“accounting is ingrained in our society and it is vital to our economic system.” do you agree? explain.

1 answer:

4 0

Accounting whether it is good or bad, it is what makes or breaks a business. A good accounting system will offer the management with the tools to make money-making business decisions. Management, large or small, can see what's profitable and what's causing the business to be unable to find money. A poor accounting system, whether it is disordered or simply illegal can collapse 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 important because it is a device that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.

You might be interested in

According to research conducted by collins and Porras, which of the following is a common practice that explains the success of

tatiyna

According to research conducted by collins and Porras, the common practice that explains the success of visionary companies-Core Ideology

Explanation:

The core ideology defines the characteristic of an organization—like technological know how , management trends , and individual leaders.

For a firm it is more important to know who they are and how they will go ahead with the changes around them(futuristic vision). The Leaders will die, products will become obsolete, markets demand will change, new innovations will emerge, and management will change , but the core ideology of a company acts as a source of guidance and inspiration in hard times . Core ideology is the glue that holds an organization together when it undergoes the process of growth , decentralization, diversification and expansion

Core Ideology typically means the Vision,Mission & Values of an organization. The ideology acts as a source of communication to stakeholders (i.e. from employees to investors about what the company will stick to and the guidelines to which it will adhere in the future.)

8 0

3 years ago

Which statements are true? Check all that apply: C-corporations are subject to double taxation. LLCs are best for taking venture

Ronch [10]

Answer: All except " LLCs are best for taking venture capital" .

Explanation:

1. The corporations have to pay corporate tax and after that the stakeholders have to pay tax on their dividends. Hence they are subject to double taxation.

2. The number of partners in a general partnerships could be greater than two.

3. In case of LLC and corporations, the entity is considered to separate from its owners. Hence the owners enjoy limited liability benefit.

4 0

3 years ago

Employee involvement and participation (eip) management is a method of management where ________.

Grace [21]

It's a method where <span>subordinates share a significant degree of decision-making power with their immediate superiors
One positive benefit of the employee involvement and participation is that companies will prepare more employees to understand the company's operational method and make more potential leaders for the company if it choose to expand in the future</span>

6 0

3 years ago

Questions Answered Incorrectly

mylen [45]

abcdefghijklmnopqrstuvwxyz

4 0

3 years ago

Read 2 more answers

The Holiday Corporation had sales of $450 million this year. Its accounts receivable balance averaged $30 million. How long, on

Zina [86]

Answer:

24.3 days

Explanation:

Calculation for How long, on average, does it take the firm to collect on its sales

Using this formula

Average collection period = (Accounts receivable / Credit sales) * 365 days

Let plug in the formula

Average collection period =$30 million/$450 million *365 days

Average collection period =24.3 days

Therefore How long, on average, does it take the firm to collect on its sales is 24.3 days

8 0

2 years ago