7. Development of Accounting
Accounting is often referred to as one of the oldest professions; equally often it is referred to as one of the newest and most rapidly growing professions. This difference stems largely from the fact that there are broad and narrow definitions and concepts of accounting
When accounting is considered in broad general terms as the recording and communication of financial or economic data, it is indeed as old as civilization. When accounting is considered in a truly professional sense, as a highly developed and systematized method of collecting, interpreting and controlling economic data by members of a recognized profession, then it is very new.
