Explain the role or growth of accounting.

1.	Explain the role or growth of accounting.
Answer» The origin and growth of accounting can be summarised as follows: • Accounting is said to be very old, as old as money. • The present accounting is the result of constant innovations to the requirements of business activities. • Accounting has developed to meet the emerging needs and requirements of fast developing society. • “Arthashastra” the book written by Kautilya is the base or foundation for accounting. • The present system of accounting based on the double entry system founded by pacilio in 1494 at Italy. • Futher various publications were made and an important publications was that of edward jones in 1975 who invovated the concept of ‘Two Column journal’.

Answer»

The origin and growth of accounting can be summarised as follows:

• Accounting is said to be very old, as old as money.

• The present accounting is the result of constant innovations to the requirements of business activities.

• Accounting has developed to meet the emerging needs and requirements of fast developing society.

• “Arthashastra” the book written by Kautilya is the base or foundation for accounting.

• The present system of accounting based on the double entry system founded by pacilio in 1494 at Italy.

• Futher various publications were made and an important publications was that of edward jones in 1975 who invovated the concept of ‘Two Column journal’.

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