Explanation

Luca Pacioli (also written as Francia Luca Pacioli) is credited with developing and documenting the double-entry bookkeeping system. He was an Italian mathematician and Franciscan friar who lived from 1447 to 1517.

In 1494, Pacioli published “Summa de Arithmetica, Geometria, Proportioni et Proportionalita,” a comprehensive mathematics textbook. One section of this book described the double-entry bookkeeping system used by Venetian merchants.

While Pacioli did not invent double-entry bookkeeping (merchants had been using it for centuries), he was the first to describe it in a printed book, which spread the knowledge throughout Europe and eventually the world.

Frank Wood is a modern accounting textbook author. James Lucas and Omuya James are not known figures in accounting history. Pacioli is often called the “Father of Accounting” for his contribution to documenting this fundamental system.