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Important of knowledge
The importance of knowledge
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Knowledge and philosophy are one of the key components for studying accounting. Knowledge is created when you have gathered facts and information. As suggested by Arrington & Schweiker (1992) ‘nothing counts as knowledge until it is argued before and assented by a research community’. This means that when new knowledge is created, it is always undergoes an enormous scrutiny by peers, so that it is nearly perfect. Kuhn (1970), Davis (1971) and Collins (1985) also suggest that any knowledge should be easily accessible by the public e.g. the users of accounting or accountants themselves. To obtain knowledge we have to make some observations. These observations are then transformed by the process of induction into laws and theories. Therefore knowledge is seen as creating a reality.
As mentioned before knowledge is especially important in the construction of realities. This is because accountants in general created these economic realities, this leads to an expectations gap between the accountants and the users, hence accountants are also seen as communicators for these realities. However because accountant construct these realities it can become biased and objective (Morgan 1988). Accountants also persuade users to accept the realities that they have created.
On the other hand philosophy helps us to better understand and access to knowledge. This type of study is known as epistemology. Epistemology creates a foundation of the basis of knowledge. One of the bases of knowledge is truth and fact. However this can be a very problematic area because if a statement is deemed to be true then it is automatically a factual statement. This causes problems because the words true and fact are interchangeable i.e. if a statement is a fact...
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...tely it may change our knowledge. This leads on to my point that knowledge and philosophy is always changing, this then changes the world we live in. This is because eventually we change our concepts and theories. For example if a theory is changed, that is related to the conceptual framework and social construction, and then this too is changed. I have seen that in the creation of knowledge and philosophy, the process of induction is vital because it allows us to build theories and more importantly economic realities. When studying or researching accounting we sometimes come across a few paradigms such as the All Ravens are Black paradigm and the inductivist turkey. These paradigms helps to better understand knowledge and also it can separate true from false and fact. It can help us to refine our knowledge so that the end result is almost prefect e.g. neutrality.
Wolk, H., Dodd, J., & Tearney, M. (2003). Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South-Western College Pub.
Olusegun Wallace, R. 1996. The Development of Accounting Research in the UK. In: Cooke, T. and Nobes, C. eds. 1997. The Development of Accounting in an International Context. London: Routledge, pp. 218-254.
Accounting is perceived to be so boring because it is analogous to counting. Most older people
Today’s college students are bombarded with ads, commercials and mailings telling us that we need to spend money to be happy. At the same time, many of us come to college very ill-equipped to handle our finances. Financial literacy, defined as "the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security," is important in our money matters as well as academic performance. Based on your understanding of financial literacy and experience (or lack thereof) of personal finance, 1) pick two personal finance topics (including but not limited to: credit cards, student loans, budgeting, saving, banking, and investment, etc.)
Knowledge is something that can change day to day, which can be learned through both the natural and human sciences. Knowledge changes in the natural sciences when an experiment is conducted and more data has been gathered. Knowledge changes in human sciences when patterns are recognized in society and further tests have been conducted. Does our knowledge of things in the natural and human sciences change every day? I think that our knowledge grows everyday but does not necessarily change every day. The areas of knowledge that will be discussed in this essay are natural and human sciences. In History we can see that at one point something that was considered knowledge then transformed into different knowledge, especially in the natural sciences. However, in the past, due to lack of technology, it might have been more of a lack of knowledge that then turned into knowledge on the topic.
Management accountants use their skills to help with decisions that help a business make good decisions so they company will be valuable and in an ethical manner. They assess risk and implement strategy through planning, budgeting, and forecasting. Now managerial accounts have become critical with their analysis while managing a business. They do more than provide financial information they also have an active role in the business. Over the years managerial accountants has changed and now provide nonfinancial information. They can help a business achieve their goals. Today there is many things that is influencing how managerial accountants do their job with the emergence of e-business. They can use their knowledge to streamline the e-business (Hilton,2008). Now global competition has new challenges for managerial accounts because trade agreements can affect the way the business performs abroad. Gillet (n.d) said, “To be competitive, manufacturers must keep up
... wise person's and philosopher's opinions with truth. Both truth and opinions are important aspects to philosophy but the distinction between the two is even more important. Without the search for truth and the base of opinions to test for truthfulness philosophy as an institution would fail to exist.
Lucas Pacioli was the first to describe a system of debts and credits in accord with journals and ledgers in 1494. These basics came together to be the concoction for what is known as accounting. Since the formal establishment of accounting in 1494, the field has expanded as the demands of the ever-changing economy became greater. The industrial revolution created the first jump in the field forcing the creation of sectors within. Since this first creation of sectors, accounting as a field has been creating more specific sects to accommodate a large variety of areas. The most common and large sects created this far include public and private accounting. Although both sects carry the same basis for their work, the variation between the two lies in their demographic, demands, and decoration.
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.
I believe philosophy is trying to prove your answers with whatever means necessary, whether it is using fear tactics, arguments, assumptions, facts or fallacies to prove your point. Philosophy will help us become better critical thinkers, problem solvers, and assessors. To be a successful philosopher one must have an open-mind and be able to understand all the terminology that comes with it.
Philosophy is the reasoning behind the action’s one makes in regards to the quest to obtain knowledge, by establishing validity, existence, and behavior patterns. It goes beyond the daily rhetoric and deciphers the fundamental analysis of logical thinking. It educates and demises assumptions that are political correct or stereotypical. In order to study philosophy, one has to be open minded, so that new knowledge can be gain and old knowledge can be re-evaluated.
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely
The study of philosophy is a very complex and complicated task. There are so many different questions on many different topics and philosophy tries to explain them all. It tries to provide answers to the many questions that science and religion cannot explain. And from this it urges you to think about issues that may otherwise be ignored.
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
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.