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Accounting is ingrained in our society and it is vital to our economic system do you agree Explain?
Wiki User
∙ 13y ago
Accounting - good or bad - is what makes or breaks a business. A good accounting system will provide the management with the tools to make profitable business decisions. Management, large or small, can see what's profitable and what's causing the business to lose money.
A poor accounting system, whether it is sloppy or just plain illegal can ruin a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives.
In either case, accounting IS ingrained in society and affects the economic system for better or worse.
Accounting is vital because is a gauge that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.
Wiki User
∙ 13y ago
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