You have been asked to speak at a career fair for high school students in your home town.
Specifically, you are making a presentation about your role as an accountant.
- Describe for the students the primary objectives of accounting.
- Explain the basic terminology of the accounting process or financial reporting.
- Explain how accounting has affected your personal life emphasizing professional ethics.
- Explain the role that technology has played in small business accounting.
On a daily basis we hear the terms accounting, financial reporting and business accounting, however there are numerous questions that cloud our minds. This paper will deal with four main aspects, i.e. a) the primary objectives of accounting, b) the basic terminology of the accounting process or financial reporting; c) how accounting has affected my personal life with major emphasis on professional ethics, and d) the role that technology has played in small business accounting.
Primary Objectives of Accounting:
Over the years, several authors have explained the objectives of accounting and the main aspects of accounting. According to Das, there are five main objectives of accounting. The objectives are as follows:
a) Systematic Record Keeping: The primary aim of accounting is to keep systematic records of all the financial transactions of the companies. This is mainly for accuracy and for complete and detailed records of all inflow and outflow of cash (Das, 2010).
b) Protection of Business Properties: Accounting keeps complete track of all business properties which helps keep them safe from unjustified, unlawful or unwarranted attempts (Das, 2010).
c) Helps Gain Operational Profits And Loss: Accounting is very beneficial as it allows keeping a good track of the operational profits and losses, as all the transactions are recorded over the period and at the end of the period, the P&L can be successfully developed. Here if the overall revenues are higher than the expenses then the company is said to have a ...
The solution provides complete answers for all the four questions along with complete references. An excellent and detailed explanation has been provided with a total of 5 references. This solution is about 980 words in length.