In this essay I will be exploring Accounting and Finance and why I have chosen to study it. Alongside this, I will also be looking at why I have chosen to study this at the University of Birmingham and my expectations of studying this degree.
When answering what Accounting and Finance is, it is important to consider that accounting can be broken up into two segments; management accounting and financial accounting. Although similarities are present, the purposes differ. Financial Accounting focuses on the businesses past data and follows a reporting guideline. Raun (1962) stated that, Financial accounting systems ‘attempt to provide financial information to persons outside the business management group, such as stockholders, creditors, governmental
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Financial Accounting follows more of a standard protocol whereas management is more varied from business to business depending on their own needs. When both are combined, business success is driven. ‘Combine financial information with Non-financial information data to paint a complete picture of the business.’ (Cima, 2017). This quote from Cima supports the argument that both the study and implementation of Financial and Management accounting are vital. The degrees ‘finance’ side looks at aspects such as Economics and Business Management. The finance component gives the degree the power to provide a broader learning aspect as it allows the course to take theoretical knowledge and apply it to more real life scenarios, giving students a chance to understand why firms behave the way they …show more content…
The first would be the prestigious teaching standards. The University of Birmingham is amongst the 24 Russell Group Universities and is ranked within 1% of top universities worldwide. This level of quality was a crucial deciding factor when deciding to study at the University of Birmingham. The university thrives from constantly being one of the best Employment Targeted Universities winning ‘The Sunday Times Good University Guide 2015-16’ and number one university for Graduate Secured jobs; demonstrating that the university excels in both academia and helping students excel in all other aspects making them all round employable people. This was important to me as a solid foundation for a career in finance is crucial and going to a university which has a good employability track record was imperative as it demonstrates that it helped craft students to be prepared for the business world, not just on how to complete a degree. The second deciding factor was location and layout. The University of Birmingham presented itself as a campus full of facilities varying from a sports and fitness club worth ‘£55 million’ (UoB site a) to a brand new library all opened up recently. This alongside being ‘less than a 8 minute’ (UoB site b) train journey to the city centre, being able to be a part of both a campus and a home-like city buzz, was an essential
Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South Western College Pub.
In Financial Accounting accountants prepare only the annual finance statement of any organization and shows if the organization is going in profit or loss. But in Management Accounting the managers have to take the future decisions and steps by looking at the past financial statements. So Management Accounting is very important because one wrong decision can transfer the organizations path or the future. Management Accountants have a responsibility to moral qualities which has to be kept intact by using their various skills, which will ultimately help the shareholders of any organization to retain profits earned from the money invested. Strategy formation by executing plans, budgeting and forecasting, risk management and decision making all these are required as skills in Management Accounting.
Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information...
Traditionally, companies collect information regarding past transactions. These are then converted to statements which are used for analysis and regulatory requirements. Financial accounting has been revolving around these financial transactions and ignoring qualitative factors that may contribute to a company’s profit. Nowadays, managers recognize the impact of such qualitative factors since these contribute to the company’s future performance.
Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002)
Financial accounting is the analysis, classification, and recording of financial transactions and reporting such information to respective users especially external users who use the information to make decisions about their engagements with the entity. In financial accounting general purpose financial statements are used for external reporting. The public by standards imposes the development of the statements through respective national professional bodies, International Accounting Standards Board and respective company Acts for various nations.
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.
From the preparation of budget, monitoring accounts, handling tally ERP software, preparing financial statements to undertaking projects, I have learnt many things. What I realized is that I cannot go far with the knowledge I have and thus a Masters in Accounting is essential to take me to the next step of my career. I knew I can do a lot better if I could get that international exposure to this chosen field. The Masters of Accounting degree will help me to gain more analytical, technical and strategic-level skills to meet the demands of ever-emerging economy and reinforce the core knowledge of finance and
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.
From an early age, I have always had a keen interest in the world of accounting. From studying Accounting at A-level, I have gained further knowledge into this particular subject of my choice.
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
Accountants work in a high stress environment where it is vital to remain detailed, honest, and most importantly organized. Accountants must thrive and be responsible as they play role in their client’s financial future. At a younger age, I developed a quality known as organization; I can now say it is a successful element in my field. An accountant should be a very organized person who is also comfortable working in structured environments. This quality makes me unique because organization sets patterns and routines; it reflects how I portray myself and what kind of work I am capable of doing for myself and for my future employer.
Accounting has been a living part of history since the Neolithic period and remains a prevalent and ever-evolving profession still to this day. This essay therefore proposes to look at the significance and role of history specifically related to the accountancy field. In order to substantiate this claim of the importance of accounting history, numerous benefits of accounting history will be presented. Factors such as the use of historical research and its availability thereof to constantly develop accounting policies will be discussed as well as how historical accounting practices can be used to understand current practice and assist in the training of individuals in the accounting field. Lastly, the importance of history in the development
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.
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.