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Why is accountancy historical in nature |
| Answer» The\xa0history\xa0of\xa0accounting\xa0is as old as civilization, key to\xa0important\xa0phases of\xa0history, among the most\xa0important\xa0professions in economics and business, and fascinating. ... Industrial Revolution firms required\xa0accountants\xa0to provide the information\xa0necessary\xa0to avoid bankruptcy and their role developed into a profession.\xa0The primary\xa0function\xa0of\xa0accounting\xa0relates to recording, classification and summary of financial transactions—journalisation, posting, and preparation of final statements. These facilitate to know operating results and financial positions. | |