Principles of Accounting: These are the general rules that govern modern accounting. As an upcoming accountant, I believe that these principles form the foundation upon which my practice will be based, given the competitive nature of the field. For instance, the matching principle is one of the most interesting guidelines in the world of accounting. It states that every entry of expense entered in the books of accounts should be matched with a corresponding entry of revenue earned from the expense. This principle to me is the most important because it enables an organization to establish whether it is making a profit or incurring losses.
Principles of Economics: This concept is of particular interest to me due to the role it plays in the field of accounting economics. It emphasizes mostly on specialization and suggests that human beings are better off when they trade with each other. Hence, one needs to concentrate on what they make best and trade with others on what they do best. Also, this concept suggests that we should always compare the benefits with consequences before trading.
The relevance of Economics to Human Resource Management: I have seen human resource management students take several courses in economics. It is because personnel economics such as wages are of primary importance to human resource managers. Hence, higher wages would only be given to employees who gi…
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