When vacuum tube could be replaced by quantum computing, why won't the double entry accounting system change?
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Accounting is considered as one of the logical subject where there are no assumptions made. I would not question the double entry system but I would want to know if there is innovation in the fundamental methods of accountancy. As an accounting student, I've debated this topic with seniors and experienced CPA and CA in both India and US. I'm not afraid of being called silly so I asked this question and the way people react is hilarious : "Did you read the double entry vs single entry chapter well? " "Read it again. We will talk after. Period" Dumbstruck! They just look at you and smile... "You cannot question the basis and there will be no alternate answer" The last one almost sounded like my mom telling me that a black cat crossing your path brings bad luck. Why? No answer.... because ancestors told so. Well I understand that the accounting system will not change soon because world economy, government, taxation, law, politics and business are all interrelated. This system has been in practice since the 15th century. With computers, there are innovations reducing the man hours but the basics have not changed. Applied computing has made our lives easier as bookkeepers and accountants...but has the system, the formula changed? No, it cannot be When Vacuum tubes became transistor, Integrated Circuits, now nano technology and sooner a quantum computing, shaking the basics of everything the early physicists believed in, why wouldn't Doctorate in accountancy do such innovations? Being an science student all my life and having graduated in Electronics... my career path is totally irrelevant to my qualification until I began studying accounting formally. When I learnt about Quora this was one of the first question I wanted to ask.
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Answer:
Accounting is a simple science - either numbers add up or they don't. Any complications of this "black-and-white" world will lead to the rise of creative accounting (a reason many companies fail, investors lose money and people go to jail). If it's not broke - don't "fix" it.
Margaret Weiss at Quora Visit the source
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