Accounting Industry Analysis
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For any business to operate, accounting activities have to take place as records and everything happening in the industry has to be taken into account. Accounting is an essential department as it helps in recording, reporting, and analysing financial transactions within a business which means it is imperative for information to be appropriately stored. Through the accounting process, companies can see their profit or loss as well their assets and liabilities too. USA’s economy is robust; its gross domestic product (GDP) showed a positive growth in every state in the year 2017. This was a result of the good environment of doing busineXX in the XXXXXXX. XXX XXXXXXXX XXXXXX XXX its XXXXXXXX also XXXXXXXXX in by X.4 percent XX XXXXX XX US Bureau of XXXXXXXXX (BEA). This is a XXXX indicator of how XXXXXXX the economy XX. XXXXXXXXX, accounting XXXXXXXX XXXX XXXX XXXXXX XXXXX the current economic state. Akgün XX XX., (2017) notes XXXX a XXXXXXX economy will lead to success in businesses.
XXXXXXXXX of XXXXXXXXX XXXX it XXXXXXXXX to XXX anything definitive XXXXX the appropriate XXXX XX accounting regulation XXXXXXXXXX. According to economics, XXXXXXXX activities XX a business
XXXXXX
should XX XXXX separate from XXXXXXXX XXXXXXXXXX of its owners XXX XXXXX business XXXXXXXX. This XXXXX that a XXXXXXXX has to XXXXXXXX separate XXXXXXXXXX XXXXXXX and bank accounts XXX each entity and not XXXXXXXX XXXX the XXXXXX and liabilities XX XXX owners or business XXXXXXXX. XXXXXXXX XXXXXXXXXXXX have to XXXXXXXXX with an XXXXXX such XX sole proprietorship, partnership, XXXXXXXXXXX or state XXXXXX. The business XXXXXX XXXX experience XXXXXXX with XXXXXXXX entity principles is sole proprietorship XX XXX owner mixes XXXXXXXX XXXXXXXXXXXX XXXX his XXXXXXXXXXXX. (Eliot XX.al 2009)
XXX XXXXXXXX entity principle is a XXXXXXX XXXX businesses are XXXXX XXXXXXX for XXXX XX when XXX owners XXX likely XX mingle XXXXX XXXXX XXXX those XX the business. After a XXXXXXXX XXXXXX to XXXX, a XXXXXXX XXXXXXXXXX must be brought in XX sort through XXXXXXXX XXXXXXXXXXXX and remove XXXXX that XXXXXX be XXXX appropriately XXXXXX to XXX XXXXXX. XXXX point is XXXXXXXXX XX one XXX know that in a new or XXXXXXX XXXXXXX XX where a XXX XX an XXXXXXXXXX XX XXXXX XXXXXX. (Smith, 1992)
X XXXXXX in XXXXXXXXX environment XXXXXXX XXX business environment in any XXXXX country. XXXX change can XXXX to the XXXXXXXXXXXX XX a threat factor that XXX XXXX XXX businesses XXXXXX losses. These XXXXXXX in the XXXXXXXXX XXXXXXXXXXX XXX be XXXXXX by XXXXXXXXXX actions or changes in XXXXXXXX. The changes normally XXXXXX XXX economic environment XXXXX in turn leads to a change in the way businesses perform. XX XXXX XXX XXXXXXXXXX XXXXXXX the XXX laws. XXXX XXXX lead to more tax consultations as XXX different XXXXXXXX XXX XX XXXXXXXXXX XXX XXXXXX with the new rules. XXXX will lead to XXXX XXXXXXXX in XXX accounting sector.
XXXXXXXXX XX XXXXXXXXXX has XXXXXXX the mode XX XXXXXXXXXX in several XXXX. One is XXXXXX XX software XXXX can XXXXXXX more complex XXXXXXXXX XXXXXX accounting easier and XXXX XXXXXXXXX. XXX is the XXXXXXXX XX XXXXX-based systems where XXXXXXXXXX XXXXX streamline all their information. Three XX more XXXXXXXXX XXXXXX XXXXXXXXXXXX as accountants and XXXXXXX XXXXXX data remotely by viewing XXXXXXXX and XXXXXXXXXX. Four XX mobile accounting XXXXX XXXXXXXXXXXX XXX XXXXXX XXXXXXX XXXXXX better relationships XXXXXXX XXXXXXX XXX XXXXXXXXXXX. XXXXXXXXXXXXX changes XXXXXXX the XXX the XXXXXXXXXX XXXXXXXX XXXX (XXXXX et .al XXXX)
Some of the XXXXXXXXX XXXXXXXXX’ demographics to consider in this XXXXX XXX employment status XXX education XXXXX (XXXXXXXXXXX XX al., XXXX). XXXXX demographics affect the XXXXXXXX XXXXXX XX XXX XXXXXXXXX. The XXXXXX XXX XXXX service XXXX XXX XXXXXX XXXXXXXXXXX since a XXXXXX in XXX of the XXXXXXXXXXXX XXXX affect XXXXXX XXX services.
The XXXX XXXXX that shakes the future XX XXXX XXXXXXXX XX that XXXX XXXXXX XXXX XX have sole XXXXXXXXXXXXXX XXXXXXXXXX. XXX XXXXXXXXXXX in this XXXXXXXX among XXX players XX very stiff. This increased XXXXXXXXXXX has XXXXXXXX lower XXXXXXX XX the XXXXXXXX XXXXXXXX XXX industry XXXXXXXXXXXXX. Competition XXXX the big XXXX XX also a XXXXX XXXXXXXXX XXXXX they XXX XXXXXXX XXXX XXXXXXXXXXX XXXX XXXX customer ratings and approval. They include XXX, XXXX, XXXXXXXX and XXXXXX XXX Young. These XXXXX are global names with XXX XX XXXXXXX in the UK. XXX growth XX XXXXXX XXXXX in the XXXXXXXXXX sector. XXXX XX as the XXXXXXXXX XXXXXXXXXXXXX seek XXXXXX XX how XX XXXXXX XXXX XXX XXX XXXX in place. The main XXXXXXXXXXX of XXX XXXXXXXXXX XXXXXXXX are marketing and economic XXXXXXXXXX. The field XX economics XXXXX XX XXXXXXXXX accounting and XXXX XXXXX ways XX XXXXXXXXX data. XXXX XX the XXXXXXXXX of XXXXXXXXXX XXXXXXXX XXXXXXX in XXX XXXXX XXX national XXXXXXXXXX, corporate XXX commercial XXXXXXXXXX, professional associations, XXX educational institutions. XXXXXXXX XXXXXXXXX XXX served XXXXXX, XXXX move XX other services and to XXXXX XXXX, as an XXXXXX in XXXXXXXXXX XXXXXXXX XXX XXXX XX XXXX up XX XXXX on best practices to stay XXXXXXXXXX. XXXXXXX XXXXXXXX XXXXXXX XXX high XXXXXX XX XXXXXXXXX to serve or a small number of XXXXXXXXX XX help. XXXXXX XX XXXXXX will XXXXXXXX XX XXXX organizations require XXXXXXXXXXX XXX more XXXXXXXXXX XXXXX set XX XX the XXXXX is XXXXXXXX. More XXXXXXXXXX will take place XXX improved XXXXXXXXXX in accounting industry XX XXXXXXX XXX XXXXXXXXX. (Smith, 1992)
Summary table
Trends
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XXXXXXXXXXX
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X.Adoption XX XX XXX cloud XXXXXXXXX in accounting
2.XXXXXX XX software that can XXXXXXX complex XXXXXXX.
X.XXXXXXXX of XXXXX-based systems where companies XXX share their information.
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Technological XXXXXXXXXXX
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Passing of XXX tax law XX US XXXXXXXXXX
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Political/legal/XXXXXXXXXX XXXXXXXXXXX
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XXXXXXXXXX XXXXXX and XXXXXXXXX level XX XXX customers
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Sociocultural XXXXXXXXXXX
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XXX XXXX XXXXXX dominance XXX XXXXXXXXXXX XXXX XXXXX XXXXXXXXXX firms.
The XXX competing industries with accounting XXX economics XXX marketing.
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Competitive environment
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The XXXXXX XX XXX XXXXXXX's national income
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Economic environment
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References
XXXXXXX, B. and Elliott, X. (XXXX)Financial XXXXXXXXXX and XXXXXXXXX (13thedn), Harlow,
Essex, XXXXXXX Education XXXXXXX.
Zwijnenburg, J., &XXX; Goebel, X. (XXXX). Accounting for XXX financial XXXXXXXXXXXX XX XXXXXXXXXXX XXXXXXX.XXXXXXXXXXXXX Financial Accounts, XXX-329.
Smith, T. (1992)Accounting XXX Growth, UK, XXXXXXX XXXXXXXX.
XXXXX, X. İ., & Şamiloğlu, X. (2017). The XXXXXX XX XXXXXX XXXXXXXXX Crisis on XXXXXXXXXX XXX XXXXX-XXXXX XXXXXXXX XXXXXXXXXXXX. Business and Economics XXXXXXXX Journal, 8(3), 453-471.