Over the past 10 weeks, you have discussed various aspects of accounting and how it relates to the world around us. Thinking about what you have learned from this course, how could this knowledge be used in your everyday life?
Consider such factors as personal organizational skills, financial awareness, financial accountability, or professional career growth.
Week 11 Discussion: Various Aspects of Accounting
This course in Accounting will help us in the day-to-day working of our professional and individual life. Accounting is known as a course of recording, characterizing, summarising, and explaining financial transactions and reporting thereof. So in this manner, accounting assists us in recording the monetary exchange and their characterization with willing aides in the improvement of the abilities of methodical and synchronized work at the hierarchical workplace. Accounting additionally assists us with staying alert for individual and organizational financial prosperity.
Different financial ideas and financial ratios assist us with knowing the profitability, productivity, efficiency, and solvency of the company as well as of an individual’s financial position. This accounting course likewise makes a feeling of responsibility as it can make individuals responsible for really playing out a financial movement, for example, a key control system inside a financial process. An obvious accounting framework will lead to a successful monetary framework. The accounting course helped me in general advancement since fundamentals of accounting are needed everywhere in every one of the useful areas of management like human resources, marketing, production department, maintaining inventories, information technology, etc. I think a certain level of knowledge in accounting is a necessity, and proper knowledge in finance is even better.
Reference
Gao, Y., & Wagenhofer, A. (2021). Board monitoring efficiency and the value of conservative accounting. Journal of Management and Governance, 25(2), 321-345.
