Question

Accounting is obdurate in our society and it is vital to our economic system. Do you agree or disagree? Explain with practical example.

Answer 1

Answer:

Accounting has only two major purposes:

Ensure a business is paying the right amount of taxes

provide accountability (from accounting) for expenditures in a business with investors

Other than that, a business could run operations out of a bag of money.

But the tax code generates a huge need to accountants similar to the need for lawyers. If there were no taxes, it would reduce by 75% the work of accountants.

So they are part of the economy trying to keep people honest. And their work builds trust in the financial reporting of the companies that make up the stock systems of capitalism.

Just like attorneys in a sense.

Explanation:

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