Economics applicable to the standard practice of accounting

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1. Define problems and explain the process of identifying problems/issues.

2. Is the process of managerial economics applicable to the standard practice of accounting? How and Why?

3. How can the standard practice of accounting be modified to fit the ways/means of managerial economics?

4. Can the process of decision making be done on the basis of pure theory alone?

Note: This means that pure theory is the rational basis. A person can't make a decision if they deviate from the rational basis and base it on gut feel or intuition.

5. Decision making is an evolving practice, can the practices of accounting be changed or evolved to better fit the delivery of sound accounting practices? How and why.

Reference no: EM133355233

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