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Why is accountancy historical in nature

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Why is accountancy historical in nature

Posted by Rijul Pathak 5 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Meghna Thapar 5 years, 6 months ago

The history of accounting is as old as civilization, key to important phases of history, among the most important professions in economics and business, and fascinating. ... Industrial Revolution firms required accountants to provide the information necessary to avoid bankruptcy and their role developed into a profession. The primary function of accounting relates to recording, classification and summary of financial transactions—journalisation, posting, and preparation of final statements. These facilitate to know operating results and financial positions.

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