Science

Interesting Facts About Accounting

1) The accounting is linked to the development of trade, agriculture, and industrialization as economic activities.

2) Since its inception, it has sought a way to preserve the registration of transactions and the results obtained from the commercial activity.

3) Archaeologists have found in the civilizations of the Inca Empire, Ancient Egypt and Ancient Rome varied manifestations of accounting records.

4) Following the fall of the Roman Empire accounting practices almost disappeared, due to the semi-extinction of trade in Europe.

5) The accounting had to be developed starting from scratch, especially to the compass of the commercial boom, which had its first significant impulse with the Crusades.

6) Two large military orders, that of the Templars and that of the Teutonic Knights, developed during the 12th and 13th centuries improved accounting systems.

7) In the Renaissance, the emergence of the concept of productive capital and the development of credit laid the necessary foundations for the elaboration of an accounting system.

8) By extension, it was thought to carry an account for the whole of the possessed goods and another one that presented the profits or the losses. This set of reports led to the elaboration of the double-entry accounting system.