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Discuss the relationship of accounting with other subjects
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Question: Discuss the relationship of accounting with other subjects?
Answer: Music is not able to do any work in isolation or independently. Collects necessary information from various subjects and provides a lot of information to those festivals on a daily basis. In this case, the subjects with which accounting has a very close relationship are briefly discussed below-
Accounting and Economics: There is a junior relationship between accounting and economics; namely-
- In both accounting and economics, authorities deal with assets, income, and expenses.
- Economics analyzes the behavior of people, when they earn and spend, and when buyers and sellers behave. Accounting records these revenue and expenditure lines and provides detailed information for making buyer/seller decisions.
- Economic Activity Analysis Just as economics is a work, so is economic analysis a work of accounting.
- Accounting is concerned with the financial activities of a particular organization's income, expenditure, property, etc.
- Economics is much broader than mathematics.
Therefore, these scriptures and the two scriptures of economics help and complete and support each other. Financial social accounting has been created for cultural provision between the concepts of accounting and economics.
2.Accounting and Management: These sciences and management are closely related in some cases, which help in the establishment of accounting, namely-
- Accounting helps managers to make timely decisions through accurate and data-based analysis of business events and take action to enable sound decision-making for greater profitability.
- Without analytical accounting data, managers cannot make better dynamic policies and decisions for their organizations.
- The director of Ramzan and Prasha Sakgan establish the current accounting information and determine the management organization, direction, staffing and control policies of the organization.
- These systems provide information to prepare various types of organizational budgets (such as material budgets, sales budgets, cash budgets, master budgets, etc.).
- Ratio analysis gives the management a clear understanding of the profitability analysis and financial viability of the business.
- These managements help in improving management efficiency through cost control, waste prevention, material cost determination and control and profit margin.
Therefore, without science, the management of the present era is completely stagnant.
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