relationship of accounting with economics
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Accounting operates according to the principles of relevance, timeliness, reliability, comparability and consistency of information or reports. Globally accepted standards are used by accountants belonging to any organization, firm, company or nation in order to facilitate a general understanding of a financial situation. It is for this reason that accounting is sometimes dubbed the "medium of communication between businesses." This communication is achieved through a key output of accounting, the financial statement, which records and showcases the performance and general financial status of an entity to all stakeholders and interested parties.
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Accounting And Economics
Economics is related with rational use of scarce resources.
Economics may be related with a single firm or the country as a whole.
Accounting is viewed as a system which provides data to the users for rational decisions.
Both economics and accounting helps the management in improving decision-making process.
Various economic theorems and principles helps an accountant in valuation and measurement.
Thus, Accounting and Economics both are related and dependent on each other in many respects.
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