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Cushings 11 developments
1. Introduction of specific journals 2. Periodic financial statements 3. Double-entry system extended to other types of organisations, e.g. monasteries, the State 4. Separate inventory accounts for different types of goods 5. Accounting acquired a better status, characterised by: need to inform absentee investors need for auditing need for cost accounting reliance on concepts of continuity, periodicity and accrual