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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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.
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.
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.
1- United Kingdom (UK).
These Countries also contributed to the development of accounting principles.
Assets = Liabilities + Owners’ Equity
Or Assets + Expenses = Liabilities + Revenue + Owners’ Equity
Or Assets = Liabilities + (Revenue- Expenses) + Owners’ Equity
1- asset account.
2- liability account.
3- revenue account.
4- expense account.
5- capital or owners’ equity account.
Normal Balance Debit