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 installments 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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