Accounting Period in context of Economics
An accounting period is a specific and consistent duration of time that is used to record and compile financial transactions into financial statements. The most common accounting periods include monthly,…
Accounting and it’s usage in Economics
Accounting refers to the systematic process of recording, analyzing, summarizing and reporting financial transactions of businesses or individuals. It is a method of tracking the income, expenses, assets and liabilities…
Absorption in the context of Economics
In the context of economics, absorption is a term which refers to the total amount of goods and services which are consumed by a nation. This includes domestic production as…