History of Accounting Part 1: 1860-1880

1860-1880 The 1860s were an extremely turbulent decade with numerous cultural, social, and political upheavals in Europe and America. By the 1880s, most Western countries experienced a large economic boom, due to the mass production of railroads and other more convenient methods of travel. HISTOR Y OF A C COUNTING In the world of accounting, several founding bodies and local societies emerge and Accountancy begins to take form as an organized profession. H. R. 51. 1860 Abraham Lincoln AN ACT is elected President The first income tax law in the U.S. is passed during the Civil War 1861 S. la e BANKRUPTCY ACT, 1800: T IENT t A ao N , d s a e Cging HET PHIP E, William and Catherine Booth WILLAN RAT, co-found the Salvation Army STEVERSA MAYN p 1869 A Bankruptcy Act is passed making accountants more involved in insolvency processes The Institute of Accountants in London is formed by William Quilter JULES VERNES Jules Verne publishes Around the World in 80 Days 1870 Pictured here i William Cuthbert Quilter. William Quilter's son The Edison Light Company 395-9. is formed The FDISON IGHT William Turquand is elected President of the 1877 SOURCES: http://www.icaew.com/en/library http://maaw.info/AccountingHistoryDatesAndEvents.htm http://www.artoftheprint.com/picture_library http://www.history.com/this-day-in-history/ http://www.senate.gov/artandhistory/history/resources/ https://books.google.com/books Institute of Chartered Accountants of England and Wales YOUR COMPLETE AP WORKFLOW & BILL PAY SOLUTION Toll Free: 1.844,982.4557 Email: [email protected] XTBILLS Web: www.xtbills.com