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Growth of accounting Knowledge. Accounting knowledge ( principles , practices , systems) has grown much over the period of about 200 years from (1775-2000). (1775-1850):

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growth of accounting knowledge
Growth of accounting Knowledge
  • Accounting knowledge ( principles , practices , systems) has grown much over the period of about 200 years from (1775-2000).


1- Business firms , proprietary owners, were more interested in knowing their capital (Assets – Liabilities),emphasis on balance sheet during this period.

2- Assets were valued at current value.

growth of accounting knowledge1
Growth of accounting Knowledge


The basic accounting principles and assumptions (operating guidelines) developed during this periods.

1- Growth of corporations between this period led the development of separate entity assumption . There was greater emphasis on income rather than on balance sheet .

2- This resulted in development of accounting concepts of income and the periodicity assumption.

3- A company was regarded as going concern; and fixed assets were valued at original cost less depreciation.

growth of accounting knowledge2
Growth of accounting Knowledge

4- separate entity led to emphasis on auditing Financial statement by Charted accountants.

5- The revenue principles , the cost principles and the matching principles began to be applied in the construction of income statement.

6- Inventory and fixed assets began to be valued at historical cost due to stewardship reporting.

growth of accounting knowledge3
Growth of accounting Knowledge


1-As for development of this period , stewardship reporting did not remain all that significant around 1950 . Cost accounting and management accounting development during this period .

2- Grater emphasis on financial statement for decision-making

3- Tax accounting , advising and planning were developed.

4- Auditing techniques , standers and guidelines were issued by the professional bodies.

5- Governmental accounting was improved upon to make it more useful in planning, budgeting and controlling.