During the entire course of our study about Accounting, I have been able to learn a lot of new information and discover previously unfamiliar trends, which actually helped me in a numerous ways. In class we were able to cover many useful topics like the financial statements, making valuable business decisions, analyzing accounting information, and many others. All these new knowledge have in fact pushed me even harder to pursue the field of accounting several years from now. I have been acquainted to the profession and, from the lessons we have discussed in class, I have found it quite interesting, very useful, and “challenging”. Ever since, I have been inclined to the profession of management and the like. But I realized, the accounting field, specifically, definitely would be indeed very critical and one of the means of support of every management effort. That is another reason why I thought all the learning I have gathered in the class would absolutely be of great assistance to me when the time comes that I will pursue such interest in Accounting.
Accounting has definitely evolved, like any other kind of profession, parallel to the needs of our society. As every economic, management and social aspect of the world becomes more and more complicated, accounting has developed entirely useful concepts and techniques to meet these challenges and needs of the society. Specifically, when decision-makers are able to make well-informed and sound decisions, different types if resources are allocated in such a way that better addresses the needs and objectives of those needing valuable information. Thus, accounting is absolutely essential in the world of business. It is the system that measures business activities, summarizes and analyzes those information into valuable reports, known as financial statements, and communicates those reports or results to various decision-makers. These users of financial statements include many groups of individuals like investors, employees, lenders or creditors, customers, government agencies, and most especially, the public, whose welfare is of utmost consideration for every accountant. For such reason, accounting is called the lifeblood of business. Such is also the reason why I realized the value of learning accounting. From the fact that I want to pursue business, and related fields, I was able to be keener on the unreserved importance of accounting in the business world. Without such, a business, which many plan to pursue as well, would not function optimally.
Moreover, the services offered by accounting prove not only to be of big help to business establishments. It likewise fosters every potential accountant to think clearly and logically, objectively, and be “flexible” in any field of business. Being scorekeepers of business, they utilize their technical knowledge in the field to make businesses, and organizations prosper, especially in terms of finances or profits, and financial situation. A sound understanding of this language will about a better management of the financial aspects of living. Maybe most people will think that accounting is only for businesses. Absolutely not! Personal financial planning, education expenses, car amortization, loans, income taxes, budgeting household expenses, and more are in fact based on the information system that we call accounting. Thus, the need to learn accounting is not only for business-minded individual, but equally important is every person who plans to do well in making sound and well-informed economic decisions.