Personal Principles And Principles Of Financial And Accounting Principles

Personal Principles And Principles Of Financial And Accounting Principles

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In today’s world being able to understand and identify financing and accounting principles is important to a person’s current and future success. One must be grounded by their own principles that are intertwined with the biblical and professional background. This will allow individuals to always keep God first, communicate on a professional level and be able to help others. The following paragraphs will discuss my personal principles, biblical principles and professional principles as pertaining to financial and accounting principles.
Personal financing and accounting principles:
My accounting and financial principles follow a simple four-step process. The first step is to trust Proverbs 3:6 “In everything you do, put God first, and he will direct you and crown your efforts with success.” Therefore, I attempt to not be overly concern with my personal finances. Additionally, when times get ruff I remember what James 1:2 states “Consider it all joy, my brethren when you encounter various trials.” These two verses help guide my financial decisions and provide myself peace when financial hardship arises. The second step is to follow Matthew 7:12 “So whatever you wish that others would do to you, do also to them, for this is the Law and the Prophets.” Currently, I own two different rental properties and I believe that my tenants are customers. Therefore, when there is an issue with the properties they quickly become my number one priority since I want to be treated the same way when I am a tenant in someone else’s property. The third step is to ensure that all of my financial transactions are accurate and without error. Abiding by this step allows my credit score to increase and keep food on the table for my family. Th...

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...escribes when Jesus enters the temple and sees trading happening, the description of the temple being incorrectly utilized essentially draws a parallel line to monetary and stable currency assumptions. Furthermore, Principles of Accounting states that the following qualities will help to make accounting useful: Relevancy, faithful representation, comparability, consistency, verifiability, timeliness and understandability (2016). Therefore, this is similar to my personal steps and biblical principles that are described above.
In conclusion, it is extremely important for individuals to be educated on finance, ground themselves with Gods love, trust in God that he will not lead them astray, live within their means, give appropriately, complete smart financial transactions, be trustworthy, honest and if one has a business treat their customers with dignity and grace.

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