Question

Accounting is not a modern concept but rather is seen to have evolved from ancient times. Which of the following statements provide an evidence of the same?
A) Ledger books being maintained by money lenders
B) Position of stars being observed by our ancestors
C) in Egypt, wages and taxes were recorded on a clay tablet
D) None of the above
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Answer 1

Answer:

C option

Explanation:

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Answer 2

Answer:

History and Evolution of Accounting

Modern accounting is traced to the work of an Italian monk, l.uca Pacioli, whose most famous hooks “The Summa de arithnictica, geometria, proportion! et proportionalita” publication in A.I). 1494 described the double-entry system, which continues to be the fundamental structure for contemporary accounting systems in all types of entities. When double-entry accounting is used, the balance sheet identifies both the resources controlled by the entity and those parties who have claims to those assets.

Early histories of business identify the bookkeeper as a valuable staff member. As businesses became more complex, the need for more astute review and interpretation of financial information was met with the development of a new profession­public accounting.

Based on the data received from the history of evolution and the features of gradual development, history of Accounting can chronologically be classified into 4 stages; emergent stage, preanalytic stage, development i.e. analytic stage, modem age.

Through the historical process, the primitive inconsistent and confusing system of keeping accounts has reached a disciplined system of accounting.