Question

we have discussed various aspects of accounting and how it relates to the world around us. Thinking about what you have learned from this course, how could this knowledge be used in your everyday life?

Consider such factors as personal organizational skills, financial awareness, financial accountability, or professional career growth.

Answer 1

This course of accounting will helps us in the daily working of our professional and personal life. Accounting is called a process of recording, classifying, summarizing and interpreting the financial transaction and results thereof. So in this way accounting helps us in recording the financial transaction and their classification will helps in the development of skills of systematic and syncronized work at organizational work place like record keeping. Accounting also helps yours to be aware yourself for the personal and organizational financial well being. Various financial concepts and ratios helps you to know the solvency, profitability, and efficiency of the the organization and as well as of individual financial position. Accounting course also create a sense of accountability as it can make individual accountable for effectively performing a financial activity, such as a key control procedure within a financial transaction process. A well defined accounting responsibility structure will crate a effective financial system. Accounting course would also helps in the overall development of the individual because basics of accounting is applicable every where in all the functional areas of management like marketing, human resource management, information technology and production and purchase department. So a good knowledge of accounting will create a overall development of a personnel.