Luca Pacioli - Essay Example

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He was a mathematician who taught and wrote in various fields including theology, mathematics, architecture, military strategy, games, and commerce. Although he did not discover double-entry accounting, he excellently explained a…
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Luca Pacioli Affiliation Corse Introduction Luca Pacioli was born around 1445 in Tuscany. He was a mathematician who taught and wrote in various fields including theology, mathematics, architecture, military strategy, games, and commerce. Although he did not discover double-entry accounting, he excellently explained a method used by Venice merchants in the Italian Renaissance. His system comprised most of modern accounting practices such as the use of journals, memorandums, and ledgers.
Pacioli, being a Franciscan monk understood the importance of honesty and, therefore he used his Christianity attributes to incorporate them into the finance industries. I find his Christianity perception of things as a major input as he is seen to believe in number mysticism that claims God owns all numbers. It also means that since God created all figure, they are then his direct words. Summa, one of the works he wrote, brings out the full understanding of double entry book keeping and as well explains how accounting is a part of good accounting business practice.
His work has contributed greatly into the contemporary world of accounting as most of the work, especially the bookkeeping, is still used. In addition, some major terms used then such as debit and credit have not had any modification in the more than 500 years since their invention. In addition, his conceptual framework that comprised of the journal, the memorandum, and the ledger is still essential in the modern accounting field.
Most modern accounting field concepts rely on his works such as summa, which contains true and fair view, stability, trustworthiness, significance, materiality, understandability, full disclosure, and materiality in accounting practices. His trend in displaying accounting figures by use of charts and graphs enables modern world to have ideas on how to communicate figure in a more understandable way.
In conclusion, I would say that Pacioli, just as his “father of all accounting” depict, is indeed a great figure in the accounting world. If it were not for his understanding and his contribution, even if he did not invent the book keeping method, one cannot imagine how it would have turned out. Also, his books have helped deliver information from centuries ago to the modern word, which has played a significant role and will continue to play long from now.
Sangster, A., & Scataglinibelghitar, G. (2010). Luca Pacioli: The Father of Accounting Education.
Accounting Education, 19(4), 423-438. doi:10.1080/09639284.2010.501955 Read More
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