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Paat 7

Review of Related Literature

This chapter will focus on statistics and facts about CPA. It will discuss how accounting

developed during the ancient time until today’s generation; how a person would achieve his/her

goals in life so this will also serve as a guide for everyone on how to be a successful CPA in the

future.

Background and History of the Career:

The earliest accounting system was found as early as 2000BC in the cities of Babylonia,

Greece, Egypt and in 3500B.C in Assyria. It consists of records of taxes that are required by the

king and were collected from the people by their tax collectors as well as the records of

materials, labor and overhead which the pharaoh required during the constructions of the

pyramids in Egypt (Manuel 3).

Five thousand years before the appearance of double entry, the Mesopotamian’s scribe,

equivalent of today’s accountant, used moist clay in recording transactions that would be dry

later on instead of using papyrus since it’s expensive and insufficient than clay. The clay was

molded for agreement terms and the scribe used a wooden rod with a triangular end in recording

the names of the contracting parties then the parties will signed their names by impressing their

respective seals consist of owner’s name and the religious symbols like picture and name of God

they worshipped (Alexander 3).

In 15 century, there are terms that became known such as creditor and debtor. Creditor is th

the one who lends money or sells goods or services to be collected in the future while the debtor