Mba Essay

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Words: 564

Pages: 3

Category: English Composition

Date Submitted: 09/22/2012 04:05 PM

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It applies to every facet of what we do.

“Describe what you learned about the importance of Accounting and the need to track finance,” here is my attempt to describe what I have learned thus far in class. Coincidently, I have learned much more that I can type in two pages(.

Because we live in a technically advanced information dependent world, we rely on the information and data to ensure viability of our businesses and their potential opportunities for financial growth. We can make sound economic decisions by tracking the financial history of the business to help us predict where we can improve and where we need to make changes. Every facet of a business operation demands reliability of Managers to track where money is spent and how it is spent so that trends can be analyzed for future planning. When most people think about Accounting they immediately think about the record keeping and bookkeeping to record transactions of a business. This is only a small part of what the Accounting world is really about. Accounting also involves thorough analysis and interpretation of data to identify key areas for opportunity. Understanding accounting principles can help you personally as well as professionally. Many business Administrators would also add that proper Accounting will keep a business sound from the perspective of tax responsibility and basically keeping a company on the right side of taxation and income reporting laws. Since the Enron and WorldCom crisis when independent auditor Arthur Anderson failed to report illegal accounting practices, the SEC has been monitoring public corporations more closely. Thus, companies require some basic knowledge of accounting to avoid any future misstatements to unintentionally occur.

St. Rose involves all Managers in monthly reviews of budget transactions to ensure that we maintain within the parameters for what has been set for wages, supplies, services and capital expenses for our...