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1.What does report chronicle inform us about the solicitude for of accounting today? Provide examples to illustrate where necessary.(5 Marks) The accounting report shows us how accounting evolved from set down keeping to the organic evolution 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 adapted to record receipts and payments and also settle differences between partners to a venture. primordial record keeping is based on material 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 focusing on the status of the assets and liabilities rather than the companys monetary performance.

This system introduced the period and matching concepts For example, (look at andrews articles) The while of stagnation occurred as traders were illiterate and delayed the adoption of biramous entry system. Most of the business which comprises the economy was small and they were averse to twitch systems. For example, during this period Scientific accounting was introduced when the industrial mutation occurred. As the industrial revolution leads to the birth of many collective type businesses, a need of internal control, accountability, and mea surement was compulsory for owners to keep ! subdue with the activities that occur in his organization. Accounting material 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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