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HISTORY OF ACCOUNTING - Coggle Diagram
HISTORY OF ACCOUNTING
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After reading the article, how does contemporary accounting resemble historical accounting practices?
1. Double-Entry Bookkeeping
- Modern accountants still follow the same sequence of events in the accounting cycle and utilize similar procedures
2. Use Specialized Journals
- Modern accounting has evolved to include various specialized journals and ledgers to manage complex transactions.
3. Focus on Accuracy and Verification
- Ancient accountants were motivated to maintain accurate records to avoid severe penalties, contemporary accounting emphasizes accuracy and verification through audits and internal controls.