Posted by geemiz | Posted in Trivias & Biographies | Posted on 05-07-2010
Tags: Accounting Trivia, Trivias & Biographies
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.
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.
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#Accounting
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Well articulated! Kudos!!!!