"Accounting is ingrained in our society and it is vital to our economic system." Do you agree? Explain
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Yes, I agree with the statement
Explanation:
- Accounting is what makes or breaks the business, and a good accounting system will offer the management with the tools or technique to make the business profitable decisions.
- Accountancy is very vital for the economic system as it is a gauge which will provide an indication as to how the economy is performing. It will state the areas that require improvement.
- Every organization and the person in the society uses the accounting information. Not for profit organizations, business, government agencies and creditors need to use the accounting information to operate effectively as well as efficiently.
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