Accounting Practice Contributes to a Just Distribution of...

Mostly every economic system around the world has laws and regulations, which can result in unequal treatment or unequal distribution of goods and services among different people. Some laws favor certain members within a community while putting a burden on other members. An economic system is, for the most part, a result of political processes developed by humans and the processes are ever evolving within societies. The legal structure of an economic and political system are important because certain resource distributions are a result created from the system employed by the community. Laws and the political system within a community can fundamentally affect the lives among the people within that system regardless of their personal†¦show more content†¦The second concept is based on liberty or the freedom of contract. Individuals should be free to choose how many hours she chooses to work. Additionally, an employee should be free to decide where she wants to work. Based on this theory it is the free choice of an individual to receive unequal benefits. The third concept is entitlement, which is different from the merit-based concepts discussed above. The share of wealth an individual deserves is based on how the wealth was accumulated. Inequality is justified only when it arises without the infringement of somebody’s rights. The fourth concept is the concept of utilitarianism, which is the most well known concept. From a utilitarian perspective, actions can only be ethically good if the actions are useful or have some utility. The argument concludes that goods and services are valuable only when it increases welfare within the society or community. In the United States, the majority of business entities are privately owned rather than government owned. Private ownership is important in a free market society that scarce resources are allocated accordingly within a society efficiently. Many people have a different perspective regarding the allocation of resources similar to the theories discussed above. Accounting helps society allocate resources to individuals or enterprises that will use those resources in the most efficient and effective way. Accountants assistShow MoreRelatedAccounting and the Development of Society1495 Words   |  6 Pagesï » ¿Accounting and the Development of Society: Accounting can be described as a field that focuses on collecting, evaluating, and communicating financial or economic information. The contribution of accounting in the development of the society can be understood through evaluating the concept from a social rather than economic perspective. In this case, the society emanates from the established relationships by individuals in order to coexist with each other. Generally, a society is classified intoRead MoreThe Ethical Standards Of Corporate Social Responsibility1126 Words   |  5 Pagesmeeting a company’s ethical responsibilities. 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