Accounting in the Economy Term Paper by Nicky

A discussion of the role of accounting in the economy.
# 145569 | 1,212 words | 3 sources | APA | 2010 | US


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Description:

The paper defines accounting and looks at the potential users of accounting information. The paper then examines the role of accounting in the decision-making process and in the economy. The paper shows how accounting is central to the economy and to the public perception of the market, and further, when the market has become unstable, it is almost sure that the principles of accounting have become shaky as well.

Outline:
Objective
Introduction
Definition
Potential Users of Accounting Information
The Role of Accounting in the Decision-Making Process
Role of Accounting of the Economy
Accounting's Central Role in the Economy
Application of Accounting Principles
Summary and Conclusion

From the Paper:

"Hoggett, Edwards and Medlin state that the primary objective of accounting is the provision of information in the form of reports "which can be used by internal and external decision makers." (Hoggett, Edwards and Medlin, nd) Reports which are prepared for the benefit of decision makers external to the entity are referred to as 'financial accounting'. These users include "investors, or creditors of the entity." (Hoggett, Edwards and Medlin, nd) Inside users includes members of management who use the "same financial statements as outside decision makers, plus internal reports and summaries prepared specifically for it." (Hoggett, Edwards and Medlin, nd)"

Sample of Sources Used:

  • Hoggett, J.R., Edwards, L. and Medlin, J. (nd) Decision Making and the Role of Accounting. Accounting in Australia, Fifth Edition. Chapter 1. Online available at: http://www.johnwiley.com.au/highered/accounting/aia5e/student-res/study_guide_sampler.pdf
  • The Role of Accountancy in Economic Development (2004) presented to the United Nations Conference on Trade and Development (UNCTAD) Rene Ricol, President International Federation of Accountants June 16, 2004.
  • Yinglang, Edward L. (2008) Improve Accounting Standards, Improve the Economy. Mark to Market Watch. The American Spectator. 11 Dec 2008. Online available at: http://spectator.org/archives/2008/12/11/improve-accounting

Cite this Term Paper:

APA Format

Accounting in the Economy (2010, November 16) Retrieved August 25, 2019, from https://www.academon.com/term-paper/accounting-in-the-economy-145569/

MLA Format

"Accounting in the Economy" 16 November 2010. Web. 25 August. 2019. <https://www.academon.com/term-paper/accounting-in-the-economy-145569/>

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