Economics and accountancy are two disciplines which draw their raw material from much the same mines. From these raw materials, however, they seem to fashion remarkably different products. They both study the operations of firms; they both are concerned with such concepts as income, expenditure, profits, capital, value, and prices. In spite of an apparently common subject-matter, however, they often seem to inhabit totally different worlds, between which there is remarkably little communication.

Required

a. Assume that accounting procedures are in the form of ritual. Does this imply that the accountant’s product does not serve a useful function? Discuss.

b. Does it appear that Kenneth Boulding, the author of this article, would support complicated procedures and a complicated end product for the accountant? Discuss.

c. Accounting reports must be accurate in order to serve a useful function. Discuss.