Jodie B. Doria
BA 111 (Accounting 1)
1.) Importance of Accounting in Business
In every business or company it is very important to have an accounting department or an accountant who analyzes the financial results and the income of the company whether it is increasing its shares/profits or not. It is important because in accounting, the company's financial situation up through sales, purchases and expenses are analyzed and these information are usually shared with the shareholders or sometimes used to attract clients and investors, because if one company has great income and sales many investors would be attracted to invest into one's company.
2.) Discuss International Accounting Standards.
International Accounting Standards is an older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC).
Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). IASC has no authority to require compliance with its accounting standards. However, many countries require the financial statements of publicly-traded companies to be prepared in accordance with IAS.
3.) What are some examples of Accounting software?
Accounting software is an application software that records & processes accounting transactions within functional modules such as accounts payable, accounts receivable ,payroll, and trial balance. It functions as an accounting information system. One example of this are SPREADSHEETs such as Microsoft Excel and Google Spreadsheet which is used widely by small companies to big companies. This is usually used in payrolls and other accounting files needed in a business. Another accounting software are QUICKBOOKS, whose features includes remote access capabilities, remote payroll assistance and...