Abstract

Double-entry accounting, with its method for the objective calculation of profits and system of capital accounting, is often seen as closely linked with our modern-day system of capitalism. Questions regarding the role of profits are at the center of many debates on "business ethics." Luca Pacioli, a 15th century Franciscan friar, is recognized as the "father of accounting" because he published the first description of the double-entry system. However, Pacioli's "ethical" views have not been as broadly recognized. The main purpose of this paper is to present and discuss Pacioli's views on the conduct of business enterprise and the pursuit of business profits.