Using system called “stewardship”. The document facilitate the owner to control and identify their asset, which is under the custody of the steward
Renaissance in Italy:
Accounting technique using double entry book-keeping was introduced. A system to ensure that financial information was recorded efficiently and accurately.
History and development of accounting record
Industrial Age:
In 19th century the emergence of large corporations, separation of the owners from the managers, makes the businesses reports became more complex. Needs to prepare financial statements to the shareholders.
Post Industrial Age:
Accounting is a need for decision making – information element.
