Relationship of Accounting
with other discipline:
(1) Accounting and Economics:-
Economics tells how scarce resources are
utilized effectively. For that it is
required to analysis the data of resources.
Accounting provides major data
base for same purpose.
Accounting and statistics :-
In accounts all individual
transactions or events are important but in statistics behaviour (i.e. trend
analysis, degree of variation over a period).
So here statistics methods help accounting to collect data in systematic
manner. Statistic techniques like time
series, cross-sectional comparison etc. are used for better presentation of accounting
(3) Accounting and Mathematics:-
Mathematics helps accounting in numbers of ways like
calculation of interest, annuity to find out installments etc.
Accounting and law:-
Business enterprises require complying so many laws and
making its accounting to comply their
requirement. Partnership firms require
to comply partnership act 1932, A company require to comply requirement of company act 2013, and so many other laws
like labour laws, MRTP Act, Contract Act, Negotiable Instrument Act, The sale
of good Act.
Thus transaction and events of accounting are guided by law.
Accounting and Management--
Accounting helps management in decision making
process. Accounting data are used by
management as basic source documents. Large portion of accounting information are prepared for management decision making.
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