Role of Accounting in the Society Essay Sample Ireland

In the following essay sample, we shall focus on and discuss the role of accounting in society and its importance in the business of the organizations. Accounting of the information is the collection, analysis, and communication of economic information and data.

Any modern society can operate effectively if all different groups can communicate the accounting information to be able to facilitate the communication process. Such accounting information is used to make informed decisions and allocating scarce resources. Accounting was mainly originated by the people as an art that has a body of theoretical knowledge with few rules for its practice and is constructed mostly socially.

Different Types of the Accounting Playing Role in the Society

• In the big business organizations or companies, modern accounting machines are operated which are directed to perform big calculations and any business cannot operate without any such knowledge of the accountancy.

Accounting records the growth of the business, profit margin, and loss and analyzes the figures and data. An expansion in business and industries can automatically contribute to the economy of the country which has made control very complex. The accountant can keep a record of the figures and provides advice to management.

• Some firms require professional accountants who can provide services to the general public. They are known as public accountants. They can take care of the auditing work, tax services, and maintenance of the financial records. The other issues related to manufacturing are handled by an industrial accountant.
• The accountants are employed at all levels of the federal, state, and local government. They provide a specialized accounting service in the narrow field of employment, transportation, manufacturing, and public utilities. Such government accountants can perform a variety of financial management work and also deals with auditing, designing, and maintenance.

They play the role of an administrative officer that requires accounting information. An internal accountant is responsible for keeping a record of the assets of a business and recording financial transactions, the company’s profit, loss, and expenses.

• Apart from any public or private accountants, other types of accountants play a vital role in the business of the organization. They are managerial accountants, cost accountants, the controller, teaching accountants, government accountants, and internal accountants.

The managerial accountant has the scope of becoming a manager in the future who can serve the different functions in the business organization. They are responsible for discharging managerial functions and administrative skills.

While a controller plays a major role in recording the financial and operating data and can measure the performance and interpret the results of the operations. He deals with the equipment, plants, and products, profit and loss of the company, and also other people.

The production cost of each item which arrives must be known to the sales office that shall contain a profit for the company. The cost accountant can figure the cost of every single item and the cost of every part of the product which shall help in figuring out the production cost of each item.

• There is also a requirement for the accounting professors in the high school, colleges, and universities who could teach the students the various techniques of accounting. This shapes the future of students who will be dealing in the business as an accountant in the future.
• A tax accountant is an auditor or a budget accountant who can easily manage the taxes and provide tax services to the people and system control. People pay different types of taxes to the government for the economy which is the financial income of the government. They can aid people in their payment of taxes and getting rid of liabilities.

Importance of Accounting in Business and Modern Society 

Accounting is considered an important part of our modern society which is formed as a result of industry, government, college, school, business, factories, and management. The business needs to grow and flourish for the economy of the country. The latest developments in the accounting processes have made and facilitated the operations of the business.

It helps in keeping a track of the expenses or expenditures, income, profits and ensures statutory legal compliance, and provides the important financial information for making the informed decisions in the business. In any business, the income statement information can provide profit and loss accounts.

The balance sheet provides the financial position or standing of the business while the cash flow statement shows the cash inflow and outflow during a specific period. All these financial information records can help in creating a budget and projection for the future. It can evaluate the performance of the business by also adhering to laws and regulations.

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The above-written essay sample is based on “Role of Accounting in the Society.” This essay sample work is meant for management, accounting, and business finance Irish students.

Accounting Manual and Computerised QQI Level 5, Applied Economics QQI Level 5, Certificate in Accountancy Business and Taxation QQI Level 5, Business Administration QQI Level 5, Business and Finance QQI Level 5 and 6, Business Management with Finance QQI Level 6 Irish students can read this above-written essay sample to gain knowledge and improve their writing, language, and vocabulary skills.

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