Podcast
Questions and Answers
When did the modern, formal accounting profession emerge in Scotland?
When did the modern, formal accounting profession emerge in Scotland?
- 1854 (correct)
- 1800
- 1750
- 1900
Which individual was granted a Royal Charter in 1854, creating the profession of the Chartered Accountant?
Which individual was granted a Royal Charter in 1854, creating the profession of the Chartered Accountant?
- Scottish Parliament
- Queen Victoria
- Institute of Accountants in Glasgow (correct)
- King George III
What are some of the accounting standards available to guide accountants at present times?
What are some of the accounting standards available to guide accountants at present times?
- IAS only
- GAAP, IFRS/PFRS, and IAS/PAS (correct)
- GAAP only
- IFRS only
What is one of the notable developments in the present for the accounting profession?
What is one of the notable developments in the present for the accounting profession?
What was granted to the Institute of Accountants in Glasgow, heralding the emergence of the Chartered Accountant profession?
What was granted to the Institute of Accountants in Glasgow, heralding the emergence of the Chartered Accountant profession?
Who was known as the first accountant in history?
Who was known as the first accountant in history?
What were the inscribed bone labels discovered in ancient Egypt used for?
What were the inscribed bone labels discovered in ancient Egypt used for?
In which ancient civilization was a complex token system used as evidence of transactions?
In which ancient civilization was a complex token system used as evidence of transactions?
What was the term used in ancient Egypt to describe the accountant?
What was the term used in ancient Egypt to describe the accountant?
What method was used for abstract representations of wealth in Sumeria and Mesopotamia before the development of numbers?
What method was used for abstract representations of wealth in Sumeria and Mesopotamia before the development of numbers?
How was accountability assured in the public economy of Athens?
How was accountability assured in the public economy of Athens?
Who is considered the Father of Accounting?
Who is considered the Father of Accounting?
When did the invention of money coins appear simultaneously but independently in China, India, and Greece?
When did the invention of money coins appear simultaneously but independently in China, India, and Greece?
Which individual invented and patented the first workable adding machine in 1885?
Which individual invented and patented the first workable adding machine in 1885?
What did Augustus prepare in 23 BC that listed public revenues, treasury amounts, and names of individuals for detailed accounts?
What did Augustus prepare in 23 BC that listed public revenues, treasury amounts, and names of individuals for detailed accounts?
During which century did the thorough study of accounting and development of accounting theory begin?
During which century did the thorough study of accounting and development of accounting theory begin?
Which entrepreneur is associated with being both an entrepreneur and a cost accountant?
Which entrepreneur is associated with being both an entrepreneur and a cost accountant?
Study Notes
Ancient Civilizations
- The first known accountant was "Jerry of Jericho," who kept track of temple or king's granary inventory.
- In ancient Egypt, accountants were called the "eyes and ears" of the king, and they used inscribed bone labels to record inventory owners, amounts, and suppliers around 5300 years ago.
- The token system was used in Sumeria and Mesopotamia to record transactions, with clay "envelopes" or tablets dating back to around 4000 BC.
Development of Accounting
- In ancient Greece, the public economy had a highly developed system of accounting and auditing, with accounts kept by clerks and controlled by "checking clerks."
- The invention of money in the form of coins occurred simultaneously in China, India, and Greece.
- The Roman government kept detailed financial information, including the Res Gestae Divi Augusti, which listed public revenues and expenditures.
Middle Ages and Renaissance
- Luca Pacioli, the "Father of Accounting," was born in the 14th century and wrote about methods of recording merchant transactions, including double-entry bookkeeping.
- The 17th century saw the thorough study of accounting and development of accounting theory, with the rise of cost accounting.
Industrial Revolution and Modern Era
- William Seward Burroughs invented the first workable adding machine in 1885, leading to a dramatic increase in production.
- The modern, formal accounting profession emerged in Scotland in 1854 with the Institute of Accountants in Glasgow, creating the profession of the Chartered Accountant (CA).
- In the 19th century, modern accounting began in Europe and America, with the development of accounting standards like GAAP, IFRS/PFRS, and IAS/PAS.
Present Times
- Accounting standards continue to be developed and improved to suit the changing needs of businesses and organizations.
- The most notable developments in the present include the increased dependence on digitalization and smart technologies, continued globalization of the accounting profession, and the imposition of increased regulations on the profession.
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Description
Explore the evolution of accounting from ancient civilizations to the present day, featuring the first known accountant 'Jerry of Jericho' and inscribed bone labels discovered in King Scorpion I's tomb in Egypt.
