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1.What does accountancy chronicle inform us about the wield for of accounting today? Provide examples to illustrate where necessary.(5 Marks) The accounting accounting shows us how accounting evolved from set down keeping to the study of bifurcate innovation form, to the period of doldrums, and lastly to the scientific accounting we uses today. archaean record keeping begin when there is a get to keep a record of the activities relating aroused by the business. With the founding of record keeping during the early days, it informs us that traders were equal to(p) to record receipts and payments and also settle differences between partners to a venture. primordial record keeping is based on fleshly volumes For example, a trader would know how many possession he has in terms of lands and flocks by looking into the record he has kept. echo entry accounting uses currency to valuate assets and liabilities. It focalize on the status of the assets and liab ilities rather than the companys financial performance. This system introduced the period and matching concepts For example, (look at andrews articles) The time of stagnation occurred as traders were illiterate and delayed the adoption of take over entry system. Most of the business which comprises the economy was small and they were loth to twitch systems. For example, during this period Scientific accounting was introduced when the industrial renewal occurred. As the industrial revolution leads to the birth of many incarnate type businesses, a need of internal control, accountability, and measurement was indispensable for owners to keep subdue with the activities that occur in his organization. Accounting fabric was created to regulate the recognition, measuring, and revelation of economic transactions.If you want to get a full essay, differentiate it on our website: BestEssayCheap.com

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