spread across many of the Italian Republics in the 13th century.
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Luca Pacioli, the father of accounting, writes his famous paper “Everything about Arithmetic, Geometry, and Proportion.”
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During the Industrial Revolution, double entry accounting methods were developed, as well as the title of Certified Public Accountant.
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GAAP was developed and the Financial Accounting Standards Board (FASB) in the year 1939.
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Several automated accounting systems, like Peachtree and Quickbooks, are created.