ACCOUNTING TECHNIQUES IN KOREA: 18TH CENTURY ARCHIVAL SAMPLES FROM A NON-PROFIT ASSOCIATION IN THE SINITIC WORLD

Abstract

Little is known about pre-1900 East Asian accounting techniques. A double-entry method of accounting may date from the 11th century in Korea, but extant commercial ledgers are no older than 1854. However, extensive accounts of cooperative associations survive from the early 18th century. The Mun Clan Association accounts are examined to reveal their organizing principles and accuracy. The accounts demonstrate a highly accurate system that was intermediate between single-entry and double-entry accounting. While they are not from a commercial house, the accounts display sophisticated bookkeeping techniques designed to maximize rationality within a Confucian moral economy.