Question

Consider the following scenario: Your friend (who is also in school) just emailed you to express frustration with his accounting class. In the email, they said, “Why do I need to take accounting? What will I ever need to know about reporting and analyzing long-lived assets? I am a management major.”

In your initial post, write a 200- to 250-word response to your friend, including specific details about the benefits of learning accounting. Focus particularly on reporting and analyzing long-lived assets from a manager’s perspective. Discuss the benefit and purpose of learning accounting as a business student.

Answer 1

frustration is not a solution for anything. So i would to suggest that whether frustrating from accounting subject you must know about the benefits and purposes, so you enjoy this subject and i really wants that you will definitely adopt accounting so in future you will easily handle your business.

firstly i will tell you the benefits of learning accounting as a business student

1. Helps in starting a business: whenever you will start a business you must know about market where your business will deal. Every business boom is coming but only 5% will understand. So accounting data will helps us to know about business .

2. Helpful in Comparison. Accounting data will helps us to know the performance of business growth by comparing the growth with previous data as well as with another company.

3. Knowledge about financial affairs. You will easily understand the financial affairs like balance sheet, profit and loss etc.

Know the purpose of Accounting in business.

1. Recording of financial data. Accounting is very helpful in recording of financial data because human remain is not store so much data as compared to our accounting software.

2. Analysis of business activities. Accounting is important of business activities because sometime business is not growing as we expected then we will easily analysis the business activities with help of accounting tools etc.

3. Summarising the financial data. Accounting is very helpful in summarising the financial data into Balance sheet, cash flow etc.