ABSTRACT
The foundations of bookkeeping are found with the arts of numeration and writing. The development of bookkeeping generally had been slow and tedious and was not confined alone to the single entry method but to that of double entry as well. In the 15th Century bookkeeping was defined by Luca Pacioli to give the trader without delay information as to his assets and liabilities, but today, bookkeeping is considered the art of recording business transactions systematically. On November 10, 1494, Pacioli witnessed the publication of his Summa de Arithmetica, Geometria, Proportioni et Proportionalita, which means everything about Arithmetic, Geometry and Proportion. In the first part or the Inventory Pacioli states that where one wishes to conduct his business properly he must first have sufficient cash or credit, second to be a good bookkeeper and accountant, and third to possess a proper bookkeeping system. He further states that it is the purpose of every business man to make a fair profit.
