Who is the Father of Accounting?

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Posted by geemiz | Posted in Trivias & Biographies | Posted on 05-07-2010

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The first accountant or the so called the father of accounting is a Franciscan friar and an Italian mathematician by the name of Luca Bartolomeo Pacioli.

Biography

Name : Luca Bartolomeo Pacioli
aka : Fra Luca Pacioli
Birth date : 1446 – 1447
Died: June 19, 1517
Parents: Bartholomeus Pacioli

Education

– his teacher was Piero della Francesca
– attended mathematics lecture at mathematician Domenico Bragadino in the Scuolo di Rialto

Work

– teaches university mathematics at different Italian universities
– author of different books of mathematics
– chair in mathematics of two universities
– private tutor of mathematics
– taught mathematics to Leonardo da Vinci

Works in mathematics

-Summa de arithmetica, geometria proportioni et proportionalita
-De viribus quantitatis
– geometry
-De divina proportione

Why Luca Pacioli became the father of accounting?

it was not known if Luca Pacioli did work bookkeeping for a certain merchant by the name of Ser Antonio de Rompiasi. But it is certain that he has described the method of bookkeeping used during the Italian Renaissance by the venetian merchants. The description is found in his textbook entitled “Summa de arithmetica proportioni et proportionalita”.

Fra Luca Pacioli described this accounting method as the double-entry accounting system. He is widely know as the father of accounting even though he did not invented the accounting system.

In his textbook he described the use of the journals and ledgers and discouraged a person not to go to sleep until the debits equalled the credits.

His ledger has an account for assets that includes receivables and inventories. There were also liabilities, capital, income and expenses. He also demonstrated year-end closing entries and proposed that a trial balance must be used to prove a balance ledger. He had also introduced topics about accounting ethics and cost accounting.

Meet geemiz


Geezelle Maningo - A Cebu based travel blogger and the other half of GeeMiz Travel blog. She has been traveling around the Philippines and Asia since 2010 with her husband. A casual trekker/hiker since 2017 and has been blogging since 2008. A digital marketer during workdays and a bookworm on lazy days - she co-founded Cebu Book Club.

Comments (8)

The article is good, yet I noticed a misspelled word which were overlooked such as the word univirsities. Also, the word textbook in the phrase “one of his textbook” should be in plural form. However, these minor corrections do not affect the facts gathered in reading this article.

Excellent

Helpful

so good and better to our life.

nice

this will help 🙂

#Accounting

good

Well articulated! Kudos!!!!

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