Knowledge about business-related courses was not clear to me and I had no intention of pursuing any business-related course. That was back in my early education days, even though my father managed a fairly large business firm in the region. It was not until my college studies when I decided to try pursuing a business course just to find out how the so-called managers control business activities. The desire to make coherence of what managers do in these businesses made me develop an interest in business courses. As I joined the course, I developed an interest in various business topics such as how to interpret balance sheets, income statements, and other books of accounts. I could be able to identify people who use accounting information and possible careers in the accounting industry.
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The systematic collection, analysis, and reporting of financial information are important in business management since managers can determine how much cash reserves the business should have at hand, how much the business owes its creditors, taxation as well as how much profit a business makes per annum. These documents are prepared by auditors employed in the firm or external qualified persons. The course has enabled me to learn that without confidence in financial statements, there is little investment, and without investments, there is no growth.
The impact of the course on the perception of the accounting field
The accounting career is of great importance to individuals since it encourages good work ethics which are very relevant when it comes to public relations and the general success of business entities. Knowledge in accounting reporting is also of great relevance to business secrets. This helps in the protection of the business secrets against the competitors enabling the business to craft a competitive strategy. Secondly, accounting knowledge gives a strong background in business management which is essential in business development. Accounting careers are also of great importance since qualified accountants can become consultants in various businesses as well as in other related fields. This results in self-employment which is a positive factor in economic development.
Another use of accounting information is the management of liabilities. Liabilities when combined with assets make a business’ ledger accounts. The ledger account is useful in the calculation of revenues earned by the organization per specified duration of time, and income earned with the available resources. This leads to establishing meant for the rate of return. They are also used to explain the employment opportunities that the firm can offer per unit time.
Entrepreneurial skills obtained in business careers are useful in starting and managing business transactions which leads to the creation of employment for both trained and untrained laborers. This leads to economic development for individuals and a country at large. The knowledge of the division of labor ensures efficient functionality of the business assets and also the responsiveness of the laborers towards the firm’s equipment as well as work specialization. These are essential tools for the expansion of business activities.
In conclusion, accounting information is one of the most essential factors and contributors to economic growth. This is because this information provides ample knowledge that allows the strategist to develop sustainable business ideas that can ensure that the entire business is well taken care of. The way the course has enabled me to understand business and accounting approaches has had long term effects not only on my view of business courses but also on my view of various developmental issues.