What is Accounting? Meaning and Important Concepts
In the case of limited companies, the management is entrusted with the resources of the enterprise. The managers are expected to act true trustees of the funds and the accounting helps them to achieve the same. Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statement. Accounting methods are applied to evaluate the human resources in money terms so that the society might judge the total work of the business enterprises including, its non-human assets. Nominal Accounts Economics is a branch of social sciences concerned with production, consumption, and market forces. An economist uses data to…