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Explain pacioli's opinion on the role of Profit and add your opinion on it.
How can we define the "reasonable profit"? Is it related to the goal of business? If yes, how is it related? If no, then what else is required to define it?
Maximizing Profits In Business
Length: 4 pages (1147 Words)
Maximizing Profits in Business
1a. Explain Pacioli's opinion on the role of Profit
Luca Pacioli invented the first double entry accounting to calculate profits and systems in accounting objectively. Pacioli was the first person to describe the role of capitalism development to calculate profits (Fisher, 2000). Pacioli affirms that calculating profits is the main motive of all successful businesses. This notion holds that successful people have to acknowledge the profit aspects of a business. Pacioli insists that businesses people have to be honorable, truthful, and just if they are to run successfully. These spiritual aspects of business have to guide all transactions (Fisher, 2000). Pacioli believes that businesses should not follow profits blindly but should stay wary of social constructs. Similarly, businesses have to seek maximum profits since they motivate persons and enable people to work effectively and happily.