Unit 3 Assignment

Accounting plays a major role in businesses and their ability to function. Without accounting businesses will not have an understanding of their financial status and where they would be able to improve. Accounting is also required by law and provides stockholders and understanding in the companies well being.

There are many aspects that this class has provided me in my understanding of accounting. I have always had a basic understanding of accounting but this class has helped me to fully understand the impact of accounting on businesses. One of the many topics that I have a better understanding of is that of payroll. I have never completely understood the impact payroll has on a business. Having an understanding of the assets of the business and what makes it up has given me a better understanding and knowledge on how to maintain the strength of the company.

As a student this class has provided me with an increased desire to complete my degree and start my business. It has provided me with a firmer foundation of accounting which is important for the success of the business. In my personal life I am able to better budget my own finances and track money both in and out. I would now have a better grasp on the financial benefits of investments and what I should look for when investing.

Having a basic understanding of accounting can be very beneficial for every household. If every household had a basic understanding of accounting then people would be able to manage their money better and the debt to income ratio would be reduced. This would provide more money for every household to spend on things they actually need. The benefits of proper accounting would then be able to be felt for generations and would eventually be felt throughout the nation and the economy.