Abstract

The needs for economic systems that humans constructed throughout time have been the driving force for accounting technological inventions starting with bookkeeping, followed by double-entry bookkeeping. Many civilizations and societies have contributed to the development and advancements of accounting. To this effect, Italy was a fortune county in which the number of “antecedents” converged, and thus, is considered the place of origin for modern accounting. Italy as a society cannot be held solely responsible for its birth, nor can its citizens be credited for the invention of accounting. Attributing the creation of accounting to Pacioli and the dating of its origin to 1449 require further consideration, rendering the questions of who invented accounting and when wide open. In the absence of hard evidence, speculating such a defining moment is the optimal contemporary accounting research produces. Accounting has retained its usefulness in societies through its adaptability to new roles when the master of the business is present. The business model needs to be revisited and retheorized when accounting is not serving well. A social paradox results from financing the operations of corporations and becoming their victims. Accounting cannot compensate for owners’ absence in the business model selected for conducting business. Accounting research inquiring about the role of accounting and questioning its usability and benefit to society labeled ‘critical’ or ‘historical’ or deeming such discourse radical should be one of the mainstream accounting research instead.

Keywords:Accounting origins; Pacioli; Civilization; Accounting roles; Corporate accounting; Corporations; Bookkeeping; Double-entry bookkeeping; Single bookkeeping; Triple bookkeeping.