Students of accounting study its history for most of the same reasons historians do. Tracing the history of accounting through different and significant periods and eras leads to deeper understanding of its development and the role it played in society. Accounting is a product of its environment facilitated by discoveries that made it easier, more efficient and convenient. These facilitators enabled the accountant to meet the demands of users of information who needed to make decisions also in response to environmental factors.

With more discoveries and other developments, like the use of steel that ushered in the industrial revolution, new business practices, and greater demands for the services of accountants, the profession responded by establishing standards of service, the development of principles and practices that the general public accepted. Protection of rights and obligations, safeguarding of assets, and the interests of investors involve trust and reliability of information. These raised the stature of accounting to an esteemed level, respected and valued by society, who also demanded high standards of service. The history of accounting is a constant reminder to the accountant of this responsibility.