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A World Without Accounting. What The World Would Be Like If We Did Not Have Accounting In Our Lives

538 words - 2 pages

Accounting today is used by most people in the world in one way or another. Accounting is a system for identifying, reading, measuring, and interpreting the results of economic activities. Accounting is not only used in the business world but rather it is used by everyone in all types of situations. For example, trying to get a bank loan or trying to apply for a credit card the applicant must provide the company with their personal accounting information to get approved. Personal accounting information could be information such as their Long term assets and check to see if they have lots of liabilities such as owing other companies money for i.e. loans, credit cards, mortgagees .The basic purpose of accounting is to provide relevant information to users such as creditors, government, investors, and decision makers to make economic decisions. These decisions concern the allocation and use of scarce economic resources such as, land, money, and labour. Resource allocation decisions can determine prices and wages. By the way we allocate our resources and how we use economic resources shape our world's economy in different ways. Financial accounting, management accounting, and tax accounting are the types of accounting information most widely used in the business community. Financial accounting referrers to information that describes the financial resources, obligations, equity, and activities of an economic entity. Management accounting involves information specifically designed to help aid managers in running the business in a successful way. Although management accounting information sometimes has non-financial factors it is still a major type of...

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