Explain Luca Pacioli's opinion on the role of Profit

LUCA PACIOLI ON BUSINESS PROFITS
LUCA PACIOLI ON
BUSINESS PROFITS
PROFITS
NAME:
7/28/2012


1
Explain Luca aioli’s opinion on the role of profit.
Luca Pacioli published the first description of the double-entry system where rendering of
“profits” was discussed and therefore, he is referred to as the “Father of Accounting” as well
as “father of profitability”. Double-entry bookkeeping plays an important role in creation and
rise of capitalism. According to him, the critical element of a successful business is the
“profit motive”. He believed that successful businessmen should keep in mind the secular and
spiritual aspects of their lives keeping the Almighty before their eyes as it’s the Almighty
who insists on justice, honour and truth. Therefore, a successful businessman is supposed to
conduct all his...