BRIEFLY DESCRIBE,
thanks so much
10 points for best answer!!!
xoxo
2007-10-26 23:34:08 · 2 answers · asked by Anonymous in Social Science ➔ Economics
If nothing else, so you can pay taxes. Well, also it allows you to get a picture of what is happening financially, which is important in making decisions.
2007-10-26 23:38:26 · answer #1 · answered by the Boss 7 · 0⤊ 0⤋
Economics is all about application of wealth. Accounting is about sources and use of wealth. If I were allowed to define economics I would define economics as nature, properties, composition, lawsa and classification of wealth. Unfortunately economists are studying only application of wealth and hence economics is a social science. Now a question to economists: Are loss, goodwill and depreciation forms of wealth? Have they got value in exchange? Why are they shown in financial statements if they are not forms of wealth? Why are they measured in units of money if they are not wealth?
Purpose of accounting is to know where you stand at any particular time. Accounting also makes you aware of where you are heading.
2007-10-29 07:55:44 · answer #2 · answered by bvgopinath2001 4 · 0⤊ 0⤋