The Fundamentals Of Financial Accounting And The Industrial Revolution

1. Introduction
Accounting has not always been the way it is today. It changed and evolved through the ages in order to remain effective at the different points in history. The accounting profession was most needed during the technological changes that occurred during the Industrial Revolution. But what led to this increased need? How did it impact the accounting profession? And why was there a need for the accounting practice? The Fundamentals of Financial Accounting and Global Economic History – a very short introduction will be used to answer the questions mentioned above.
2. How the accounting profession was impacted by the ascent of the rich
The development of accounting had many factors that influenced it, where the most important was undoubtedly the development of new technology as well as the influences it had on economic development. The Industrial Revolution that transpired in England during the

If there was no regulation with either creditors or debtors, then legal actions were taken. If per say, a creditor was not paid, the business would have faced legal actions and if a debtor did not pay, the business would have taken legal actions against the debtor.
3. Conclusion
The Industrial Revolution and all related factors were the cause of the increased need for accountants. This caused an increase for the demand of people who practiced the accounting profession. The Industrial Revolution caused the accounting profession to become more specialised, which led to the accounting profession being taught at universities. Accounting practice was needed for a business to operate in an ethical way and make sure that it made all its credit transactions good. This was backed by Business Acts to insure that people did not commit