Essay Questions - Accounting
‘The traditional system of book-keeping, created by an Italian renaissance monk, is wholly inadequate to the demands of the new weightless economy.
We live in a world awash with numbers that mean almost nothing. The service sector, public and private, dominates the British economy. The most important assets of any service business are intangible: its people, their skills, a brand image. Those are the assets that provide a service business with its competitive advantage and reputation. You do not judge the Carphone Warehouse by the quality of its buildings or the state of the carpets. Yet those are the assets that are recorded on the balance sheets of service companies; tangible assets such as buildings, cars, computers, furniture’
Discuss the above statement, and what the implications of the claims made are.
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