Accounting is a process of identifying, measuring, recording and communicating financial transactions and information about an organisation. The history of accounting can be traced back to over 7,000 years ago among the ruins of ancient Mesopotamia. The father of modern accounting is Luca Pacioli, an Italian mathematician who in the 15th century first described the system of double-entry bookkeeping involving debits and credits.
Key learning objectives:
Explain the origins of accounting.
How has accounting evolved in the modern era?