Question

Class: ACCT 301

How has accounting been a part of your life in the past?

How do you think accounting will be part of your life in the future?

Example?

Answer 1

Accounting has been an important part of my past life. My father died early and my mother has been supporting the family by working in a bank in the foreign exchange department. My mother had entrusted upon me, since my teenage years, the responsibility of managing the household spending and keeping a tab on it as she had little time left for it. I managed the household spending by maintaining a simple manual accounting record in a diary. This accounting record had the cash inflow on one side of the table (the cash inflow was the money which my mother had allocated for monthly expenses like supplies, groceries, utilities etc). On the opposite side I entered the various cash outflows. At the end of the month I totaled the various outflows and deducted it from the inflow (or the cash provided by my mother) to arrive at the monthly savings. My mother gave enough cash to ensure a monthly saving and the monthly saving was put in an account that will later be used to finance my higher education.

Accounting will be an important part of my future as well, both in my personal as well as professional life. I will continue to use the concepts of accounting to develop my personal finance plan. I will use advanced accounting concepts like budgeting, retirement planning, saving etc. to plan my finances in an optimal manner. In my professional capacity as well accounting will be a key part of my future. I am planning to establish a career in equity research and investment banking. This domain is largely based on accounting and financial concepts like financial statements forecasting, accounting for M&As (mergers and acquisitions) etc.