History of Accounting and Managerial Accounting

Play an AI-generated podcast conversation about this lesson

What led to the emergence of new accounting concepts such as depreciation and inventory valuation?

Businesses expanding and engaging in distant markets (correct)

The development of accounting software

The advent of computers

Industry Revolution 2.0

What is the primary focus of managerial accounting?

Financial reporting

Cost analysis, budgeting, and performance measurement (correct)

Tax calculations and financial analysis

Inventory management and cost allocation

What technology advancement fueled mass production and created more complex accounting needs?

Internet of Things (IoT)

Cloud Computing

Artificial Intelligence (AI)

Electricity and assembly lines (correct)

What is the result of globalization on accounting standards?

More harmonized international accounting standards Signup and view all the answers

What is the current era of accounting transformation?

Industry Revolution 4.0 Signup and view all the answers

What is one of the functionalities of specialized accounting software?

Payroll processing and tax calculations Signup and view all the answers

What has led to the shift in the accountant's role?

The advancement of technology and automation Signup and view all the answers

What is a result of the accountant's role changing?

Accountants are now more specialized in their roles Signup and view all the answers

What has technology enabled accountants to do?

Provide financial and business advice Signup and view all the answers

What is a benefit of AI in accounting?

Enhanced accuracy and efficiency Signup and view all the answers

What is a skill accountants need to acquire in the changing role?

The ability to optimise accounting software systems Signup and view all the answers

What is a type of function accountants can now provide?

Cloud integration functions Signup and view all the answers

What is a key role of accountants in the modern work environment?

Facilitating communication between stakeholders Signup and view all the answers

What percentage of companies have adopted cloud technology according to a survey by Sage?

53% Signup and view all the answers

What is a key trend in the accounting profession according to the ACCA study?

Automation and blockchain technology Signup and view all the answers

What skill will accountants need to develop to support decision-making?

Strong communication and interpersonal skills Signup and view all the answers

What kind of services will clients increasingly seek from accountants?

Strategic advisory services Signup and view all the answers

What will be the impact of automation and blockchain on accounting operations?

Increased traceability of historical events and enhanced audits Signup and view all the answers

What skill will accountants need to develop to keep up with evolving trends and plan ahead?

Adaptation skills Signup and view all the answers

What is a key challenge facing accountants in terms of technology?

Data growth and interoperability Signup and view all the answers

What is an emerging area of expertise for accountants?

Forensic accounting Signup and view all the answers

What is a benefit of new technology in accounting?

Radically improve decision-making across organizations Signup and view all the answers

What is a key aspect of an accountant's strategic management and advisory role?

Examining the present and providing guidance to the company Signup and view all the answers

What is a key challenge facing accountants in terms of cybersecurity?

Patch management and employee training Signup and view all the answers

What is one of the potential benefits of blockchain technology according to the text?

Preventing fraud and money laundering Signup and view all the answers

How have developments in accounting software and applications affected accountants' roles?

They have given accountants more time for diverse tasks Signup and view all the answers

What is a benefit of the increased collaboration between clients and accountants?

Real-time insights into business performance and insights are possible Signup and view all the answers

What is one of the specialized roles that accountants can now provide?

Data analysis and interpretation Signup and view all the answers

How has artificial intelligence impacted the role of accountants?

It has enabled accountants to focus on more strategic roles Signup and view all the answers

What is a benefit of mobile accounting according to the text?

It allows for effortless backup of data to the cloud Signup and view all the answers