Institute of Financial Accountants: Difference between revisions

probably during 1445, to a poor family. His future seemed very unpromising but he joined a Franciscan monastery in Sansepulcro and became an apprentice to a local businessman. The young Pacioli had always loved mathematics

and he soon abandoned his apprenticeship to work as a mathematics scholar. The year 1494 is the only date during his life that is absolutely certain. It was during this year that theforty-nineyear- old Pacioli published his famous book Summa de arithmetica, geometria, proportioni et proportionalita (The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality). Pacioli wrote the Summa in an attempt to redress the poor state of mathematics teaching attempt to redress the poor state of mathematics teaching in his time. One section in the book made Pacioli famous. The section was Particularis de Computis et Scripturis, a treatise on accounting. Pacioli was the first person to describe double-entry accounting, also known as the Venetian method. This new system was state-of- the-art, and revolutionized economy and business. The Summa made Pacioli a celebrity and insured him a place in history, as "The Father of Accounting." It was the most widely read mathematical work in all of Italy, and became one of the first books published on the Gutenberg press.

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