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Development of Accounting

In: Business and Management

Submitted By njure
Words 4587
Pages 19
Contents
1. INTRODUCTION..................................................................................................................... 2
1.1 Luca Pacioli: Father Of Modern Accounting ...................................................................................... 2
1.2 19th Century – The Beginnings of Modern Accounting in Europe and America ............................... 3
1.3 20th Century – The Development of Modern Accounting Standards................................................. 4
1.4 21st Century – Accounting Regulation in Modern Commerce ........................................................... 4

2. DEVELOPMENT OF ACCOUNTING .................................................................................. 4
3. EVOLUTION OF ACCOUNTING ......................................................................................... 5
4. THE CONSEQUENCE OF DOUBLE ENTRY ..................................................................... 6
5. RECENT GROWTHS AND DEVELOPMENTS IN ACCOUNTING ............................... 7
6. LOOKING TO THE FUTURE ............................................................................................... 8
REFERENCES .............................................................................................................................. 9

1. INTRODUCTION
The main objective of this study is to critically review the Origin, Growth and Development of accounting theories and their impacts on financial reporting. Other objectives are to explore accounting theory in resolving areas of diversities among users of financial statements. It further examines the extent to which accounting theory has influenced practices and development of accounting profession in recent times.
According to Jennings (1990), accounting is the process of obtaining, recoding, classifying, summarizing, reporting,...

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