Question

accounting is historical in nature explain.
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Answer 1

The historical functioning of accounting involves keeping accurate records of all the past transactions made in the business. ... This type of accounting gives the net result other than just keeping the records. The preparation of the balance sheet takes place to determine the financial position of the business.

Answer 2

Answer:

The historical functioning of accounting involves keeping accurate records of all the past transactions made in the business. ... This type of accounting gives the net result other than just keeping the records. The preparation of the balance sheet takes place to determine the financial position of the business.

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