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The event resulted in a very break up of accounting techniques for inner accounting or administration accounting and external often called economical accounting.

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Previously accounting mainly acted as the memory in the businessperson as well as the in that point audience for the account was the record keeper or even the proprietor by yourself. But Along with the escalating development of joint stock corporations produced greater amount of audiences for accounts, because investors without the need of firsthand acquaintance of their functions relied on accounts to deliver the critical data.

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