a chartered accountant is preparing accounts of a firm. Is this an economic activity? Mention any one feature of economic activity.
Answers
Economic activities are related to production, distribution, exchange and consumption of goods and services.
The primary aim of the economic activity is the production of goods and services with a view to make them available to consumer.
"Human activities which are performed in exchange for money or money’s worth are called economic activities."
On the other hand, where there is no monetary consideration in exchange for such activities, they are non economic activities.
Chartered Accountantancy/maintaining/ outsourcing the books of accounts or accounting is specialised profession which demands professional fees in exchange of services.
Thus, preparation of accounts of a firm by a chartered accountant is an economic activity
Hope this helps you ❤️❤️✌️✌️☺️☺️