PASCAL Platinum 6th Edition

Economics & AccountingAccountancyAccountancy is the process of communicating financial information about abusiness entity to users such as shareholders and managers. The communicationis generally in the form of financial statements that show in money termsthe economic resources under the control of management; the art lies in selectingthe information that is relevant to the user and is reliable.Accountancy is a branch of mathematical science that is useful in discoveringthe causes of success and failure in business. The principles of accountancyare applied to business entities in three divisions of practical art, named accounting,bookkeeping, and auditing.Accounting is defined by the American Institute of Certified Public Accountants as "the art of recording, classifying,and summarizing in a significant manner and in terms of money, transactions and events which are, in partat least, of financial character, and interpreting the results thereof.Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years,were found in the Middle East. The people of that time relied on primitive accounting methods to record thegrowth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced.Elena Tambouri & Alexandros Nikitas 6AComplements:Some goods, known as complements, are in joint demand. This means that, in demanding one good, a consumerwill also be likely to demand another good. Examples of complements are: Tennis rackets and tennis balls Washing machines and soap powder Strawberries and cream DVD disks and DVD recordersSubstitutes:A substitute is a good which can be replaced by another good. If two goods are substitutes for each other, theyare said to be in competitive demand. Examples of substitutes are: Beef and pork Coca-cola and Pepsi-cola Fountain pens and biros Gas and oilChristiana Loizidou, 6A28PASCAL Platinum6th Edition