Comparative Analysis of Economic and Accounting Fundamentals in Correlation with Commercial Success
Comparative Analysis of Economic and Accounting Fundamentals in Correlation with Commercial Success
For a true commercial juggernaut to exist, it is imperative that these fully developed economic theories be utilized in association with unvarying accounting principles. Despite the innumerable amounts of arguments that may arise between a pure Accountant and a pure Economist on certain topics, the two fields of study are severely supplementary to one another. The reason I have researched the discussed topics in this paper is to prove the importance of understanding both the fundamentals of economics and accounting. Now-a-days, students who choose to focus on one particular practice are missing out on an entire realm of requirements to form a fully functional business. Those students who declare a Business major with the intention of becoming a successful business owner will need more than just ambition to drive them to their goal. It is crucial for any business owner to know every single aspect of accounting principles in order to operate their founded establishment. Likewise, that same business owner must also be familiar with microeconomic principles in order to resourcefully target their desired consumers. It has been over a century now that citizens from a variety of countries have been flocking to the United States for the same exact motive: to better their livelihood through the economic benefits provided by the nation. In the past century, a majority of these peoples set foundations for themselves by gradually starting up their own personal businesses. Whether it be a small business or a large wholesaling company, the success of these personal endeavors solely depend on the organization of that business, combined with the appellation they exhibit to the public consumers. In modern days, those individuals who strive to accomplish their unique goal are faced with the same exact tasks: To ensure the
For a true commercial juggernaut to exist, it is imperative that these fully developed economic theories be utilized in association with unvarying accounting principles. Despite the innumerable amounts of arguments that may arise between a pure Accountant and a pure Economist on certain topics, the two fields of study are severely supplementary to one another. The reason I have researched the discussed topics in this paper is to prove the importance of understanding both the fundamentals of economics and accounting. Now-a-days, students who choose to focus on one particular practice are missing out on an entire realm of requirements to form a fully functional business. Those students who declare a Business major with the intention of becoming a successful business owner will need more than just ambition to drive them to their goal. It is crucial for any business owner to know every single aspect of accounting principles in order to operate their founded establishment. Likewise, that same business owner must also be familiar with microeconomic principles in order to resourcefully target their desired consumers. It has been over a century now that citizens from a variety of countries have been flocking to the United States for the same exact motive: to better their livelihood through the economic benefits provided by the nation. In the past century, a majority of these peoples set foundations for themselves by gradually starting up their own personal businesses. Whether it be a small business or a large wholesaling company, the success of these personal endeavors solely depend on the organization of that business, combined with the appellation they exhibit to the public consumers. In modern days, those individuals who strive to accomplish their unique goal are faced with the same exact tasks: To ensure the
Bibliography: 1. Miller, Roger Leroy. "Demand and Supply." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. 52. Print. 2. Miller, Roger Leroy. "Demand and Supply." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. 52-53. Print. 3. Miller, Roger Leroy. "The Nature of Economics." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. p. 3. Print. 4. Miller, Roger Leroy. "Introduction to Macroeconomics and Economic growth." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. 168-169. Print.. 5. Miller, Roger Leroy. "Introduction to Macroeconomics and Economic Growth." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. 174. Print. 6. Miller, Roger Leroy. "Demand and Supply." Economics Today. LAVC ed. Boston, Massachusetts: Addison-Wesley, 2010. 262-263. Print. 7. Weygandt, Jerry J. "Accounting in Action." Accounting Principles. Toronto: J. Wiley & Sons Canada, 2009. 1-15. Print. 8. Weygandt, Jerry J. "Managerial Accounting." Accounting Principles. Toronto: J. Wiley & Sons Canada, 2009. p. 850-856. Print. 9. Harper, Douglas (November 2001). "Online Etymology Dictionary – Economy". http://www.etymonline.com/index.php?term=economy. Retrieved October 29, 2011.