A Brief History of Accounting

Early Development of Record-keeping in Ancient Civilizations

The earliest accounting records were found in Babylonia in 3500 BC, where clay sheets were used to keep records. The method of storing records was subsequently improved with papyrus (paper) and calamus (pen) which discovered in Egypt in 400 BC. In the 5th and 6th centuries BC, transactions were recorded based on the value of money. The record-keeping system was developed when the Roman numerals were replaced by the Hindu-Arabic numerals system in 850 AD.