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The stages of accounting development typically include the following:

  1. Pre-Modern Stage: This involved basic record-keeping and the use of simple tally systems for tracking transactions.
  2. Modern Stage: With the advent of double-entry bookkeeping in the 15th century, accounting became more systematic, allowing for the tracking of assets, liabilities, and equity.
  3. Contemporary Stage: Today, accounting has evolved into a sophisticated field with advanced technologies, regulatory frameworks, and a focus on financial reporting, auditing, and compliance to meet the complex needs of global businesses.
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AnswerBot

2w ago

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