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ACCOUNTING AND ECONOMIC ANALYSIS: AN INTEGRATED
APPROACH TO CALCULATING FINANCIAL INDICATORS
Xatamova Zebiniso
Andijan state technical institute
1st year student of the direction “Accounting”
Egamberdiyev Shavkatbek
Andijan state technical institute
3rd year student of the direction “Economics”
Annotation. This article explores the topic “Accounting and economic
analysis: an integrated approach to calculating financial indicators”. The article
analyzes the relationship between accounting and economic analysis, as well as their
importance in the process of calculating financial indicators. Accounting can clearly
indicate the financial condition of the enterprise, and economic analysis can help with
in-depth analysis of this information and strategic decision-making. Through this
integrated approach, more efficient and reliable results can be achieved in the
calculation of financial indicators.
Keywords: finance, assets, liabilities, income, Operations, Financial
Accounting, Management Accounting, qualitative analysis, quantitative analysis.
Introduction.
Accounting and economic analysis - an integral part of modern
finance and economics. They complement each other and play an important role in
assessing the financial condition of enterprises. Accounting provides the information
necessary to control and report the financial activities of the enterprise, while
economic analysis helps in making strategic decisions by analyzing this information.
Accounting is the process of systematically recording, classifying and
analyzing the financial activities, Assets, Liabilities, Income and expenses of
organizations [1]. It helps to determine the financial condition, performance and
results of an organization by collecting and storing financial information. Accounting
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is an important source of information for internal and external stakeholders of the
organization.
The main purpose of accounting is to correctly and accurately record financial
information, as well as to provide this information to users. Through this process,
organizations track their assets and liabilities, as well as their income and expenses
[2]. Accounting serves as the basis for the preparation of financial statements, while
these reports are an important source of information for investors, lenders,
government agencies and other interested parties.
Among the basic principles of accounting are such principles as continuity,
prudence, accuracy and transparency. The principle of continuity implies the
continuation of the financial activities of the organization over a long period of time.
The precautionary principle, on the other hand, ensures that possible risks are taken
into account in financial statements. The principle of accuracy, on the other hand,
implies that all information is correct and clearly recorded [3]. Transparency, on the
other hand, ensures that financial information is open and understandable.
Accounting is divided into two main types: Financial Accounting and
management accounting. Financial Accounting is aimed at providing the financial
condition of an organization to external users (e.g. investors or lenders). In this type
of account, financial statements are prepared, for example, a balance sheet account, a
profit and loss account, a cash flow account. Management accounting, on the other
hand, is aimed at providing the information necessary for internal management. In
this type of accounting, processes such as cost analysis, budgeting and financial
planning are carried out.
An important aspect of accounting is the accuracy and order of calculations
and documents. Each transaction or transaction must be confirmed by the relevant
documents. These documents are, for example, invoices, contracts or bank receipts
[4]. In the accounting process, each operation is recorded in two ways — this is called
the principle of “double accounting”. According to this principle, each operation
changes assets and liabilities at the same time.
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The importance of accounting is that it allows organizations to assess their
financial condition and make strategic decisions. Organizations will be able to control
their expenses, increase their income, and manage financial risks through
accounting[5]. Also, through accounting, organizations can comply with the norms
required in the implementation of tax obligations and the preparation of financial
statements.. Accounting is based on the following basic principles:
1. Initial account-any financial transaction must be recorded in the initial
account. This process will help to accurately record all the operations of the
enterprise.
2. Correctness of accounting-accounting should correctly and accurately
reflect all transactions. This, in turn, ensures the reliability of financial statements.
3. Period reporting-accounting should reflect the financial situation in a
certain period (monthly, quarterly or annual). This is important for investors and
management.
4. Financial statements-financial statements prepared as a result of accounting
(balance sheet, profit and loss statements) are important in assessing the financial
condition of the enterprise.
Economic analysis is the process of in-depth analysis of financial data.
Economic analysis is the process of in-depth study and evaluation of economic
processes, problems and opportunities [6]. It is carried out through the collection,
analysis and interpretation of economic data. The main objective of economic analysis
is to improve the efficiency of economic activity, improve the decision-making
process and identify future trends.
Economic analysis is divided into two main types: qualitative and quantitative
analysis. Qualitative analysis is based on more subjective assessments, studying
factors such as consumer behavior, market trends, or the impact of economic policy.
Quantitative analysis, on the other hand, is done using statistics and mathematical
models. This type of analysis is often carried out on the basis of financial indicators,
economic growth, inflation rates and other parameters.
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An important aspect of economic analysis is the process of collecting data and
analyzing them [7]. Analysts collect data from a variety of sources, including
government statistical agencies, financial statements, market research, and other
resources. Based on this data, economic indicators are calculated and analyzed.
Economic models and theories are used in the analysis process. Economic
models are mathematical expressions used to explain and predict economic processes.
Through them, it is possible to determine the causes and consequences of economic
changes. For example, theories such as the laws of supply and demand, market
equilibrium, price elasticity form the basis of Economic Analysis.
The practice of economic analysis is used in many areas. For example,
businesses use economic analysis to make their activities more efficient. They
develop strategies to reduce costs, increase profits and expand the market. States, on
the other hand, use economic analysis in shaping economic policies, such as
promoting economic growth through tax policies or investment programs.
Another important aspect of economic analysis is risk assessment. Analysts
help manage risks by identifying economic problems and anticipating their
consequences [8]. This is especially important when making investment decisions, as
investors use economic analysis to determine where to place their funds.
Economic analysis focuses on the following key aspects:
1. Data analysis-economic analysts analyze the data obtained from accounting
and assess the financial condition of the enterprise.
2. Strategic decision - making-with the help of Economic Analysis, leaders
can make strategic decisions, such as attracting investments or optimizing costs.
3. Forecasting-economic analysis helps to identify future trends, which is
important in determining the development strategy of the enterprise.
4. Calculation of financial indicators-economic analysis of financial indicators
(profitability, liquidity, debt load, etc.k.) is used in computing.
Interaction between accounting and economic analysis.
The relationship
between accounting and economic analysis can be seen through the following aspects:
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1. Source of information-accounting provides the information necessary for
Economic Analysis. By ensuring that the calculations are correct, it allows economic
analysts to obtain accurate results.
2. Analysis process-Economic Analysis is carried out through an in-depth
analysis of information obtained from accounting. Analysts use this information to
make strategic decisions.
3. Results-the results of accounting are evaluated through economic analysis,
and on the basis of these results, the development strategy of the enterprise is
determined.
4. Decision - making-based on the results of Economic Analysis, leaders take
the necessary measures to improve financial indicators.
Advantages of an integrated approach. There are several advantages to the
implementation of accounting and economic analysis through an integrated approach:
1. Reliability-since the results of accounting are evaluated through economic
analysis, the results will be more reliable.
2. Efficiency-through an integrated approach, the process of calculating
financial indicators is accelerated and efficiency is increased.
3. Strategic decision-making opportunities-based on the results of Economic
Analysis, leaders will be able to make more effective strategic decisions.
4. Increasing competitiveness-enterprises can increase their competitiveness
by combining accounting and economic analysis.
Conclusion.
Economic analysis is the process of studying and evaluating
various aspects of the economy and plays a key role in making important decisions
for enterprises and states. Economic analysis can be used to develop effective
strategies, manage risks, and identify future trends. This process is a necessary tool
for any economy. Accounting is an important process necessary to manage and
control the financial activities of organizations. It provides effective management to
organizations not only by recording financial data, but also by analyzing and
interpreting them. With the help of accounting, organizations can conduct their
activities more efficiently. The relationship between accounting and economic
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analysis is important in assessing the financial condition of enterprises. The
implementation of these two processes through an integrated approach makes the
process of calculating financial indicators more efficient and reliable.
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