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Reflection about the importance of accounting in our economy
The importance of financial reporting
The importance of financial reporting
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The world revolves around money; it forms businesses and assembles the economies. Through this I have become fascinated with the process dictating these changes within companies, as well as the flow of capital influencing our society. Accounting would assist to achieve my future ambition to become a professional accountant, seeing as it’s a rewarding occupation that provides a stable long career.
Initially this commitment started from always wanting to create something new such as my own company that would be ideal for many individuals. Despite the fact this desire is specific to business; I have developed a fanatical interest in the financial sector, as I enjoy working with figures. Studying business and finance at A-Level along with my involvement in my parents' new car trading business have shaped a further attraction for accounting. I have used my understanding to produce financial documents and contribute ideas to the business. This has given me the opportunity to expand on numerous skills including; the ability to work with figures precisely, as well as organising and analysin...
My personality and personal experiences have helped me to decide upon accounting as my chosen major. Before I immigrated to the United States in 2010, I had a small business in China for more than nine years. This experience and my desire to be an entrepreneur taught me the importance of accounting. In order to manage my business well, I attended a course in basic accounting at a local training institute. While in training, I learned that I loved working with numbers and applying financial analysis to economic issues. I have a passion for finance, economic issues, accounting principles, and the world of business and this has guided me to pursue an accounting major.
A consolidated financial statement can be defined as the financial statements of a parent and its subsidiaries combined to form a single economic entity (AASB 10, 2011). The entity, which acquires the other entity, is known as the parent and the entity, which has been acquired, is known as the subsidiary. Consolidation financial reports arise when one entity purchases another entity, to then form a group.
Wolk, H., Dodd, J., & Tearney, M. (2003). Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South-Western College Pub.
Managerial accounting has changed over the years. Managerial accounting focuses on more than the financial aspect. We will be looking at how managerial accounting affects the business world today. Business also look to the economy, federal taxes, and the financial market so it can make the best decisions for their business.
In regards to school finance, the ultimate goal of school administrators is to provide all students with the most cost effective, comprehensive education that meets all federal, state, and local requirements and that reflects the values and beliefs within the community. This means that it is an expectation for schools to equip all students equally with the best possible educational opportunities that a community is willing to furnish. However, to accomplish this, school administrators must be able to sustain school programs throughout various economic periods.
Accounting dates back as far as first centuries, is the language of business. As everything has gone through many changes, accounting has also changed many times through out the centuries. It went from the use of abacus to the most advanced softwares, and computers. With these drastic improvements nowadays accounting, financial accounting and management are facing big challenges. From the presentation of the reports to communication to the users, investors, and owners, the accounting field has gained totally a new shape from two decades ago. Today with the dynamic change in every aspect of life, the accounting field has to act fast and be able to adapt these new changes and challenges in order to survive.
The reason I decided to pursue a career in accounting is because I have always been interested in the business world and accounting is considered a basic tool of business. I have worked for small and large business firms; also in private and public sectors which helped me develop a strong linking with the industry as a whole and solidified my interest in accounting.
Before stating my career goals, I would like to mention my motivation in choosing accounting as my career path, the origin of which is elaborated in essay three. As a rigorous and responsible girl with strong rule consciousness, I will commit to providing more accurate and timely accounting information, in order to optimize the business management and help the public understand the operating condition better, thus defending social justice and contributing to well-being.
The accounting cycle is a series of steps starting with recording business transactions and leading up to the preparation of financial statements. This financial process demonstrates the purpose of financial accounting–to create useful financial information in the form of general-purpose financial statements. In other words, the sole purpose of recording transactions and keeping track of expenses and revenues is turn this data into meaning financial information by presenting it in the form of a balance sheet, income statement, statement of owner’s equity, and statement of cash flows.
My interest in Accounting and Finance stems from wanting to understand how governments and businesses make their vital decisions to be profitable. Studying this degree, will allow me to gain an understanding of financial accounting, management accounting and taxation providing me with skills to analyse data and develop my decision making. Additionally being able to incorporate different aspects of business alongside the core modules; will give me more knowledge of the world of accounting and finance.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
Every day, many people question my passion for pursuing accounting as a profession and the first answer I think of is that I am good with numbers. However, advancing in the field has made me realize that my passion is not only based on figures. Growing up as a kid, I was privileged to have a piggy account where I would save as little as fifty cents per week. Since my parents rewarded me in monetary value as a positive reinforcement in cases of good behaviour, I was motivated to maintain good manners so long as my savings increased. As time went by, I realized I had saved way “too much” money for a little child. The challenge came in the management of the funds because I was focused on spending more on pleasurable activities. However, the guidance of my parents enabled me to prioritize on the more important things and save more. I took interest in managing may own account as a child and even pursued accounting courses in high school. The interest grew deeper because I gained more insight on the facts about accounting and the career. Also, I believed that it is career that one would be self-employed thereby avoiding the dilemmas of lacking jobs after graduating. For instance, one would easily start their own business and manage their finances comfortably.
Managing an organization’s financial operation requires a good understanding of the economy and ways to maximize revenue. For an organization to operate on a daily basis, adequate cash flow is required. Poor cash management within an organization might make it hard for the organization to function because there may be shortage of cash in case of inconsistences in the market. In most companies, management is interested in the company 's cash inflows and outflows because these determines the availability of cash necessary to pay its financial obligations. Management also uses this information to determine problems with company’s liquidity, a project’s rate of return or value and the timeliness of cash flows into and out of projects (used as inputs
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.
Modern information system is now popular all over the world, it also change the accounting area. Instead of the old manual analysis, many companies making effort in developing a fitted accounting information system for themselves, as they realize the advantages that the new technology brings in - more efficient and accurate in processing, integrated data, detailed record etc. However, even though there are so many benefits, the functional system also brings challenges, making new requirements to the accountants and auditors. This paper will discuss the impact of technology to the accounting information system, as well as the necessary capability ethics that the accountants should learn in this 21th century.