Why Is Accountancy Vital To Our Economic System?


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Anish Chandy Profile
Anish Chandy answered
Accountancy is extremely vital for our economic system because it is a gauge that will give you an indication as to how well the economy is performing. It will indicate areas that need improvement and areas that are doing well.

Accountancy is very important from another perspective. It gives an idea of the allocation of funds. The utilization of funds is a key element in any economy. It will give an indication of any mal practices and frauds if any have occurred during the allocation of funds.

Accountancy is very important to calculate important metrics such as the growth rate of the economy. This is crucial because these are numbers that countries bandy in the world media. The media can use the accounts to cross verify these numbers and provide credibility to them. Accountancy is also crucial from a historical perspective as data over a period of time can be compared.
Thomas Carr Profile
Thomas Carr answered
Thank you, this helped a lot because I want to carry out a career in accounting, I knew some of those main factors but some others were a big conciliation to my knowledge.

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