Subject The paper presents a comparative analysis of two hypotheses on the origin of accounting: medieval, according to which the accounting was created by medieval merchants, and ancient Roman, implying that the accounting was established in ancient Rome. Objectives The paper aims to assess the likelihood and explanatory power of the hypotheses. Methods The paper compares the hypotheses on their evidence base, research methodology, credibility of findings, and explanatory power. Results The evidence of medieval hypothesis is minimal. This hypothesis does not provide a clear understanding of the essence of accounting; it does not contribute to the credibility of the accounting profession, and it does not explain the paradoxical dynamics of the development of accounting. The evidence of Roman hypothesis is richer than the medieval hypothesis’ one. It reveals the economic essence of accounting, promotes confidence in the accounting profession, and explains the paradoxical dynamics of accounting development. Conclusions and Relevance Double-entry bookkeeping was established in ancient Rome during the Roman qualifications, underlying the political structure of Roman society. The establishment of accounting was a State prerogative; accounting is, inherently, reporting about wealth. The paradoxical development dynamics of accounting is deceptive: in 13–14th centuries, accounting in Italy was not created, it was disseminated; the subsequent stagnation was due to the perfection of Roman accounting, as well as its incomprehensibility caused by accounting arithmetic. The results of this research can be used to improve the theory, history, and practice of accounting.
Keywords: origin, accounting hypothesis, Roman qualifications, advantages of accounting, paradox, history of accounting
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