History of Accounting

France

-1600-> 1st college of Education in Accounting -English and European countries-> complex business institutions-> corporations

Philippine Setting

-B.S. Accounting is 4 years -complete accounting, law and taxation -pass Gov't Licensure Exam-> Professional Regulation Commission (PRC)-> Certified Public Accountant (CPA) -Philippine Institute of Certified Public Accountants (PICPA)-> org. tasked by gov't to oversee accounting practices -all accounting practiced formed through Financial Reporting Standards Council (FRSC)

600 BC

-Greeks-> created coins-> faster mode of exchange-> economic industry flourished-> nearing countries adapted

Accounting

-The process of planning, recording, analyzing, and interpreting financial information. -language of business

7000 BC

-Tiger Euphrates Valley -stone tablets-> how basic arithmetic was done-> system

Medici Family

-agricultural Mugello region-> mentioned 1230 -plural of Medicino-> "medical doctor" -began with finding of Medici Bank-> Florence 1397

Dark Ages

-demographic, cultural and economic deterioration-> W. Europe, following decline of Roman Empire -people found money hard to acquire

Italians

-long distance and long term business -created double entry bookkeeping

Middle Ages

-most contributions made-> merchants formed partnership -guilds of different sorts came about

bookkeeping

A part of accounting that involves only the recording of economic events

Luca Pacioli

Father of accounting