The Role Of Accounting On Business And Our Society

800 words - 4 pages

Assignment 1: The Role of Accounting on Business and Our Society

ACC 100 – Accounting

The Role of Accounting on Business and our Society

Accounting is an essential part of modern business. From the smallest start-up to the largest fortune 500 hundred company, accounting is how business growth, contraction, or direction is determined. When entering the accounting world you will be required to deal with the four financial statements, the balance sheet, the income statement, the statement of cash flows, and the owner’s equity statement. The purpose of the balance sheet is to reveal the economic/financial position of the company at a set point in time. The balance sheet ...view middle of the document...

A CPA may work as an auditor or prepare taxes. CPAs can also represent their customers before the IRS. CPAs can work in environmental, forensic, or international accounting (Hartstein, B. D. (2013). The importance of accounting comes from the analysis of information that they gain from studying a business’s financial statements. Accountants can resolve financial discrepancies and irregularities that a company might have and they can also recommend alternate methods to use resources in order to increase efficiency. The downside of accounting is that it gives people outside of the scope of the business access to the company’s information that can be used for criminal activity such as embezzlement.
There are a few key differences when comparing a merchandising company to a service based company. Service companies identify revenue when the business completes the service for the client. In most cases, the business charges the client on an upcoming date to request compensation. Merchandising companies commonly gather compensation from clients when the client takes the goods from the store. The merchandising company identifies revenue on the date of sale. The income statement layouts vary between service companies and merchandising companies. The income statement for the service business deducts the operating expenditures from the revenues to reach net income. The merchandising business deducts the cost of merchandising from the revenue to reach gross profit. It then deducts all...

Other Papers Like The Role of Accounting on Business and Our Society

Role of Business in Society Essay

771 words - 4 pages on state by state mandates, but they are also governed by laws that blanket all states and citizens under the constitution or federal laws. Role of Law in Business and Society The United States of America, fifty states with just as many sets of laws, the complexity of this system of government can be perplexing. The unification of the states, one by one, into the federal union, is the reason for variation of laws from state to state, and

Role of Hispanics in "Our" Natoin and Their Role in Business

1018 words - 5 pages The Role of Hispanics in “Our” Nation; and Their New Role in Business Webster’s Online Dictionary definition of Hispanic is, relating to, or being a person of Latin American descent living in the United States; especially: one of Cuban, Mexican, or Puerto Rican origin” (Merriam-Webster, 2010). Over the past years, due to some unprecedented stereotype “illegal immigrant” has become a common synonym to the word Hispanic. (Reiopedre, 2009). Due

Role of Accounting on Business Behavior Impacted by Tax Changes in Malaysia

1858 words - 8 pages Title: Role of accounting on business behaviors impacted by tax changes in Malaysia Justification There are many factors influence the changes of accounting importance where the role of accounting evolves along with the business changes affected by these factors. One of the factors that affect role of accounting in business field is tax. In Malaysia, Tax is generally divided into 2 types which are direct and indirect tax. Direct tax can be

Evaluate Feminist Views On The Role And Functions Of Religion In Society Today

552 words - 3 pages Evaluate feminist views on the role and functions of religion in society today (33 Marks) All over the world religion is portrayed differently giving people many different opinions on it. In general feminists portray the view that women are oppressed by men and they believe that this is enforced through different ways including religion. Feminist believe that religion is a product of patriarchy meaning it serves the purpose of men. This could

Essay on the Role of Education in Society

1036 words - 5 pages Essay on the role of education in society Education, has a great social importance specially in the modern, complex industrialised societies. Philosophers of all periods, beginning with ancient stages, devoted to it a great deal of attention. Accordingly, various theories regarding its nature and objective have come into being. Let us now examine some of the significant functions of education. 1. To complete the socialization process. The main

The Changing Role of Managerial Accounting in a Dynamic Business Environment

2232 words - 9 pages CHAPTER 1 THE CHANGING ROLE OF MANAGERIAL ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT Learning Objectives 1. Define managerial accounting and describe its role in the management process. 2. Explain four fundamental management processes that help organizations attain their goals. 3. List and describe five objectives of managerial accounting activity. 4. Explain the major differences between managerial and

Effects of Computers on Our Society

5223 words - 21 pages infrastructure especially in the rural areas. 1.8 Justification Information and Communication Technology (ICT) plays a major role in all aspects of national life: • in politics, • in economic life, • as well as in social and • Cultural development. It is rapidly transforming our lives, the way we do business, access information and services communicate with each other and entertain ourselves. It fuels the global economy. It also relates

The Role Of Communication And The Internet In Society

2180 words - 9 pages or poor communication between people can cause really serious issues. This is only a small mistake made by the communication but what if a poor communication between two countries or regions, and that could cause really big conflicts even war. So, the public communication is really important and plays a really significant role in our daily life. Public communication is a large factor in the involvement of citizens in the community. Civic

The Role of Media in Our Country

653 words - 3 pages THE ROLE OF MEDIA IN OUR SOCIETY One of the earliest proverbs we learn at school is “The pen is mightier than the sword”. This signifies the importance and power of literature, which has the ability to influence people more than any war or conquest. The written material is the source and fundamental part of media. With the advent of modern technology, the media has diversified into many other forms, such as radio, television and the Internet

The Role Of Family Business

8507 words - 35 pages in foreign business as compared to men in multicultural society like Malaysia. Although the difference between male and female is not higher when come to evaluate their performance in terms of foreign business adjustment. But still the results show higher score for female as compared to their counterparts. Furthermore, females scored higher in establishing business contact as compared to male but male scored higher then female when comes to

The Functions And Role Of Law In Business

774 words - 4 pages Law performs many functions and plays a central role in business and society. Law is a small word that can be defined in many ways. According to the dictionary, the first definition of law is "a rule of conduct or procedure established by custom, agreement, or authority". Law is comprised of statutes and precedents, leading to rules that tell how to act in business and society. Law continues to grow and expand. Law is open to reason and

Related Essays

The Role Of Accounting On Business And Our Society

1150 words - 5 pages The Role of Accounting on Business and Our Society Stephanie R. Phillips Professor Cedano Accounting 100 February 27, 2014 When most people think of accounting, they think taxes, but accounting is so much more than that. Accountants are responsible for maintaining the financial health of our businesses. They also practice with an ethical standard that protects the public from unfair and one sided business and government practices. So next

Accounting And Its Role In Society

2244 words - 9 pages Accounting and its role in society Accounting is concerned with collecting, analysing and communicating economic information (Atrill & McLaney, 2004, p1). However in order to develop a broader understanding of accounting and the central role it plays in society, we need to consider it from a social perspective. Individuals in society coexist by establishing relationships with each other. Another way of viewing society is by segmenting it

The Role Society Plays In Determining Our Free Will

1061 words - 5 pages English 1302 25 June 2007 “The role society plays in determining our free will.” In an excerpt from “Shooting an Elephant”, George Orwell illustrates a seemingly simple story, with deeper more complex meanings and analogies. Orwell suggests society’s role on free will if one might act against their own beliefs when faced with undermined circumstances. He depicts himself in this excerpt from a narrative view of his personal

Sustainability And The Role Of Management Accounting

1286 words - 6 pages 1 SUSTAINABILITY AND THE ROLE OF MANAGEMENT ACCOUNTING 1 SUSTAINABILITY AND THE ROLE OF MANAGEMENT ACCOUNTING Traci Buxton French Salem International University ABSTRACT: A majority of CEO’s at large international companies consider sustainability efforts to be a high priority development item on corporate agendas, yet less than 30% of companies actively seek new capital investment opportunities in this area (McKinsey, 2010, para. 1