Class 12 Exam > Class 12 Questions > Father of accounting?
Start Learning for Free
Father of accounting?
Most Upvoted Answer
Father of accounting?
The Father of Accounting - Luca Pacioli
Luca Pacioli is widely considered as the "Father of Accounting" for his significant contributions to the field of accounting. He was a Franciscan friar and a mathematician who lived in Italy during the Renaissance period.
Double-entry Bookkeeping System
Pacioli is best known for his book "Summa de Arithmetica, Geometria, Proportioni et Proportionalita" which was published in 1494. This book contained a section on bookkeeping which introduced the double-entry bookkeeping system. This system revolutionized the way businesses and individuals kept track of their financial affairs and is still used widely in modern accounting.
Contributions to Accounting
Aside from introducing the double-entry bookkeeping system, Pacioli made several other significant contributions to the field of accounting:
- He emphasized the importance of ethics and honesty in accounting
- He introduced the concept of trial balance which is still used in modern accounting
- He wrote extensively about various accounting methods and techniques
- He recognized the importance of recording transactions accurately and in a timely manner
Legacy
Luca Pacioli's contributions to the field of accounting have had a lasting impact. His double-entry bookkeeping system is still widely used in modern accounting and his emphasis on ethics and honesty in accounting is still relevant today. He is considered one of the most important figures in the history of accounting and his legacy continues to be recognized and celebrated by accountants and scholars around the world.
Community Answer
Father of accounting?
|
Explore Courses for Class 12 exam
|
|
Top Courses for Class 12View all
Question Description
Father of accounting? for Class 12 2025 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Father of accounting? covers all topics & solutions for Class 12 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Father of accounting?.
Father of accounting? for Class 12 2025 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Father of accounting? covers all topics & solutions for Class 12 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Father of accounting?.
Solutions for Father of accounting? in English & in Hindi are available as part of our courses for Class 12.
Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning of Father of accounting? defined & explained in the simplest way possible. Besides giving the explanation of
Father of accounting?, a detailed solution for Father of accounting? has been provided alongside types of Father of accounting? theory, EduRev gives you an
ample number of questions to practice Father of accounting? tests, examples and also practice Class 12 tests.
|
|
Explore Courses for Class 12 exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup