In order to more fully grasp an adequate understanding of the development of the accounting equation we have to look to the origin of this equation. Luca Pacioli a Franciscan monk who is often called the ‘father of accounting’, was born in 1446 in Sansepolcro, Italy. He was an Italian mathematician who published a mathematics book titled ‘Summa de arithmetica, geometria and proportioni et proportionalita’ in 1494 which was published in Venice, Italy. It served as the only textbook for accounting up till the 16th century all around the world. within it contained a portion which had detailed descriptions of what we now call the double-entry bookkeeping system that enabled others to study, use and develop what we know today as the ‘accounting equation’ which is based or derived from the double-entry bookkeeping system (User, n.d.).
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