-
Civilizations like Arabia, Egypt, Rome, Greece used accounting for taxes and public works.
-
-
-
First auditing profession created when someone was needed to double check what was entering and leaving storehouses.
-
This was used to keep track of credit accounts with other businesses and day to day transactions.
-
written by Luca Pacioli, influenced merchants maintain records to improve efficiency
-
East India Company invents invested capital, and dividend distribution.
-
The East India Company was established on December 31st, 1600.
-
The industrial revolutions causes companies to want to maintain efficiency through operations
-
Established in Scotland and known as the Edinburgh Society of Accountants and Glasgow institute of accountants and actuaries. Members of such organizations could call themselves "chartered accountants"
-
as fraud increases, accounting becomes more important
-
After the stock market crash and Great Depression, all standards created for US GAAP have been centrally located to the "codification". Also, computer programs like quickbooks has allowed some accounting to be automated.
-
The US GAAP was established in 1973.
