Perara and Mathew (1966), opine that coinage was invented probably in Lydia at about 700BC as a result of
difficulties experienced in maintaining the records and other inherent factors associated with barter system. The
early accounting records were inscribed on stones and marble tablets in the Parthenon building accounts in
Athens and Acropolis. Nwoko (1990) and Perara (1966) also observe that the Zenon Papyri which was
discovered in 1915 contains information in business, agriculture, and construction projects of the private estate
of Apollonius kept under the accounting system. These records were kept in surprising and elaborate system that
had been in Greece since the fifth century BC. The Zenon accounting system had provisions for responsibility