Concepts & Conventions Of Good Accounting Practices

Concepts & Conventions Of Good Accounting Practices


         Accounting is an ancient art and is as old as the introduction to monetary  currency. Although we confer the title of Father for Accounting to Italian Luca Pacioli who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his Summa de Arithmetica, Geometria, Proportioni et Proportionalita.There has been substantial proof that some of the first accountants were employed around 300 BC in Iran, where tokens and bookkeeping scripts were discovered.



Monetary Currency was refined after the "I owe you one" notes were impressed into "I owe you one unit of something" was adapted. 


As time elected into wings of era, barter system emerged as bronze age that minted into the standardized coinage system in 7th century BC. It was the industrial revolution in 1760, that gave birth to systematic accounting procedures in practice.The development of corporations also created larger groups of investors, and more complex structures of ownership, all requiring accounting systems to adapt.





Ref: Wikipedia

Mahendra Sarin,I am Your Accountant ,2011

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  • 2021-02-24