Importance And Importance Of Accounting

How important is the process of accounting in our everyday lives. In many aspects of everyday living the accounting process involves all people both personally and professionally. From managing household budgets to planning financially for retirement, consumers trust that the people who work in the financial industry to make sure that the funding entrusted to them goes to or gets spent on whatever venture the customer specifies.

People who go into the profession of accounting do so because it is something they are good at or interested in. They go through the educational system that teaches proper accounting methods and techniques, and eventually these students graduate with a degree that specifies that this graduate has passed all necessary classes in order to work in the Accounting field.

Upon being hired, an employee must demonstrate that they are able to meet the accounting needs of a firm or perhaps the ability to help potential clients who seek the advice of a financial planning company.

Companies who do well will establish a good reputation which in turn will be beneficial for the future of the company. With thousands of accounting firms in the United States, and the ease to which the internet can help search for reputable companies as well as the ability to check for ratings from, finding companies who are at the top of the list is relatively easy which makes having a good reputation even more important.

Deloitte, PwC, and Ernest & Young are currently ranked one, two, and three respectively according to each company’s annual revenue (Firms). These companies go through a thorough audit …

Easier still is to find the exact opposite which would be accounting scandals, which more often have accounting firms working fo...

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...ance provided in his Summa. What Pacioli did also believe, however, was that profits should not be pursued blindly, and that those successful in business should seek to share the fruits of their labors with those less fortunate.

Hundreds of years ago, Friar Luca thought it important to write about the behavior in which businesses should conduct their accounting recording should do so in the most honest and reverent way.

Today, the United States has been plagued by stories of businesses using unethical practices, which in turn, has caused such turmoil and destruction it is obvious that Friar Luca’s warnings have gone unheeded.

To capture a truer image of what the consequences are of not practicing ethical accounting we can briefly explore a few more recent examples of the ramifications of conducting unethical accounting practices in the business world.