The article examines the history and theory of one of the most popular and influential accounting concepts - cameral accounting. This concept (also called a model, theory or paradigm), broadly accepted until the end of the 18th century and still in use in the public sector, has not been thoroughly studied. There are very few publications investigating this concept, so the scale and importance of cameralism for the development of accounting theory is not yet realized. The article reviews the circumstances surrounding the creation and content of the first theory of cameral accounting by 18th century Austrian author Puehberg. This study is guided by historical research on the reform of the Austrian state and some publications on cameral accounting in modern domestic and foreign language literature. The comparative analysis of cited sources helps to formulate a new understanding of this theory and its role in the development of accounting. The theory of cameral accounting is considered in the article as part of the doctrine of cameralism; in this sense, the article illustrates the relationship between economic theories and theories of accounting. Refs 47. Figs 2. Tables 1.