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Role of Accounting in the Society Essay Sample Ireland

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

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Any modern society can operate effectively if all different groups can communicate the accounting information to be able to facilitate communication process. Such an accounting information is used for the purpose of making informed decisions and allocate the scarce resources. Accounting was mainly originated for the people as an art which has the body of theoretical knowledge with few rules for it’s 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 calculation and any business cannot operate without any such knowledge of the accountancy.

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

  • There are firms which requires the professional accountants who can provide services to general public. They are known as public accountants. They can take care of the auditing work, tax services, maintainence of the financial records. The other issues related to manufacturing is handled by 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 variety of financial management work and also deals with auditing, designing and maintaining.

They play a role as administrative officer that requires accounting information. 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 there are also other types of accountants that plays the vital role in the business of the organization. They are managerial accountant, cost accountant, the controller, teaching accountant, government accountant, internal accountant.

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

While a controller plays the 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 equipments, 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 each and every single item and cost of every part of the products which shall help in figuring out the production cost of each item.

  • There is also a requirement of 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 pays the 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.

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Importance of Accounting in Business and Modern Society 

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

It helps in keeping a track of the expenses or expenditure, income, profits and ensures the 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 account.

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