A World Without Accounting

Accounting today is used by most people in the world in one way or another. Accounting is a system for identifying, reading, measuring, and interpreting the results of economic activities. Accounting is not only used in the business world but rather it is used by everyone in all types of situations. For example, trying to get a bank loan or trying to apply for a credit card the applicant must provide the company with their personal accounting information to get approved. Personal accounting information could be information such as their Long term assets and check to see if they have lots of liabilities such as owing other companies money for i.e. loans, credit cards, mortgagees.…