Accounting relationship to other fields

Individuals engaged in such areas of business as production, marketing, personnel, and general management need not be expert accountants, but their usefulness is enhanced and their advancements is more assured if they have a good understanding of accounting principles. Everyone engaged in business activity, form the workman to the manager and owner, comes into contact with accounting. The higher the level of authority and responsibility, the greater is the need for an understanding of accounting concepts and terminology.

Many other person with specialized training in non-business areas who are employed by business organizations also make use of accounting data and need to understand accounting principles. For example, an engineer responsibility for selecting the most desirable solution to a technical manufacturing problem may consider cost accounting data to be the decisive factor. Lawyers use accounting data in cases and in lawsuits involving property ownership and damages from breach of contract. Government agencies rely on accounting data in evaluating the efficiency of government operations and for appraising the feasibility of proposed taxation and spending programs. Finally, every person engages in business transactions and must necessarily be concerned with the financial aspects of his own life, and perhaps of others. Accounting plays an important role in modern society and, broadly speaking, it can be said that all citizens, are affected by accounting. The closer the contact with financial activity, of course, the greater the need for an understanding of an accounting concepts and terminology.Apple iPod touch 32 GB (3rd Generation) NEWEST MODEL