The Importance Of Accounting And Finance

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In this essay I will be exploring Accounting and Finance and why I have chosen to study it. Alongside this, I will also be looking at why I have chosen to study this at the University of Birmingham and my expectations of studying this degree.
When answering what Accounting and Finance is, it is important to consider that accounting can be broken up into two segments; management accounting and financial accounting. Although similarities are present, the purposes differ. Financial Accounting focuses on the businesses past data and follows a reporting guideline. Raun (1962) stated that, Financial accounting systems ‘attempt to provide financial information to persons outside the business management group, such as stockholders, creditors, governmental
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Financial Accounting follows more of a standard protocol whereas management is more varied from business to business depending on their own needs. When both are combined, business success is driven. ‘Combine financial information with Non-financial information data to paint a complete picture of the business.’ (Cima, 2017). This quote from Cima supports the argument that both the study and implementation of Financial and Management accounting are vital. The degrees ‘finance’ side looks at aspects such as Economics and Business Management. The finance component gives the degree the power to provide a broader learning aspect as it allows the course to take theoretical knowledge and apply it to more real life scenarios, giving students a chance to understand why firms behave the way they…show more content…
The first would be the prestigious teaching standards. The University of Birmingham is amongst the 24 Russell Group Universities and is ranked within 1% of top universities worldwide. This level of quality was a crucial deciding factor when deciding to study at the University of Birmingham. The university thrives from constantly being one of the best Employment Targeted Universities winning ‘The Sunday Times Good University Guide 2015-16’ and number one university for Graduate Secured jobs; demonstrating that the university excels in both academia and helping students excel in all other aspects making them all round employable people. This was important to me as a solid foundation for a career in finance is crucial and going to a university which has a good employability track record was imperative as it demonstrates that it helped craft students to be prepared for the business world, not just on how to complete a degree. The second deciding factor was location and layout. The University of Birmingham presented itself as a campus full of facilities varying from a sports and fitness club worth ‘£55 million’ (UoB site a) to a brand new library all opened up recently. This alongside being ‘less than a 8 minute’ (UoB site b) train journey to the city centre, being able to be a part of both a campus and a home-like city buzz, was an essential
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