Paper

The last two decades of our century have witnessed revolutionary changes in management philosophy and management techniques. While in the earlier stages of our industrial development management was primarily concerned with production, marketing and other operating matters, our social, scientific and technological advances have created new demands and have affected so materially the size and complexity of our business and industrial enterprises that the administrative function has become one of management’s principal concerns. In organizations of any size, ‘management’ is no longer the responsibility of the few. Authority has been delegated and managerial responsibility has been established at various levels. This has led to demands for improved methods of planning, controlling and coordinating the activities of the enterprise. In developing these improved methods, the concepts of the accounting function have undergone significant changes.