Topic: Accounting in the real world The following short essay was published by the Fisher College of

Topic: Accounting in the real world The following short essay was published by the Fisher College ofBusiness at the Ohio State University: The Importance of Accounting in Today’sWorld     In the business world, accounting is onediscipline of study that all people, regardless of job position,should have some knowledge of. Its concepts can be applied to alljob specialties, its importance has been promoted in recent years,and it is useful in people’s everyday lives.     First, an accounting education is importantbecause it can be applied in all job specialties. Secretaries mustuse accounting skills to manage the company check book and orders,auditors have to study financial statements to evaluate theaccuracy and integrity of the business, and executives need tojudge the success of their business using accounting statementsfrom the past and present. These are just a few of the manypossible positions where an understanding of accounting isnecessary.     Another reason all business students should havesome background in accounting is because in recent years, people inthe business world have been held more accountable for theirfinancial practices. Since the Enron and WorldCom crisis whenindependent auditor Arthur Anderson failed to report illegalaccounting practices, the SEC has been monitoring publiccorporations more closely. Thus, companies require some basicknowledge of accounting to avoid any future misstatementsunintentionally occurring.     Additionally, it is vital that everyone, notjust business students, acquire an understanding of accounting forpersonal benefit. People use accounting in their daily lives whenthey study financial statements to make investment decisions,assess interest rates to pay off their house mortgages, andcalculate rates for car payments. In the business world, accountingis utilized in much greater depth, but each individual encounterssome activities in his/her everyday life that requires knowledge ofaccounting principles. Accounting is the most basic framework ofbusiness. Without an accounting education, students would beunprepared for the real world. Discussion topic: Based on your study of financial accounting to date, and yourpersonal thoughts on the subject both prior to the course and nowone week into it, prepare a discussion post that articulates yourthoughts on how accounting currently impacts or relates to yourlife, and/or your professional or personal goals. In the postinclude how you can practically apply one or more of the conceptsyou have learned to date, specific to the basics of financialaccounting and financial accounting statements. Feel free to becreative or as personal as you wish in your short essay, takingcare to address the required topic. . . .

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