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In this essay we have been asked to discuss whether or not we agree with John Watts when he says Accounting is probably more powerful today than it has ever been To answer this question we must consider accountings power throughout history and compare that to its significance today We shall start our answer by giving a brief outline of what accounting actually is then discussing its power throughout history One of the most debatable concepts in accounting is what exactly accounting is In Accounting Theory by WA Paton he states that It is always difficult to frame a useful definition for a broad subject However I shall attempt a definition of accounting To me it seems that accounting can be diagnosed as helping to maintain and create financial statements which will provide a true and fair view of the entity From simple bookkeeping to far more complex managerial statements anything to do with any organisation has a need for accounting It is debatable when accounting was first employed by humanity Accounting has always been powerful indeed as far back as ancient Egypt Papyrus scrolls found in the tomb of Chnemhotep describe how Minute care is not only taken in the case of large amounts but even the smallest quantities of corn or dates are conscientiously entered Therefore this shows the power of accounting in times as far back as 3500BC onwards Also in an essay by BSYamey we are told that accounting began with the birth of writing Infact excavations have revealed a previously unknown kingdom ca 2400BC named Ebla in northern Syria In 1974-75 the archives were uncovered with many cuneiform tablets several being described as bookkeeping records In another essay by BSYamey it states The whole purpose of ancient accounting wasto keep accurate records of acquisitions and outgoings in money and kind and to expose any losses due to dishonesty and negligence This would be powerful since if you
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