Development of Accountancy
"Four aspects of the nineteenth century British economy were particularly important for the development of accountancy: the growth of large-scale organizations and, in particular, of the railways, company legislation, the high rate of insolvencies, and the introduction of income taxation" (Parker, 1986 p.5). The demand for auditing, bankruptcy, costing, and tax services rose due to these issues, and they were supplied by the accountancy profession (Parker, 1986 p.5).