The Emergence of Double Entry Bookkeeping and its Relevance to Modern Society
Abstract
The purpose of this paper is to ascertain the factors that contributed to the emergence and development of double entry bookkeeping system, who introduce the double entry bookkeeping system, how its application has impacted the accounting profession, we also looked at its benefit to the society and how its application improved the accounting system. The paper is also aimed at showing the relevance of the double entry bookkeeping system to this modern day society. In order to do this, we considered scholarly works done by other scholars and also considered the activities of firms’ accounting departments. This paper will also discuss the differences between the complex capitalistic structure we operate in today with that of the days of Luca Pacioli- the inventor of the double entry bookkeeping system, who lived during the Renaissance when this system became pervasive. The paper further looks at how the double entry bookkeeping system invented by Luca Pacioli still has relevance in this modern world of accounting. According to Michael Chatfield, ‘’the emergence of the Double Entry Bookkeeping in a study of their evolution suggests that accounting processes are reactive, that they develop mainly in response to business needs at any given time, and that their growth is relative to economic progress. In general, the higher the level of civilization, the more elaborate the bookkeeping methods”.
References
2. Basil S. Y. The Accounting Review: Vol 22, No3(July, 1745), pp263-272, Published by; American Accounting Association
3. Chatfield, Michael. A History of Accounting Thought. New York: Dryden Press, 1977.
4. Ijiri, Yuji. Momentum Accounting and Triple-Entry Bookkeeping: Exploring the Dynamic Structure of Accounting Measurements. Carnegie Mellon University, American Accounting Association, 1989.
In submitting the manuscript to the Central Asian Journal of Innovations on Tourism Management and Finance, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with Central Asian Journal of Innovations on Tourism Management and Finance agree to the following terms:
- Authors retain copyright and grant the Central Asian Journal of Innovations on Tourism Management and Finance right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the Central Asian Journal of Innovations on Tourism Management and Finance published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.