History of Accounting
Part 6 - Ancient Accounting: Dawn of Man through Luca Pacioli
The innovative Italians of the Renaissance (14th - 16th century) are widely acknowledged to be the fathers of modern accounting. They elevated trade and commerce to new levels, and actively sought better methods of determining their profits.
Although Arabic numerals were introduced long before, it was during this period that the Italians became the first to use them regularly in tracking business accounts - an improvement over Roman numerals the importance of which cannot be overstated. They kept extensive business records, as the use of capital and credit on a large scale developed: The evolutionary trend toward double entry bookkeeping was underway.
Article courtesy of John R. Alexander at Net Gain
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