Explain the factors which necessitated systematic accounting.
Explain the factors which necessitated systematic accounting.
A systematic accounting is the demand of time. Now, the time has changed and this is the age of industrial advancement. Now, the recording of business transactions is not only necessary from an owner's point of view, but it is must from others' interest also. We are becoming international day by day and the numbers of transactions are increasing tremendously.
On the other hand, demand for corporate social responsibility is increased day by day. In such a situation, if systematic accounting is not followed, we will not be able to save our face in case of any unfavourable circumstances. This is the time when transparency is required everywhere; we are supposed to make our financial data published. In such a situation, it becomes necessary to follow a systematic accounting system. Initially, it takes time but as we follow we start getting the benefit of it.
A systematic accounting is the demand of time. Now, the time has changed and this is the age of industrial advancement. Now, the recording of business transactions is not only necessary from an owner's point of view, but it is must from others' interest also. We are becoming international day by day and the numbers of transactions are increasing tremendously.
On the other hand, demand for corporate social responsibility is increased day by day. In such a situation, if systematic accounting is not followed, we will not be able to save our face in case of any unfavourable circumstances. This is the time when transparency is required everywhere; we are supposed to make our financial data published. In such a situation, it becomes necessary to follow a systematic accounting system. Initially, it takes time but as we follow we start getting the benefit of it.
