Is A Double Major In Accounting And Finance Worth It The History of Modern Accounting

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The History of Modern Accounting

While systems that may have been a precursor to basic modern accounting may have existed from the dawn of commerce, accounting as we know it began with the Italian Renaissance and developed in earnest during the Industrial Revolution. In fact, while scholars theorize that accounting may have been the original reason for the development of written language, little is known about the history of accounting prior to the Renaissance, although archeology and related sciences uncover evidence of systems that predate that time period.

City-state religious and secular holdings had to be recorded to allow for any kind of organization, which is why the theory of writing developed for accounting purposes came about. However, when we refer to the history of modern accounting, we begin with the double-entry bookkeeping procedures that characterized the Italian Renaissance merchant accounting procedures, and gave them the organization and clarity they needed to rise to the top of the trading world at the time. . In 1494, accounting procedures were codified by Friar Luca Bartolomeo de Pacioli (Paciolo), who is considered the father of modern accounting.

Accounting established itself even further during the Industrial Revolution, and the history of accounting in this period is interesting indeed, since the pioneer of accounting during the Industrial Revolution was none other than the potter Josiah Wedgwood, whose family firm still dominates the market for fine china. and crystals. Wedgwood, accustomed to the quality of his merchandise, demanded that proper records be kept so that he could easily detect and correct minor inefficiencies and overruns and to deal promptly with such potential disasters. embezzlement he once uncovered while reviewing the meticulous financial records that made his company famous. Wedgwood is as much a part of accounting history as production history because of the efficiency of his cost accounting methods, which were adopted by other successful industrialists of his time.

The railroads also depended on proper accounting techniques so that they could fulfill their role as the transportation lines of the Industrial Revolution. Given the greedy nature of some United States railroad financiers during the expansion of the railroads there, it might be assumed that the history of accounting scandals began with the methods used by these marauding barons to outwit investors, customers, and the rise of regulatory pressures alike.

In the early 19th century, “followers”, the forerunners of today’s skilled and trained outside accountants, began to appear in London, and similar professions would emerge in America too due to industrial development there. Often, bankruptcy is the reason why companies turn to these historical pioneers of independent accounting.

And in 1845, when William Deloite opened his accounting firm in London, the modern accounting and external auditing professions were clearly part of British business procedures, which at that time led the world in progress and transparency. His firm, like Wedgwood’s, lives on, and today Deloitte is the trademark of the international giant Deloitte (Deloitte Touche Tohmatsu) which evolved from the first major firm in accounting history.

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