The Exchequer Accounting: History And Contribution To The Early Accounting System

1.0 INTRODUCTION
Accounting is an information system that identifies, records, communicates the economic events of an organization to interested users. Unlike most other modern professions, accounting has a history that is usually discussed in terms of one seminal event which is the invention and dissemination of the double entry bookkeeping processes. The important part of history begins with Luca Pacioli’s contributions overlooks a long evolution of accounting systems in ancient and medieval times. From the western perspective, the emergence and development of accounting is closely related to double entry bookkeeping, which began in the 13th Century Italy. There are arguments whether accounting developed purely in response to the needs

The period before 1100, the exchequer accounting system still does not exist and it was ruled by Stephen, King of England on 1135. However, everything has changed under the ruling of strong kings, such as Henry I and Henry II, the growth of financial and administration power was unparalleled which led the growth and importance of the accounting system. Simultaneously, the accounting systems can be seen from the government kingdom, Church and

Expenses and revenue were only documented in the Pipe Rolls. As time passed, the Exchequer accounting system with its charge and discharge system proved as a successful accounting system during that time slowly spreading from the English Exchequer to the English Church, to manors, to universities, to boroughs and guilds. It is known that earlier accounting system before Exchequer accounting system is not very efficient and does not have a structure or terminology that resemble the charge and discharge