Wealth n. abundance of valuable resources
Catalyst n. an agent that provokes/speeds significant change/action
4445 Corporation Lane
Virginia Beach, VA 23462
757-285-7272
757-687-0702 fax
dscolamiero@hotmail.com
David Scolamiero
Certified Public Accountant
and
Consultant
Welcome to our multi-disciplinary /interdisciplinary boutique accounting and financial services practice. The mission is to improve and maintain the financial well being of our clients and add value by developing creative solutions for successful organizations and individuals complex challenges and opportunities.
“A good accountant. The second necessity in business is to employ a good accountant or to have a good accounting system so as to understand the business.”
Italy, 1494
Father of Accounting
A textbook for use in the schools of Northern Italy. It was a synthesis of the mathematical knowledge of his time and contained the first printed work on algebra written in the vernacular (i.e., the spoken language of the day). It is also notable for including one of the first published descriptions of the bookkeeping method that Venetian merchants used during the Italian Renaissance, known as the double-entry accounting system. The system he published included most of the accounting cycle as we know it today. He described the use of journals and ledgers and warned that a person should not go to sleep at night until the debits equalled the credits. His ledger had accounts for assets (including receivables and inventories), liabilities, capital, income, and expenses – the account categories that are reported on an organization's balance sheet and income statement, respectively. He demonstrated year-end closing entries and proposed that a trial balance be used to prove a balanced ledger. Additionally, his treatise touches on a wide range of related topics from accounting ethics to cost accounting. He introduced the Rule of 72, using an approximation of 100*ln 2 more than 100 years
before Napier and Briggs.[8]
"Accounting practitioners in public accounting, industry, and not-for-profit organizations, as well as investors, lending institutions, business firms, and all other users for financial information are indebted to Luca Pacioli for his monumental role in the development of accounting."
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