Seven reasons to study Accounting & Finance (2024)

FAQs

What would be 5 different reasons for studying accounting? ›

You'll learn loads of new transferrable and subject-specific skills on a degree in accounting or finance. Some of the transferrable skills you'll learn include communication, critical thinking, data analysis, decision making and problem solving.

The primary functions of an accounting system are to track, report, execute, and predict financial transactions. The basic function of financial accounting is to also prepare financial statements that help company leaders and investors to make informed business decisions.

"I've always been captivated by numbers and the precision that surrounds them. Accounting allows me to work in a realm where every detail matters, and I find that incredibly fulfilling. As an accountant, I can organize complex financial data and aid companies in making well-informed decisions."

Accounting is the key tool business professionals use to understand and communicate business phenomena. When you learn accounting, you unlock the ability to understand businesses, produce and act on useful information, and lead organizations toward financial success.

As long as businesses exist, there always will be a demand for accountants, therefore it is a very reliable degree option. This degree will also allow me to build a career I am passionate about, rather than just settling for regular job I don't care too much about.

Financial accounting is a great area to get into if you have a real enthusiasm for and excellent knowledge of accounting standards and processes. In larger organisations you will almost certainly be based at head office, so the role can offer early opportunities to be noticed by senior management.

Accounting offers plenty of opportunities to learn new technology and techniques that you can apply throughout your career. In accounting, you usually learn the latest software, which can help you stay current with the newest technology. Continually adapting to new software helps you remain a valuable professional.

What are the three importances of accounting? ›

Why Is Accounting Important? Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.

Accounting and finance management is so important when navigating your business. If you don't know where your money is going and coming from, there is a very good chance you could lose control of your business. When businesses manage their income and expenses there is a stronger potential for growth.

The main goal of accounting is to record and report a company's financial transactions, financial performance, and cash flows. Accounting standards improve the reliability of financial statements.

It's a highly respected profession and is also immensely satisfying – you'll draw on strategic, leadership and communication skills, work with a variety of teams and really make an impact on your workplace and the wider world.

This model is an integration of five factors that influence ethical decision-making by accountants: professional codes of conduct; philosophical orientation; religious orientation; culturally derived values; and moral maturity.

The accounting field offers a wide array of career options from auditing, tax accounting and cost accounting to managerial accounting with several professional certifications for each. There are also opportunities in public accounting, government agencies or corporations, in addition to entrepreneurship.