Submitted by: Submitted by angiebyus
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Category: Business and Industry
Date Submitted: 02/24/2012 09:20 AM
PRIMARY OBJECTIVES OF ACCOUNTING
Unit 1 Individual Project
Acct 205-1102A-09
American Intercontinental University
By: Angela L. Byus
INTRODUCTION
This paper describes the primary objectives of accounting, explains the basic terminology of the accounting process or financial reporting, Explains how accounting has affected my personal life emphasizing professional ethics, Explains the role that technology has played in small business accounting. References have been included following this presentation about my role as an accountant.
The primary objective of accounting is to calculate precise information to many viewers of a company, creditors that support the business, investors and commissioner of accounts if you are a fiduciary of accounts over an incapacitated person as well as family members interested in dispersements of funds. It is the job of the accountant and or fiduciary to insure that all accounting steps are followed to the last dime and the best of his/hers ability. There are many steps to this process which includes:
* Identifying transactions
* Analyzing transactions
* Making proper journal entries
* Posting accounts to the accounting ledger
* Running a trial balance
* Making needed adjustments based on the results of the trial balance.
* Running an adjusted trial balance.
* Preparing the financial statements (This is done on monthly or quarterly time periods and final report at the end of the year).
* Making needed closing entries.
* Preparing an after-closing trial balance.
Accounting has affected my personal life in many ways. For one being a single mother and making very little, stretching a dollar was necessary and taught me great lessons on appreciating what I had. When I had to gain guardian over my grandmother and my father gained fiduciary over her financial only because he was able to be bonded, I had to take care of the fiduciary role as well as the guardian role over her...