Question

Accounting is based on careful and efficient
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Answer 1

Answer:

It was important for early rulers, businesses, and individuals to be able to keep track of income and expenditure, whether due to a desire to determine whether a particular activity was profitable, to tax citizens or to impose customs fees.

In the late 1400s, the Italian friar Luca Pacioli earned his accreditation as the 'Father of Accounting', for describing the structure of the double-entry bookkeeping system used by Venetian merchants during the Italian Renaissance, which has served as the direct predecessor of modern accounting practices. He is perhaps best known for stating the Golden Rule of Accounting:

'Do not go to bed before the debits equal the credits'

Modern accounting systems

Jumping ahead to 1880, the first accounting machine was invented by a man named Herman Hollerith. Known as the tablulating machine, it used punch cards to add numbers to a card that could then use to determine the total. Hollerith also founded a company that later merged to become a component of IBM

Answer 2

Concept introduction:

Accounting involves recording financial transactions related to a business. Accounting involves summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collectors.

Explanation:

Given that, Accounting is based on careful and efficient

We have to find, how accounting is related to carefulness and efficiency.

According to the question,

Tracking income and expenditure was important to early rulers, businesses, and individuals because it allowed them to determine whether a particular activity was profitable, tax citizens, or impose customs duties.

Final Answer:

Accounting makes easy to track profit and losses.

SPJ2