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Volume :6 Issue : 24 1980      Add To Cart                                                                    Download

MACRO-ACCOUNTING IN KUWAIT AND THE ARABIAN GULF COUNTRIES

Auther : By: Dr. M. Wajdi Sharkas

 

The purposes of this paper are to review the historical development of Macro-Accounting, to discuss reason of its exceptional popularity for economic and social planning in Kuwait and the Gulf Countries.

This paper covered the conceptual foundation of Macro-Accounting that demonstrated the mutual relationship between production activity, income originating in production, and the use of the income for consumption and capital accumulation. The paper, also, pointed out the present divergence between Micro-Accounting and Macro-Accounting. This problem was exemplified by the divergent perception of concepts of value, income, entity, and consistency.

This paper has revealed the impact of Micro-Accounting on Macro-Accounting in area of Macro-Planning for economic and social objectives, and its primary functions in Kuwait and Gulf countries as follows:

  1. To give a clear record of and to measure periodic income from economic activity.
  2. To measure changes in the make-up of periodic incomes.
  3. To show how far economic activity has been effectively carried out.
  4. To reveal the effect and measurement of income transfers.
  5. To control outlay overtime by measurements of spending and saving.
  6. To show the uses to which saving has been put and to measure capital changes over time.
  7. To give an inventory of assets and liabilities and to measure the wealth and credit standing of an entity of account.

In conclusion this paper showed that the works, which have been undertaken through the last three decades in the area of Macro-Accounting, relate mainly to the applied dimensions and techniques of such subjects as sectoring the economy, production boundaries, double counting, imputed income, and recognition of income.

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