what are the key historical event that have shaped the accounting profession so far

Expert Solution

The key historical event that have shaped the accounting profession and come that far are:

1) Keeping an eye on the cash expensed and cash earned though keeping a record.

2) Assessing whether the business is making profit or incurring losses.

3) When credit has been provided, then keeping balances of dues.

4) Accounting and auditing become essential to check whether any fraud has been taking place.

5) To check whether the business has been run as per rules and regulations.

6) When shares are been issued, then to protect the interest of shareholders.

7) To have past activities for future reference or estimate purpose, the accounting of transactions is essential.

8) For the purpose of ranking the various businesses, the record keeping and their analysis has been observed.

The above are the events which raised the demand of maintaining the records, summarizing and auditing the same.

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ekkarill92 answered 2 years ago

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