International Accounting Day

Accounting is obviously an essential part of a business but the words to describe accounting aren’t usually ‘fun’ or ‘exciting’. The English word ‘accounting’ comes from the noun ‘account.’ It originated from Old French ‘acont’ meaning ‘account, reckoning or terminal payment.’ The Old French term came from Latin ‘computus’ meaning ‘calculation.’

Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447. It is believed that he died in the same town on 19 June 1517. He is best remembered for his 615-page mathematical compendium, Summa de Arithmetica Geometria Proportioni et Proportionalità, published in 1494; and for his friendship with Leonardo da Vinci. Many accountants perceive his greatest contribution as being the 27-page treatise on double-entry bookkeeping and business contained within his Summa. Examine financial statements to ensure their accuracy.