Usefulness of Accounting?

by Komal
(Lahore)

accounting studentQ: As a student, how is accounting useful to me?

A: Accounting is the international "language" of business, so if you've ever thought that you may work in a business of any kind, knowing accounting will give you the edge over others.

When I say it's the "international language of business," I mean accounting contains things like the income statement, the balance sheet as well as other accounting reports, which communicate things about a business - for example, you can see how a business is performing and what sort of position they are in.

If you know accounting you can read these financial reports, understand them and use them to make decisions. if you don't know accounting they would be meaningless to you (or at least just very complicated).

Your accounting studies give you the theoretical basis of the subject and teach you the rules and practices of accounting.

After your studies you will start to see it in practice - in business. There you will get first-hand experience with income, expenses, assets, liabilities and owner's equity. You will see these things in action.

Having accounting studies as part of your resume or curriculum vitae will definitely make you more of an asset to prospective employers (even if you are not applying for a job as a bookkeeper or accountant). In other words, it makes you more employable and can easily result in a higher salary.

As a final note, knowing accounting is also useful from the point of view of being able to handle your own finances.

You can use your knowledge to budget and plan your spending, and you can even draw up personal financial statements - a personal income statement and/or balance sheet. So knowing accounting would then give you more control over your personal finances too.

How and why is accounting useful to you?

Add a comment below and let us know!

Hope you enjoyed the article.

Michael Celender
Founder of accounting-basics-for-students.com


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The Importance of Studying Accounting
by: Eric T. Chea Sr.

Accounting being a language of business is very important to me. It enables me to understand and resolve critical financial issues that may arise during the business operational period. Also, with the wide knowledge in accounting, I am able to comprehend the various financial statements and advise management on decisions that will bring improvement. Numbers are easy to pronounce but difficult to explain. Accounting as a field and through the theoretical studies, the explanation of those various numbers on the financial statements will be interpreted and communicated with out any difficulties.
note
by: Anonymous

ACCOUNTING IS IMPORTANT FROM MY POINT OF VIEW BECAUSE I AM THINKING TO START THE BUSINESS SOMETIME AND IT WILL REQUIRE ME TO HANDLE THE ACCOUNTING PART. IN DAY TO DAY ROUTING IS MORE USEFUL TO US.
What Accounting Means to Me
by: Mia

Accounting for me means being able to have the extra edge when it comes to making important decisions in a business. It means being capable of making impacting differences in any organization that you go to. It also means being able to enhance my resume and every day life with a skill that pertains to almost everything I will ever do.
Usefulness of Accounting to Me
by: Thomson Godman

Accounting is useful to me because with accounting knowledge I can be able to run my own business enterprise, and it will also aid me in my aspiration of becoming a Charted Accountant in the nearest future to come and place me in a high platform in any organization am employed or hired to work out their financial statement.

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