Question

In: Accounting

Directions Reflect on the accounting and what you learned about accounting . In your own words,...

Directions

Reflect on the accounting and what you learned about accounting . In your own words, answer the following:

• Summarize how you believe accounting class can helped you.

• State what you found most interesting in accounting and why.

• Discuss the most challenging topic or aspect of talking a accounting course.

• Describe your understanding of accounting performance Explain your knowledge of accounting .

Expert Solution

• Summarize how you believe accounting class helped you.

I believe accounting classes helped me a lot to understand all the accounting concept, accounting methods and, all standards we are using in financial reporting. Accounting classes play a very important role in an accountants life which enable him to solve all accounting problems very easily.

.State what you found most interesting in accounting and why

Preparation of all financial statement of an organization was a very interesting task for me. I am always enjoying and very excited to work on the different and new adjustment we get in different companies' financial transactions.

Discuss the most challenging topic or aspect of taking an accounting course.

Preparing the financial statement for companies in different industries was challenging for me, but at the same time, it was a great learning experience as a growing accountant. Financial terms are changing an industry to industry which I found confusing in the beginning, But now I come a long way and looking at it positively.

• Describe your understanding of accounting performance Explain your knowledge of accounting

Accounting plays an important role in any organization. A business can not continue without accounting function. The main objective of a business is to make a profit in its ordinary course of business. It is impossible to understand the performance of an organization without accounting.

Accounting can be classified into 3 on the basis of its purpose. Such as:

1) Financial Accounting: Financial accounting is accounting to evaluate the performance of an organization by preparing a profit & loss account and the financial position of an organization by preparing the balance sheet.

2) Cost Accounting: Cost accounting is an accounting various cost. It is required to analyze the various departmental cost and various type of costs.

3) Management Accounting: Management Accounting uses financial accounting and cost accounting for management decision making using different tool and functions such as the ratio analysis and budgeting. It is highly essential for managerial decision making.

ekkarill92 answered 1 year ago

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