'The Increase in Net Worth View of Income (Held Prior

question 17

Essay

'The increase in net worth view of income (held prior to the First World War)was gradually supplanted by the notion that income had to be realised'.' J.Godfrey,et el,'Accounting Theory',7^th Ed.p.299.
Explain what this statement means and why the change in view point came about.Which view of income is currently gaining the ascendancy?

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Definitions:

Math Aptitude

The natural ability or talent for understanding and solving mathematical problems.

Level Of Intelligence

A measure of an individual's cognitive abilities and potential to understand, learn, and solve problems.

Intrinsic Job Satisfaction

The satisfaction one derives from the job itself, including aspects such as the work itself, autonomy, and opportunities for personal growth, rather than from external rewards.

Potential Status

A state or condition of having the possibility or capability to develop into a certain level of achievement, performance, or recognition.