Business, 13.12.2019 20:31, johnkhan6748

It is said that accounting is more for our society than auditing. what is your opinion?

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While commonly brought to the same context, audit and accounting are different takes on the same business segment. While accounting is created as a discipline that prepares and records financial transactions in a company, audit is an external discipline that monitors accounting and its compliance with general accounting principles.

Having in mind that accounting is always related solely to the company's internal business and goals, while audit is external and critical by nature, it can be said that audit is actually more relevant to society than accounting. Audit has the bigger picture in perspective, as it examines and contrasts numerous accounting practices in order to determine if they are in compliance with the law.

Nowadays, audit is divided by external and internal audit. Internal audit remains among the limits of a particular company, following accounting tightly and serving as a predecessor for external audit, which is always more critical and highly unbiased.

answered: Guest

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answered: Guest

Planning,organizing, leading, and controlling.

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