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Impact of Fiscal Policy Knowledge on the Economic Awareness of Accounting Education Students

Abstract

Fiscal policy knowledge refers to the understanding of government decisions concerning taxation, public expenditure, borrowing, and revenue management used to influence economic activities, while economic awareness refers to students’ understanding of economic conditions, government economic decisions, and their effects on businesses, individuals, and society. Knowledge of fiscal policy is important to Accounting Education students because accounting professionals operate within an economic environment shaped by taxation, public spending, government borrowing, and fiscal decisions. However, inadequate knowledge of fiscal policy may limit students’ ability to understand how government economic decisions affect business activities and financial management. This study therefore examines the impact of fiscal policy knowledge on the economic awareness of Accounting Education students. Fiscal policy knowledge encompasses understanding of taxation, government expenditure, public revenue, government borrowing, budgetary decisions, public debt, fiscal deficits, and measures used by government to influence economic activity. It also involves understanding the relationship between fiscal decisions and variables such as employment, inflation, investment, business activity, and economic growth. Accounting Education provides students with relevant knowledge through courses and activities relating to taxation, public sector accounting, economics, financial management, and public finance, thereby creating opportunities for students to understand the practical implications of fiscal policy. Economic awareness refers to students’ ability to understand and interpret economic conditions and recognize how government economic decisions influence businesses, financial activities, and society. It includes awareness of taxation changes, public spending decisions, government borrowing, inflationary pressures, fiscal deficits, and the broader economic environment. Fiscal policy knowledge can strengthen economic awareness by helping students understand the reasons for government fiscal decisions and their possible effects on businesses and individuals. Students with adequate fiscal policy knowledge may therefore demonstrate greater ability to relate accounting and financial activities to wider economic developments. The study will adopt a quantitative research design. The population will comprise Accounting Education students in selected tertiary institutions, from which an appropriate sample will be selected. Data will be collected using a structured questionnaire and a knowledge assessment instrument designed to measure students’ fiscal policy knowledge and economic awareness. The instruments will be subjected to appropriate validity and reliability procedures before administration. Data collected will be analyzed using descriptive and inferential statistical techniques, while the relevant hypothesis will be tested at the 0.05 level of significance. The study is expected to establish that fiscal policy knowledge has a significant positive impact on the economic awareness of Accounting Education students. Students with stronger knowledge of taxation, government expenditure, public revenue, borrowing, budgeting, and fiscal management are expected to demonstrate greater awareness of economic conditions and the effects of government fiscal decisions. The findings may also identify areas where students have limited understanding of fiscal policy and its relationship with business activities and economic developments. The findings are expected to have implications for teaching and learning in Accounting Education. Lecturers may need to provide greater exposure to fiscal policy concepts and their practical economic implications. Discussions of government budgets, taxation changes, public expenditure, public debt, fiscal deficits, and their effects on businesses can help students connect accounting knowledge with contemporary economic situations. Practical analysis of fiscal policy scenarios may also improve students’ ability to interpret economic information and understand the relationship between government decisions and financial activities. The study will be beneficial to Accounting Education students, lecturers, tertiary institutions, curriculum developers, employers, and policymakers interested in strengthening economic and financial literacy. Students may gain broader understanding of the economic environment within which accounting professionals operate, while lecturers may obtain useful information for improving instruction in economics, taxation, public finance, and accounting. Institutions and curriculum developers may also use the findings to strengthen fiscal policy and economic awareness content within Accounting Education programmes. The study recommends that fiscal policy concepts should be strengthened within relevant Accounting Education courses through practical economic analysis, budget case studies, taxation scenarios, discussions of government expenditure, and analysis of fiscal decisions. Lecturers should emphasize the relationship between fiscal policy and business activities, taxation, investment, employment, inflation, and economic growth. Tertiary institutions should also encourage students to engage with current economic developments and fiscal policy issues. In conclusion, adequate fiscal policy knowledge can enhance the economic awareness of Accounting Education students and better prepare future accounting professionals to understand and respond to changes in the broader economic environment.

Keywords: Fiscal Policy Knowledge, Economic Awareness, Accounting Education, Accounting Students, Fiscal Policy, Government Expenditure, Taxation, Public Revenue, Government Borrowing, Public Debt, Fiscal Deficit, Budgetary Policy, Economic Conditions, Public Finance, Economic Environment