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Accouting essentials

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Accounting Principles Unit Introduction Accounting- the language of business is the most significant and essential topic of study since the inception of time. It has gained huge importance and admiration in the recent years due to its significance on the businesses. This mode of study has not only served the businesses to expand and develop but also has given new horizon, scope and perspective. Playing with facts and figures is the key to success in this modern era and accounting provides this base. The impact of accounting has been massive as it is the backbone of any business activity. Accounts and financial management is the name of the game these days. Accountants professionally are highly paid individuals and have mammoth impact on business activities. Their statistical analysis and estimation is admired by the firm officials, and their suggestions are highly acknowledged by the higher authorities. Objectives of Accounting The objectives of accounting carry colossal importance as the techniques and tactics used in the financial system basically can mould the direction of any firm. Primarily the objectives of accounting are to conduct the financial analysis so that it would be estimated that in which direction a company is going on. Maintaining the outcomes of operations during certain tenure, estimating financial position, assets management and maintaining tax records are some of the core objectives of accounting. What is the profit/loss position and what steps needed to be taken for the progression are the areas of concern in accounting objectives. It helps in making the economic decisions too. Financial reports provides the basis that when and where cash was utilized and for which purpose. Allocation of resources till the management of finance- all comes under the broad objectives of accounting (Hand and Green, 2011). Accounting Process There are various terminologies which have significance on the overall accounting process. The progressive measures in the financial sector are determined after reviewing the results of these terminological bases. Debit and Credit are the basic terminologies and are known as the backbone of accounts. In this, we determine that the amount is either paid on time or will be paid in future. Preparation of accounts is referred as ledgers and sub ledgers. Assets and liabilities are also vital to remember in accounting. Income, expenses, account payable and accounts receivable are the terminologies which stand by the subject of accounting. The utilization of these terminologies is essential in the accounting process (Cubaynes & Gimenez 2010). Technological Involvement Just like any other subject, accounting has also been progressed with technological advancements. There are different software’s which have made the accounting management easy and effortless. Peach tree is renowned and most used software in the field. This software has demolished the traditional way of preparing accounts, just entering the correct amount the software database is the name of the game. Preparation of cash flows, income statements and balance sheets have been made very rapid and uncomplicated due to the invasion of these software’s in the field. Impact on Personal Life Accounting has a very positive impact on the personal life too. Life management lesson is thus being taught by going through this subject. Managing the money and using it where necessary are some of the indispensable lessons which are taught by accounting. It makes personal life straight forward and exquisite. Careful behavior is automatically invaded in an individual who properly studies this subject. Thoughts about various things are expanded and a vision comes into mind, that how to make full use of the money. Business ideas and investment strategies are also a gift which comes with the study of accounting. For a successful life, subject of accounting is vital. Accounting- as a career Career in accounting is incredible and terrific. Accounting professionals are considered as the smartest individuals as they precisely know that what is going on in the world business market. Their estimation and probability about businesses carries colossal value. Due to professionalism and demand in the market, accountants get a reputed job easily. The pay scales of accountants are comparatively higher than any other jobs. Accountants have grip over facts and figures which make their position eminent in the industry. Throughout the world, accounting has same set of principles; they don’t vary from country to country, so accountants can move to any place in the world without any problem. Future in accounting is not only bright but it is also the first step towards success and divinity. References Hand, J. R., & Green, J. (2011). The Importance of Accounting Information in Portfolio Optimization. Journal of Accounting, Auditing & Finance, 26(1), 1-34. Cubaynes, S., Pradel, R., & Gimenez, O. (2010). Importance of accounting for detection heterogeneity when estimating abundance: the case of French wolves. Conservation Biology, 24(2), 621-626

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