Which of the following is least consistent with the scope of business economics ?
Preparation of statutory financial statements as the primary objective
Business (managerial) economics applies economic theory and quantitative tools to decision-making in a firm. Its scope (Ahuja, Business Economics; Dean’s managerial economics) covers demand analysis and forecasting, production and cost analysis, pricing decisions and policies, profit management and capital budgeting.
Preparing statutory financial statements as the primary objective belongs to financial accounting, which records past transactions in the form required by the Companies Act, 2013 and accounting standards. Business economics may use accounting data, but producing statutory accounts is not its purpose, so this item is the least consistent with its scope.
Demand forecasting is a core area of business economics because it guides production and sales planning. Cost analysis studies cost behaviour, cost-output relations and break-even, which is again central. Pricing decisions under different market structures are a key application of business economics.
Preparation of statutory financial statements as the primary objective option is correct.
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