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How did accounting came to existence?

Updated: 4/28/2022
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Wafujet

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12y ago

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it came by a man named Luca Pacioli in the year 1494 in venice

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Q: How did accounting came to existence?
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Continue Learning about Accounting

What is the key accounting considerations relating to accounts payable are?

Determining their existence and ensuring that they are recorded in the appropriate accounting period


What is accounting entity assumption?

A business enterprise (entity) has an existence separate from the private financial affairs of its owner/s. The accounting records of the business are separate from the personal financial records of the owner


Proper application of accounting principles is most dependent upon the?

existence of specific guidelines


Benefits of responsibility accounting?

The main benefit of responsible accounting is that you will know exactly how your money came in and where it went. It is very important to keep accurate books when you are running a business.


What are the Needs for accounting standards?

The term standard denotes a discipline, which provides both guidelines and yardsticks for evaluation. As guidelines, accounting standard provides uniform practices and common techniques of accounting. As a general rule, accounting standards are applicable to all corporate enterprises. They are made operative from a date specified in the standard. Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there are set guidelines. These guidelines are generally called accounting policies. The intricacies of accounting policies permitted Companies to alter their accounting principles for their benefit. This made it impossible to make comparisons. In order to avoid the above and to have a harmonised accounting principle, Standards needed to be set by recognised accounting bodies. This paved the way for Accounting Standards to come into existence.

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