A major factor that enhanced the early development of accounting is the?
Answer Details
The growing of trade and commerce was a major factor that enhanced the early development of accounting. As trade and commerce expanded, the need to keep track of financial transactions became essential. Merchants needed to keep accurate records of their transactions to monitor their financial positions, profits and losses, and tax liabilities. This led to the development of accounting principles and practices. Accounting enabled merchants to keep track of their transactions and provided the necessary information for decision-making. Therefore, the growing of trade and commerce was a catalyst for the development of accounting as a profession.