ACC101 Lecture Notes - Benedetto Cotrugli, Printing Press, Mathematical Finance
Document Summary
For as long as civilizations have been engaging in trade or organized systems of government, methods of record keeping, accounting, and accounting tools have been in use. In 1458 benedetto cotrugli invented the double- entry accounting system, which revolutionized accounting. Double-entry accounting is defined as any bookkeeping system that involves a debit and/or credit entry for transactions. Bartolomes pacioli, who invented a system of record keeping that used a memorandum, journal, and ledger, wrote many books on accounting. Father of accounting born in 1445 in tuscany, Pacioli is known today as the father of accounting and bookkeeping. He wrote summa de arithmetica, geometria, proportioni et. Proportionality") in 1494, which included a 27- page treatise on bookkeeping. His book was one of the first published using the historical. Gutenberg press, and the included treatise was the first known published work on the topic of double-entry bookkeeping.
