The celebration of the UT Accounting Program’s centennial anniversary is fast approaching. What would be a better way to celebrate this longstanding success than looking back at how the field of accounting was born? This will be the first of a three-part series on accounting: how it started; how it’s viewed and used in today’s world; and how the accounting program was established and developed at UT.
It might be a surprise to some, but accounting is one of the oldest professions in history. Families and small communities had to account for food and other necessities in preparation for cold and harsh seasons. Researchers and anthropologists found evidence of accounting records that existed during the Babylon Empire. In other words, formal accounting records were already in existence since 4500 BC! They also found accounting records in the Code of Hammurabi which dates back to 2250 BC! This just proves that as business transactions and government tax systems became more complex, people knew that they had to account and keep track of their revenues and expenses. Continue reading Time Travel: The History of Accounting