Why Accounting Is The Most Important Business Resources

Accounting is one of the most important business resources. It helps to organise, gather and manage numerical data of a business. Most businesses are interested in making a profit, therefore, it is vital for a business to control its costs by setting budgets so that this helps to ensure there is a sufficient of cash flow within the business. The role of accounting does not necessary be dealing with money, it could help and produce statistical data to assist decisions making of a business. I have found Accounting interesting because my father is a successful businessman running business currently in China, Hong Kong, ASEAN, and Turkey. Also, in Taiwan and Korea in the past for a public listed company. He works with offices in many countries at a senior level position (Senior Director of Sales and General Manager) and he used to share his working, management experience as well as point of views in financial planning and accounting issues for a listed company with me on running a successful business worldwide. Therefore, this has aroused my interest much to engage in the career segment of Accounting field because of my parent’s career. Currently, I am studying an International Foundation Programme at the University of Reading. I have undertaken four modules- Academic Skills, Introduction to Business and Management, Mathematics for Finance, Business and Economics and Information Systems and Statistics. Through this foundation programme, it enables me to gain relevant skillsShow MoreRelatedAccounting : Financial And Management Accounting1025 Words   |  5 PagesAccounting is one of the three careers that is being discussed that a business majors are able to embrace in. Accounting is where employees are keeping up with the company’s records. Accountants take actions on keeping up with the company payroll cost, expenditures, and the sales revenues. They are to also keep track of the company’s losses and profits (Hill â€Å"Accounting† 1-5). When accountants insert all of the information that they are to keep track of, it is important that they insert it correctlyRead MoreHow Business Plays A Majo r Role Within Our Society1237 Words   |  5 PagesBusiness plays a major role within our society. Undergraduates that has chosen business as their major has a huge variety of careers to choose from after they have graduated and got their degree. Business does not only mean that someone is the owner of something, but it also means taking control and being a leader of something within that company .Accounting, Human Resource Management, and Management itself are some fields that follows those characteristics and that these undergraduates embraceRead MoreAccounting Information For The Manager1615 Words   |  7 PagesAccounting information for the Manager Decision making Introduction In the context of the complexity of the enterprise-wide expansion characterized by globalization and management activities associated with the modernization, if any information for the decision making process and the performance measurement of the business management is not fulfilled, the company will not be the growth and development to adapt to changes in the business world. The effective management is required for this complicatedRead MoreAccounting Software Example1303 Words   |  6 PagesTable of Contents OBJECTIVES 3 BUSINESS INTRODUCTION 3 ACCOUNTING SOFTWARE 3 ADVANTAGES 4 COMMUNICATION 4 FINANCIAL MANAGEMENT 4 SALES MANAGEMENT 5 INVENTORY CONTROL (IC) 5 HUMAN RESOURCES (HR) 5 DISADVANATGES 5 ANALYSIS OF DATA 6 SUMMARY 6 Bibliography 7 OBJECTIVES In this assignment I will review the accounting software appropriate to the outlined hypothetical company. On the one hand, I will consider advantages and disadvantages of the software which are relevant to the properRead MoreRole Of Managerial And Managerial Accounting1029 Words   |  5 Pagesof managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. The current initial purpose of managerial accounting is comparable to its purpose throughout history. Managerial accounting has historically been useful in assisting managers with the information they need to make important decisions aboutRead MoreCustomer Relationship Management and Sales Force Automation1735 Words   |  7 Pages1. How is e-business â€Å"redefining old business models, with the aid of technology, to maximize cus tomer value? e-business is more than just buying and selling of products and services through the means of digital media. Whereas e-commerce concentrates on buying and selling, e-business encompasses e-commerce and a whole lot more. For example, e-business includes both front – and back-office applications that form the engine for modern business. e-business is redefining old business models throughRead MoreHomework chapter 1 Essay1675 Words   |  7 Pages1 1. How does managerial accounting differ from financial accounting? The essential difference between managerial accounting and financial accounting is that managerial accounting attends the needs of managers inside the organization, while financial accounting serves the needs of those outside the organization. There are also specific guidelines that are used (GAAP/IFRS) in financial accounting and is mandatory whereas there are no guidelines in managerial accounting and is not mandatory. 2Read MoreTriple Bottom Line Accounting Concept And Framework1098 Words   |  5 PagesTriple Bottom Line Accounting By: Emma Juskovic The Triple Bottom Line (TBL) accounting concept and framework was first created by John Elkington in the mid 1990’s, and has since changed the way for-profit, non-profit and government agencies measure the sustainability of their initiatives and company. The TBL framework is flexible and can be adopted and molded based on the specific needs of an organization. The framework is comprised of three parts, which are: social (People), environmental (Planet)Read MoreHSM 340 Week 2 Quiz689 Words   |  3 Pagesï » ¿1. Question : (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):    Student Answer:   Income statement      Statement of retained earnings      Balance sheet      Statement of cash flows      Report of management    Instructor Explanation: Chapter 9    Points Received: 0 of 5    Comments: Question  2. Question : (TCO 2) Two major methods of asset valuation are:    Student Answer:Read Morewhy managerial accounting is important Essay840 Words   |  4 Pageschapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? and (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility.    I.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What is managerial accounting? A.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Examine the difference between Financial and managerial accounting †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Financial