"The role of accounting has changed over the period of time”- Do you agree? Explain.
Answers
Answer:
The role of accounting is ever changing. Further, there are various relevant activities like decision making, forecasting, comparison, and evaluation that make these changes in the role of accounting, inevitable.
Answer:
The role of accounting is ever-changing. While in earlier times, accounting was merely concerned with recording the financial events, i.e. record-keeping activity; however, nowadays, accounting is done with the rationale of not only maintaining records, but also providing an information system that provides important and relevant information to various accounting users. The need for this change is brought over due to the ever-changing and dynamic business environment, which is more competitive now than it was in earlier times. Further, there are various relevant activities like decision making, forecasting, comparison, and evaluation that make these changes in the role of accounting, inevitable.
Explanation:
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