ACCOUNTING HISTORY : Strengths vs Weaknesses Pacioli …
ACCOUNTING HISTORY :
Strengths vs Weaknesses
a) Valuable teaching tool:
Learn from past practices, Improve present practices and
optimize and refined future accounting methods and skills
c) Valuable knowledge source tool for professionals:
Answer important questions ex. policies
Understand political and social standings.
Understand accounting present day convention and due process.
d) Profession promoting tool:
Reminder of values, responsibility and relevance to society.
Fosters appreciation accounting heritage and developments.
b) Valuable decision making tool:
Formulating policies and predicting -impact
b) Suffers from Incompleteness & incorectness
Complete and correct facts from all perspectives can never be achieved.
Archival records may be missing, unknown or incomplete.
d) Doesn't identify event causes :
History identifies event contributing factors.
a) Always subjective
Influenced by people's opinions and multiple perspectives.
c) Suffers from inauthenticity
Documents and statements may be falsified.
Accounting history relevance
Day to day practice
Historical work can be:
Historical work may be accepted as incomplete.
Incomplete work deemed no longer appropriate
Graphics obtained from: www.en.wikipedia.org