Question

How has learning Financial Accounting affected your life?

How do you think ethics plays a role in Accounting?

Answer 1

Q1: How has learning Financial Accounting affected your life?

Solution: Financial accounting facilitated the habit of savings and investments in my life. Earlier, I was not aware of the utilization of expenditure what I use to make on monthly basis. But the discipline of financial accounting promoted the habit of recording of my sources of income and expenditure in order to see the surplus or deficit. Now, due to the recording of daily expenses, I am able to differentiate between necessary and unnecessary expenditure. In this way, the financial accounting affected my life. I opted the habit of recording my sources of income and spending and through appropriate recording, later on, I use to analyze it for better surplus, saving and investments.

Q2:  How do you think ethics plays a role in Accounting?

Solution: Ethics is the code of conduct and prime rules which plays a significant role in accounting world too. The ethics ensure and direct that the financial information which is recorded in the books of accounts must be relevant, reliable, valid and comprehensive so that different users of accounting are able to take right decisions.