Relationship of Accounting with other discipline
Relationship of Accounting with other
discipline
(1)Accounting and Economics:- Economics tells how scarce
resources are utilized effectively. For that it is required to analysis the
data of resources. Accounting provides major data base for same purpose.
(2) Accounting and statistics :- - In accounts all individual
transactions or events are important but in statistics behaviour(i.e. trend
analysis, degree of variation over a period). So here statistics methods help
accounting to collect data in systematic manner. Statistic techniques like time
series, cross-sectional comparison etc. are used for better presentation of
accounting data.
(3) Accounting and Mathematics:- Mathematics helps accounting in
numbers of ways like calculation of interest, annuity to find out instalments
etc.
(4) Accounting and law:- Business enterprises require
complying so many laws and making its accounting to comply their requirement.
Partnership firms require to comply partnership act 1932, A company require to
comply requirement of company act 2013, and so many other laws like labour
laws, MRTP Act, Contract Act, Negotiable Instrument Act, The sale of good Act.
Thus transaction and events of accounting are guided by law.
(5) Accounting and Management-- Accounting helps management in
decision making process. Accounting data are used by management as basic source
documents. Large portion of accounting informations are prepared for management
decision making.
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