Importance of Accounting in Business Operations

School: Bryant & Stratton College - Course: ACCT 205 - Subject: Accounting

I think what I learned in this course and this project in general will be important in my career. This project helped me understand the full cycle of accounting. Nowadays, businesses are everywhere and one day I may want to own my own business. Understanding accounting and having accurate accounting records is crucial to a business because it helps keep a systematic record of how a business is doing financially and helps you get a better insight of the performance of a company over a period of time. Additionally, if I ever decide to pursue accounting, I will have a better understanding of the cycle now that I took this course. This project meets the following Program and Institutional outcomes: Accounting associates outcome -This project helped me to interpret and apply generally accepted accounting principles. We were given a scenario and instructed to complete the entire accounting cycle every week. It helped us apply accounting principles to the scenario given. Business associates outcome -This outcome was met because we were given numeric values and measurements to make informed decisions. Information literacy and communication -This outcome was met because we utilized current technology and resources to locate information needed to accomplish a goal. We utilized Connect assignments online to help us understand how the accounting cycle worked. Additionally, we used Excel to help complete each portion of the project each week, which is using current technology to locate information needed to accomplish a goal. In this case, the goal was the project. The company would probably utilize the documents I created for this project to look at how their company is doing financially. Companies utilize accounting statements to collect financial data on their operations, providing information for their financial statements, and implementing

controls that accurately record and process data. My guess is that the company would utilize the records I created to ensure their company transactions, profits, revenues, etc all make sense and their company is doing well financially.