Define economic and financial decisions, Accounting Standards

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Q. Define Economic and financial decisions?

You most likely will find that of all the business knowledge you have acquired or will learn the study of accounting will be the most useful. Your economic and financial decisions as a consumer and student involve accounting information. While you file income tax returns accounting information assists determine your taxes payable. Understanding the discipline of accounting is as well can influence many of your future professional decisions. You can't skip the effects of accounting information on your personal and professional life.

Every profit seeking trade organization that has economic resources such as machinery, money, and buildings uses accounting information. That's why accounting is called the language of business. Accounting as well serves as the language providing financial information about not-for-profit organizations such as churches, governments, charities, fraternities, and hospitals. Though, this text focuses on accounting for business firms.


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