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History Of Medieval Accounting

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DBA 7030: ACCOUNTING AND FINANCIAL MANAGEMENT LECTURERS: PROFS. GEORGE ACHOKI AND AMOS NJUGUNA THE ORIGIN, GROWTH, BRANCHES AND EMERGING TRENDS/CURRENT ISSUES OF ACCOUNTING AND ACCOUNTING PRINCIPLES ON PAGE 16 OF THE SLIDES Frasia Karua 634431 ACCOUNTING ASSIGNMENT 2 THE ORIGIN OF ACCOUTING 2 Introduction 2 Ancient Accounting 2 Babylonian Civilization 2000-3000 BC 2 Egypt Civilization 1000-3000 BC 3 Pre-Christian China 1122 - 256 B.C. 4 Greek Civilization 1-1000 BC 5 Ancient Rome 5 Medieval Accounting 6 Early Islam Accounting System- 652 AC 7 Italian Renaissance: Birth of Double Entry Bookkeeping 8 Scotland - Birthplace of the Modern Profession 11 British Commercial Law 13 America Accounting Profession 13 Professional Accountancy …show more content…

The foundation of medieval accounting has been argued to be doctrines of stewardship and conservatism, and the medieval era created the conditions for the rapid advance in accounting technology that occurred during the Renaissance (Rorem, 1937). While accounting under the Roman Empire was prescribed by the centralized legal codes of the time, medieval bookkeeping was localized and centred on the specialized institutions of the feudal manor. The systems of exchequer and manor necessitated numerous delegations of authority over property from the owners to actual possessors and users. The central task of accounting during this era was to allow the government or property owners to monitor those in the lower portions of the socio-economic pyramid (Keistar, …show more content…

Historically as indicated earlier in this paper accounting predates monetary economy. The precept in which goods were exchanged at arms-length through concerted efforts of gathering, determining and measuring values are both pre and post- ante accounting. The Trade by barter period was characterized by measurement inequality, cumbersome in terms of production variety and coupled with the problem of coincidence of wants, were all inherent in barter economy. However, the development of accounting theory was to ameliorate the inherent problems encountered in barter economy, unlike monetary

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