Origin and growth of Accounting accounting is as old as money itself. However, the act of accounting was not as developed as it is today because in the early stages of civilisation, the number of transcactions to be recorded was so small that each businessman was able to record and check for himself all his transactions. Accounting was practised in India twenty-three centuries ago as is clear from the book named "Arthashastra" written by kautilya, king chandragupta's minister. The modern system of accounting based on the principles of Double Entry System owes its origin to Luco Pacioli who first published the principles of Double Entry System in 1994 at Venice in Italy. Need for Accounting The main aim of a business is to earn profit. for earning profit, a businessman will either purchase the goods in one market at a certain price and sell it in another market at higher price or will covert the raw give him some percentage of profit on cost of production. But t...