why do we need to study accounting essay

why do we need to study accounting essay

The Importance of Studying Accounting

1. Introduction

To reinforce the fact that our report is with 25 colleagues with 25 programs in 25 different institutions, we have chosen a research report to deliver this information. We deliberately did not define terms, and we used some statistical analyses to inform the discussions to follow. Therefore, the balance of our paper is structured according to the following format: Section two presents a literature review on the topic of student expectations and the match between the realities of the business community and accounting education; Section three provides a research design, the research questions and a description of the population which we have examined; Section four examines the results of our survey work; and Section five provides a summary of our main findings, the implications of our work and concludes the paper.

One of the compelling reasons for attending university is to gain an understanding of how the business community operates. Employment opportunities often depend on this knowledge and, with a growing capitalistic society, students with accounting backgrounds will have virtually unlimited career choices. Today, accounting academics are working not only to ensure that their students develop accounting careers, but also have a good understanding of business so that they act as competent business advisors. Our purpose is to be recruited to ensure that accounting programs meet the needs and expectations of our clientele, the business community. There are 25 accounting programs in the province of British Columbia that subscribe to the CA Institute. With different demographics, programs will have different concerns and, with different missions and goals, they will have different constituents to which account. Therefore, it is not surprising that not all program coordinators in British Columbia have identical expectations for their students.

2. Understanding the Basics of Accounting

In addition, accounting activities aim in particular to condense the financial information collected by companies’ accounting activities and express it in financial statements and to report it to internal and external stakeholders. Accounting is a regular reporting tool for business users. In other words, accounting is a business-facing task in the form of “planned information and actual financial report comparison.” Therefore, accounting activities should allow business users to establish, execute and evaluate business policies. Recent changes in judgment decisions such as objectives and qualifications of accounting activities have led to accounting management rather than accounting staff.

An accounting process is carried out in accordance with generally accepted accounting principles if it complies with basic principles, speculation principles, operating principles, application and judgment to account, as well as concepts and limitations of residuals, which are judgments and explanations now involved in end decisions.

Accounting activities are carried out through the following three basic processes: first, collect financial information, analyze it, then process and finally provide it to users through financial statements. Financial statements can be classified into three stages: accounting statements, general financial statements, and financial statements including the tax information of Chalcedon companies. The financial statement includes asset accounts, liabilities and the equity statement, income statement, and supplementary reports or notes.

Accounting is referred to as “the language of business.” Through business activities, economic activities are reported to the government and to those outside the company, to those inside the company, and to management and employees. This means that accounting is a means of communication, allowing stakeholders to understand the company through reporting and allowing the company to respond. In short, accounting activities are to create financial statements to understand and evaluate business organizations from people who are interested in business activities.

3. Benefits of Studying Accounting

In addition to lucrative monetary compensation, the field of accounting offers an opportunity to work with people. When most individuals think of accountants, they see them peering over their reading glasses, typing prolifically into a calculator, and entering columns of figures into tidy rows of ledger sheets. But accountants do much more than perform calculations on behalf of others. Accountants are active team members in their organizations who provide valuable managerial input. In a managerial capacity, accountants act as business advisors, providing prudent financial advice to those managing the affairs of the business. Such advice can help business leaders make sound managerial decisions. Those who study accounting learn about accounting functions, such as auditing, cost accounting, tax accounting, and information systems, some of the functions provided by corporate treasurers, controllers, or internal auditors. This knowledge can be used to help others in the organization make informed decisions.

Studying accounting provides a growing number of job opportunities and the possible reward for the effort is well worth it. After all, you probably wouldn’t work as hard as you do now in your classes if there weren’t a pot of gold at the end of the rainbow, right? The bottom line is that many opportunities are available to an accounting graduate both in the private and public sectors. Graduates have gone to work for banks, government agencies, investment firms, and accounting firms, as well as for public and private businesses. The demand for accountants generally exceeds the supply of students graduating in the field. The result is that few professionals in our economy consistently land high-paying jobs. While obtaining a bachelor’s degree in accounting can land jobs that pay upwards of $40,000 a year, the salaries of professionals with a Master of Accounting from the top tier accounting schools exceed $100,000.

4. Career Opportunities in Accounting

According to the U.S. Bureau of Labor Statistics, employment of business and financial operations occupations is a major growth engine for U.S. domestic employment. It is expected to increase by about 8% between 2014 and 2024, much faster than the overall work schedule, resulting in nearly 632,400 new jobs, thanks to the strong demand for many companies entering this period of economic recovery.

Every business can benefit from having effective, efficient, and successful business owners. Some of the many career opportunities offered by an accounting degree include: auditor, financial services, income insurance, and credit cards; working for companies, service companies, architecture companies, or governmental departments; and tax consultant, state representative, and investor.

Accounting is the universal language of corporate management. In any organization or company, brilliant accounting professionals are needed because accounting is a basic function that must be managed. Successful accounting professionals are an important part of strategic management and decision-making. There are many career opportunities in a wide range of industries, with increasing job openings for graduates in this field.

I chose to study accounting for several reasons, in addition to the general importance of the methodology and techniques of accounting. I also consider the accounting field to have many employment opportunities. In this section, I would like to discuss the opportunities for accounting professionals.

5. Conclusion

In the first levels of the educational process in any region of the world, the subject of accounting has not been taught in initial schools. It was prepared – in research development – to later, in the higher levels, be studied in professional and business careers. Only knowledge of the history of accounting, regarding the precepts of registration and valuation of transactions, respecting heritage, capital theory, and financial position, is given, setting the basis for the business course.

It is important to show the students the relationship of the accounting system with daily data in an essential way. In doing so, the students are enabled to learn to see and behave in the economic area as well as in their personal area. That is, the subject must contribute to the globalization of knowledge, especially from the technical and practical point of view. So, the development of the subject must raise the students’ critical spirit, an appreciation of material and immaterial wealth, and the awareness of valuing work. Viewed from a different point of view, the accounting studied should serve to educate the student’s mind and not merely end at a particular reality, since the same accounting is studied in all types of organizations. In this way, it is possible to raise awareness of the need to control reality and to carry out subsequent teaching in a balanced and rational way to avoid contradictions and dangers.

Studying accounting in the initial cycle has the following objective: to bring students closer to reality and to the nature and functions of accounting. To achieve this objective, students – future teachers – must understand the accounting system environment. The most remarkable thing is, in this subject, “Accounting Space”, an initiation to accounting issues is carried out enough for the future teacher to be able to develop essential contents at the school stage. To prevent their learning from becoming sterile or sterile formulations of indifferent accounting concepts, they must know how to introduce accounting culture into students’ daily lives.

The study of accounting has important benefits not only for the students but also for the public at large due to the information that is disclosed by the preparers of it and the ruling or oversight authorities. If the study is completed with an international perspective of its normative structure, that is, to achieve knowledge by following each of the international standards that have been established, then the advantages are multiplied.