Posted on 09/09/2014 5:13:07 PM PDT by beaversmom
It was by chance that the tour guide said: "And here is where the founder of double entry bookkeeping was born and raised." We were standing on the square of Dubrovnik, Croatia -- perhaps the most beautiful town in the world -- and being an entrepreneurship educator, I had to correct him.
All energized and eager to lecture, with my school teacher hat on, I began my monologue: "I am an educator and I want to correct you if I may: double entry bookkeeping was first invented in Milan by Luca Pacioli, the father of accounting, who was a Franciscan monk. He wrote the Summa de Arithmetica, Geometria, Proportioni et Proportionalita in 1494." Warming to my topic and speaking just loud enough so others could see how smart I was, I continued breathlessly, "Luca was living with Leonardo da Vinci, by the way, and was his math teacher."
Our guide, a lifelong member of Dubrovnik, smiling, let me continue on and on. When I was done with my speech on accounting history, I began to smile broadly at my own wisdom, looking around and nodding in self-satisfaction to my companions on the tour. He paused gently and said, "Yes Steve, but I think I am right. Check it on Google. His name was Benedikt Kotruljević, who was born in Ragusa or what is now known as Dubrovnik in 1416, on this very square."
He was so charming about it and self-confident that I sensed he was right, but I had to know for sure. Quickly I pulled out my handy iPhone and went straight to Google.
Ouch! He was right: The first recorded history of the description of double entry bookkeeping was done by Benedikt in 1458 in his work: Book on the Art of Trade.
Although only in a...
(Excerpt) Read more at huffingtonpost.com ...
Would you mind correcting last name in title to “Kotruljevic”?
Thank you.
Who perfected single-entry bookkeeping? The Senate or the House
1 copy for the tax man
2nd copy to show spouse sans "funny money" for gambling and mistress.
..and the final copy for the business owner that has the real figures.
bttt
That was single exit bookkeeping.
Friend of mine’s wife found a copy of the “final copy”.
It showed a cost entry for a “rental apartment”.
OH BOY!! SHTF!!! It cost him 1/2 their sizeable assets.
I remember when I tried posting a article from huffington post but was told it was verboten. I am surprised that it’s okay now.
Uh oh!
Why, what’s wrong with it :-)
All text books on subject I have read credit Pacioli.
:)
The Phoenicians! There! The history is settled!
I thought Obama said the Muslims invented it. /s
It was invented in China five thousand years ago. Everything was invented in China five thousand years ago.
Who Invented Double Entry Bookkeeping?
Modern day is Hollywood and Wall Street
My degree is in accounting and I was taught that Luca Pacioli was in first to do double entry bookkeeping. I’ll have to look this other guy up. Interesting, thanks for posting!
Yes but until the muzzies invented the zero didn’t the double entries cancel each other out and so mankind had to get closer in time to the great flood for true deficit accounting to be invented?
I can’t, at the moment, think of a subject that sounds more boring.
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