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  • Why Is Accounting Research Important?

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    Faye Allen Matas
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    Accounting research incorporates financial, managerial, taxation, and auditing information to understand the causes and effects of economic activities and events. It is conducted by accountants to solve problems and make decisions. Accounting research promotes economic growth by ensuring accurate financial statements that can assess business performance over time. It also aids decision making by providing information on the feasibility of projects and actions. Additionally, accounting research fosters the advancement and revision of accounting standards over time to address new issues and fit the current economic situation.

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    Some of the importance and contribution of Accounting Research

    Original Title

    Why is Accounting Research Important?

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    Accounting research incorporates financial, managerial, taxation, and auditing information to understand the causes and effects of economic activities and events. It is conducted by accountants to solve problems and make decisions. Accounting research promotes economic growth by ensuring accurate financial statements that can assess business performance over time. It also aids decision making by providing information on the feasibility of projects and actions. Additionally, accounting research fosters the advancement and revision of accounting standards over time to address new issues and fit the current economic situation.

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    834 views2 pages

    Why Is Accounting Research Important?

    Uploaded by

    Faye Allen Matas
    Accounting research incorporates financial, managerial, taxation, and auditing information to understand the causes and effects of economic activities and events. It is conducted by accountants to solve problems and make decisions. Accounting research promotes economic growth by ensuring accurate financial statements that can assess business performance over time. It also aids decision making by providing information on the feasibility of projects and actions. Additionally, accounting research fosters the advancement and revision of accounting standards over time to address new issues and fit the current economic situation.

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    of 2

    Research has been the root cause of the advancements we have throughout history.

    It
    has been a tool to build crucial knowledge to make lives better. We would not enjoy the privilege
    of learning through an online platform without the research done years ago in producing
    computers and other gadgets, building internet providers, and developing knowledge in the
    different academic sectors. Each development we currently have is the result of scientific and
    careful studies conducted by experts. Indeed, research has improved the quality of lives decade
    after decade.

    In addition, accounting research is a kind of research that incorporates financial,


    managerial, taxation, and auditing information to understand the causes and effects of different
    economic activities and events. After knowing that it is conducted by practicing accountants to
    solve problems for a client or a group of clients, it left me wondering how accounting research
    can make a difference in the world.

    Just like every other research, accounting research has improved the lives of everyone.
    The differences it has contributed to the world include promoting economic growth, fostering
    developments of financial standards, and solving immediate organizational problems that
    require major decisions.

    Promotes of Economic Growth. In Accounting, the accuracy of financial statements


    must be ensured to understand how a business is doing. We use data to compare the financial
    information of last year and the current year and develop ratios to assess whether there is
    growth or not. Such data are also used in accounting research to assess which different
    transactions and activities were able to help the company and should also be improved to
    improve the company’s financial position and performance. With this, the economic growth of
    the company is very much enhanced.

    Aids in decision-making. Firms play a large role in the economy. They decide which
    products to produce and how to produce them. Such a decision is aided by accounting research
    done by the research and development department of an organization. It contains information
    about the feasibility of a concept, proposal, or project. The data recorded are considered to
    know whether such actions would generate more revenues or procure more expenses. 

    Fosters advancement and revisions of accounting standards. Through accounting


    research, accounting standards are revised and developed over time. There are specific
    accounting standards that are improved and omitted just to fit the economy's present situation
    and the different accounting issues that emerged. Without accounting research, we would still
    be learning and practicing outdated standards and would leave new accounting issues
    unresolved.

               The things I have expounded are just some of the differences accounting research can
    make. It has contributed a lot to the world more than how we thought it did. As the world is
    increasingly evolving, we need continuous improvements and developments in accounting and
    economics. Thus, we continue to appreciate and acknowledge how accounting research has
    helped us push accounting knowledge frontiers in the 21st century.

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