MATRICES AND ITS APPLICATIOS TO SOCIAL AND MANAGEMENT SCIENCE (ACCOUNTANCY INPUT AND OUPUTE ANALYSIS)
Abstract
This study examined the application of matrices in social and management sciences, with particular emphasis on accountancy through input and output analysis. The study highlighted how matrices, as essential tools of linear algebra, are used to model interdependent relationships among economic sectors and organizational departments. It explored fundamental matrix concepts, properties, and operations, and further discussed the Leontief input and output model, which quantifies the interrelationships between industries or departments within an economy. The research revealed that matrix algebra simplifies complex accounting relationships, improves budget forecasting, and enhances financial decision-making. It concluded that matrices provide an efficient framework for analyzing resource allocation, production systems, and cost control in accountancy. The study recommends that managers, accountants, and policymakers incorporate matrix-based analytical models in planning and decision-making to enhance productivity and operational efficiency.
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