Source: Nwoko, 1990
The feudal socio-economic system requires that surplus be generated but does not have any perceived need to
measure the efficiency by which the surplus was generated. Moreover, no notion of income or return on capital
employed was in practice at that time. The manorial system dwells primarily on the interlocking check on the
honesty of different levels of officials in a stratified and regulated society, (American Accounting Association,
1964). The charge and discharge syndrome was surprisingly durable, lasting from twelfth to nineteenth centuries,
(James 1955). The book keeping for merchants was however in single entry form, rather than by charge, prior to
the arrival of an Italian Monk-Luca Pacioli in England, the acclaimed father of double entry bookkeeping system,
(Litleton, 1966).