Conceptual Development of Accounting: A Historical Perspective

This paper attempts to analyze the conceptual development of accounting vis-à-vis the evolution of cost accounting and management accounting from the general accounting system. It also looked into the evolution and promotion of international accounting bodies. The investigation so far revealed that the historical evolution of modern day accounting, from all evidence date to 1211 A.D. when Italian bank was said to have kept a complete double-entry books of accounts. In the light of this therefore, we concluded that the invention of double-entry bookkeeping cannot be ascribed to any individual.