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Accounting History: Strengths & Weaknesses (Strengths (Systematic…
Accounting History: Strengths & Weaknesses
Strengths
Systematic
Cronological
Easy and logical to follow
Context
Provides facts
Defines time period
Insight
Explains decision making
Informative
Learn from past mistakes
Assists decision making and policy formation
Heritage appreciation
Value and understanding of accounting lifespan
Weaknesses
Subjective
Cannot be repeated
Multiple interpretations of history possible
Interpretation inaccuracies
Details are forgotten through multiple re-tellings
The winners write the history books
Incompleteness
Only partial accounts available
Not all events or decisions are recorded
Records are sometimes lost or damaged