INDUSTRIAL ACCOUNTING IN THE MEDIAEVAL ERA Up until the last few decades there was a general belief that industrial accounting had its origin in the rise of the factory system in the Industrial Revolution. One authority, for example, has stated: Cost accounting is not old by several centuries as is mercantile bookkeeping by double entry. It is, in fact, of quite recent origin, essentially a product of the nineteenth century, which has been greatly extended …showed first 75 words of 1423 total…

…showed last 75 words of 1423 total…to wear and tear] of the equipment of the ship as well as of the ship [itself]. [In case, however,] that the ship is injured [wrecked] or any part of its [rigging] equipment is broken or lost such [items] [are] not [to be] considered [as] deductions. Since the scribes knew of and took account of depreciation, one must conclude that their record keeping was partly modern. Furthermore, it was apparently entirely adequate for their purposes.