Question

(please type the answers) (accounting 640)

What was the most interesting topic that was covered in accounting 640 ? Was there something that you learned that you can apply to your current position or in another course you may be taking?

Answer 1

Answer

Accounting 640 is one of the most interesting topics which enumerates the detailed principles of tax and financial accounting related to a particular entity. The accounting standards are further laid on the International Financial Reporting Standards. The relevant accounting practices depend on the influence of culture, day to day business operation and risk related to the sustainable development of the environment. Each and every organization follow the accounting principles in order to ensure that the financial statement of the company is actually free from all sorts of material misstatements.

The significant aspect which is learned during the process is regarding the upgrade of the authentic principle based on the rapid transformation in the technological world. Most of the business due to certain circumstances are changing and due to such kind of change, the significance in the accounting principles is getting weaker. It falls under the responsibility of the higher authority to fix it accordingly without any disruption during the entire process. If the accounting principles as laid in the accounting 640 are weakened then there will a high chance of fraud or error committed by the organizations during the operational process. This will put an obvious dent on the overall productivity along with the other aspects associated with it.