Acct205 Unit 1 Ip

American Intercontinental University

Unit 1 Individual Project: Accounting Role

Principles of Accounting I: ACCT205 - 1304A – 04

October 15, 2013

Abstract

This dissertation will explain what an accountant is, the objectives of an accountant and accounting systems as well as the value in ethical decision making and accurately recording financial information. The basic terminology that is used in accounting systems will be discussed. The conclusions that are drawn will be discussed.

Accounting Role

As an accountant the main role is to make sure that their company or organization receives payments for goods and services and properly records the transactions. The duties and responsibilities of this position require not only a knack for numbers, but also attention to detail and well-developed organizational skills. Let’s begin with what an accounting is. When we define accounting we can easily see that it is a process that a person called an accountant uses to help businesses and individuals report, keep up with and track important information. The information which are called transactions are posted and recorded in different accounts by using a double-entry system, this double entry system consist of credits and debits. The information that the accountants gather is stored, summarized and used for a variety of purposes.

Objectives

The key objectives of accounting are all interrelated. The main concern of accounting is to report and record information accurately. An accountant is the individual that performs these duties (Editorial Board, 2011). The main objective of an accountant is to deliver accurate information to individuals or businesses so that they are able to make sound business and personal finance decisions. Basic financial statements provide necessary information especially for external users through documents such as balance sheets and profit and loss statements. Basically the main accounting objectives include the following:...