Benefits of a business law class in an accounting position
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How would a Business Law class prepare a person to perform accounting and other related services for business?
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Solution Summary
The solution answers the question by providing a list of 11 examples to illustrate the benefits of having had a business law class when working in the accounting field. The examples describe real world situations where that knowledge can be very beneficial.
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Maybe the best way to answer your question is with examples:
1. An important part of business law is contract law. Contracts are an integral part of accounting and other related business services. Even though certain types of contracts are not required to be in writing, they usually are. As an accountant, one has to be able to read and understand the terms and the liability under a contract.
2. The terms of a contract assist an accounting professional to evaluate options for financing arrangements, for competitive bids for purchase of equipment, to apply financial analysis of all kinds to contracts. This is the buying end of contracts.
3. The selling end of contracts is important ...
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