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Industrial Revolution & Accounting: Impact (IR created (Factory system…
Industrial Revolution & Accounting: Impact
Wealth
Increased
Capital availability
IR created
Factory system
Cost accounting
Big corporations
Banks
Secondary industries
State dependence increased
Taxes formalized
Due to urbanization
Money economy
Became mainstream
Advanced bookkeeping required
Cost accounting
Labour
Wages
Overheads
Expenses
Management accounting
Strategy
Business management
Profit optimization