Both positions may have access to things like family leave, mileage reimbursement, k matching, health insurance and other benefits. The salary you earn can depend on your skill set, education, experience and the industry in which you're seeking employment.
Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Career Development. What is accounting? What is economics? Accounting vs. Similarities between accountants and economists.
Differences between accountants and economists. Main responsibilities. Fields of study. Career opportunities. Application of data. Plus Example. How To Accept Criticism. What Is a Top-Down Strategy? Definition and Benefits. Related View More arrow right. Economists usually acquire business degrees in bachelors and masters in economics to pursue their career. There are majorly two types of Economics — macro-economics and micro-economics.
Macroeconomics deals with the macro level environment and indicators of a jurisdiction. This branch of economics may include detailed analysis of the macro-economic indicators like, politics, monetary policy , fiscal policy , legal framework etc. For a company, only those macroeconomic indicators are relevant that directly or indirectly affect its business activities.
Microeconomics deals with the study of economic indicators for a certain facet, sector or industry. Accounting utilizes the data and information extracted by applying certain principles and concepts. These principles and concepts are necessary for every accountant to follow and if these are not complied with, such accounting information is not deemed fair or truthful.
However, sometimes managers of a company intentionally misuse loopholes in accounting principles to mold the accounting results that contradicts with the real picture. Such a practice is known as creative accounting. Economics incorporates use of research work and assumptions to produce results.
The results extracted also depend upon the reliability of the assumptions used and efficacious application of relevant economic theories to the situation at hand. The information extracted while accounting used for many other purposes like decision-making for investment and financing, setting an effective control environment in a company, budgeting and forecasting for future activities of business etc. On the other hand, in any organization, economics is used to identify, evaluate and explain the key drivers of supply and demand for the products or services it offers and the key indicators that affect its resources.
Accounting is responsible for producing financial records within an organization, whether they're publicly available statements given to investors and regulators like the Securities and Exchange Commission or internal reports on, say, the efficiency of a particular store or factory. It's primarily focused on what's happened fiscally within a company and maintaining an accurate understanding and records of the business.
Accounting often takes the most detailed look of any of these three fields, including maintaining budgets and financial records spelling out each dollar spent by a company and what it was spent on. Accuracy, precision and specificity is key to the field, since companies are often required to produce accounting reports in specific formats and even internal reports need to be correct and specific to be useful.
If accounting is concerned with recording what's already happened within a company, finance is more focused on planning for the future and deciding how money should flow within the organization to achieve its potential goals.
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