The Franciscan Roots of Accounting

• "Summa de Arithmetica, Geometria, Proportioni et Proportionalita"

  Everything About Arithmetic, Geometry, Proportion, and Proportionality

  • First surviving accounting textbook
  • Popularly known as "The Summa" written by Fra. Luca Pacioli in 1494
• Fra. Luca Bartolomeo de Pacioli

  • "Father of Accounting"
  • Born during 1445 in Sansepolcro, Tuscany, Italy
  • A mathematician and merchant
  • Died in year 1517
• The Method of Venice

  • A binary (0, 1) method for recording economic events
  • Introduced the "Debit" and "Credit" concepts from the Italian terminology
• Debit - comes from the Italian word "debito" which comes from the Latin word "debita" and "debeo" that means: OWED TO the proprietor or an asset of the proprietor
• Credit - comes from the Italian word "credito" which comes from the Latin word "credo" which means: trust or belief (in the proprietor) or OWED BY the proprietor