What is the relationship between accounting and economics?

[charlie]

can anyone explain what is the relationship between accounting and economics?

 

[Mayank]

Accounting and economics are closely related, as accounting provides financial data that economics uses to analyze resource allocation, market trends, and decision-making. While accounting tracks and reports financial performance, economics interprets these figures to understand broader business and economic impacts.

 

[nikhilrajoria]

Accounting tracks and reports financial data, while economics analyzes resource allocation and decision-making—together, they guide business strategy.

 

[robertwilliam]

Accounting and economics are different yet complementary fields, in the way accounting deals with telling the detailed financial situation of specific entities, whereas economics uses such data to get at the societal good of this or that resource, or decision-making both at micro and macro levels.

 

[erwinsmith]

Accounting and economics are distinct yet complimentary subjects in that accounting works with reporting the particular financial position of specific businesses, whereas economics uses such data to determine the social benefit of this or that resource, or to make decisions at both the micro and macro levels.