Question

Explain how our course, ACCT 220 Principles of Accounting, also known as Financial Accounting, relates to your academic and career goals. The course objectives are listed below to help you consider this question.

Course Objectives:

• define the fundamental principles of accounting to describe basic business transactions
• identify and analyze basic business transactions to record them in an accounting information system
• prepare financial statements and documents in the appropriate format
• identify and communicate with users of accounting and financial information to facilitate analytical decision making

Answer 1

As we know that Accounting is the language of business. The main purpose of language is used for proper communication. So, accounting is the language used by the accountants inorder to communicate the results of business organisation to various interested users.

ACCT 220 PRINCIPLES OF ACCOUNTING is a course that teaches the systematic recording and analysis of business transactions, preparation and interpretation of accounts and statements that is necessary for the preparation of income statement and to find out the financial position of the business.

Accounting concerned with the preparation of financial statement ( ie; Trading & Profit & Loss a/c , Balance sheet) and for the use of internal users as well as external users is called Financial Accounting. The financial statements provides accounting information required for decision making.

By doing this course, you will be able to create a good career in the fields of Accounting because this course completes the clerical aspect of an accountant. This course also makes you a good Financial analyst who can analyse the financial statements and make appropriate decision at the correct time. And not only that you can become an Account receivable manager as well as Account payable. It also helps in detection of errors in financial statements.