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Yaser Nasser Alulait tells about Accounting and Economics
Manage episode 317841725 series 3305350
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Yaser Nasser Alulait tells that accounting prepares, analyzes, and understands financial statements, while economics studies the production, consumption, and even distribution of certain goods and services. The main difference between accountants and economists is that accountants track the financial transactions of a company, while economists pay close attention to economic trends and their impact on the distribution of goods and the spending of money often referred to as supply and demand. Accountants record, report, and analyze financial transactions. Accountants ensure that the financial performance of the organization is balanced and that proper procedures are in place for collecting and reporting such figures. While accountants create reports based on accounting principles and the rules and regulations that support their industry, economists solve problems using a variety of economic theories and their own research. Economists and accountants play their part in setting direction and sustainability for businesses, industries, and even governments. Economists are sociologists, and accountants are business school graduates with special training in corporate finance.
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