ACCOUNTING
...ches may be adopted from historical studies. They may do this without asking the questions that historians would ask of the material. The book, "Relevance Lost: The Rise and Fall of Management Accounting" introduces the idea that currently accepted management and cost accounting methods as used today in Corporate America are "...inadequate for today's environment. In this time of rapid technological change, vigorous global and domestic competition, and enormously expanding information processing capabilities, management accounting systems are not providing useful, timely information for the process control, product c Definition of Accounting 08.12.1997. Introduction According to The New Encyclopaedia Britannica (1990) the purpose of accounting is to provide information about the economic affairs of an organisation. Every business, organisation and nation is continually engaged in transactions involving money and goods. Interested and responsible parties must have access to the information necessary for assessing the economic status and performance of the organisation. In a primitive sense, man has always been involved in some form of accounting. For example, a farmer wanting to measure his wealth might have simply count...