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Growth of accounting Knowledge. (1950-present) 1- Later half of the current century , saw accounting as a Full-fledged information system. its not regarded as art ,but a science like other social sciences.

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growth of accounting knowledge
Growth of accounting Knowledge

(1950-present)

1- Later half of the current century , saw accounting as a Full-fledged information system. its not regarded as art ,but a science like other social sciences.

2- Many new theoretical concepts were tested and put to practice . A long descriptive approach ,the normative approach to development of an accounting theory was also regarded as useful .

3- Various accounting standards boards and committees were set up to issue statements of concepts and standards in many countries.

growth of accounting knowledge1
Growth of accounting Knowledge

4- International accounting was developed to harmonize accounting techniques and practices in member-countries.

5- Accountability accounting and human resource accounting are arise .

6- Non-monitory information also began to be reported in annual statement.

growth of accounting knowledge2
Growth of accounting Knowledge

6- Now greater attention was laid to systems planning and inter-disciplinary applications. The application of computers has revolutionized accounting system and techniques .information system, information technology (IT), E-commerce, management sciences.

  • Accounting is now becoming a multiple model (pattern) science.
development of accounting practice and theory in european countries
Development of Accounting Practice and Theory In European Countries
  • European countries took the lead in developing accounting principles , practices during the past 2 centaury.
  • Various cost accounting , management accounting , financial accounting associations and institute came up in :

1- United Kingdom (UK).

2- Germany.

3- France.

4- Switzerland.

These Countries also contributed to the development of accounting principles.

basic accounting equation
Basic Accounting Equation
  • All transaction of a business can be referred to this basic equation :

Assets = Liabilities + Owners’ Equity

  • To further explainthe transaction of revenues, expenses, losses , and gains, the equation can be expanded thus :

Or Assets + Expenses = Liabilities + Revenue + Owners’ Equity

Or Assets = Liabilities + (Revenue- Expenses) + Owners’ Equity

  • The equation must be in balance after every transaction. For every Debit there must be a Credit.
basic accounting equation1
Basic Accounting Equation
  • Thus , there are five categories of accounts :

1- asset account.

2- liability account.

3- revenue account.

4- expense account.

5- capital or owners’ equity account.

slide7

Normal Balance Credit

Normal Balance Debit