Fundamentals of Accounting

It is necessary to maintain accurate relevant and

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It is necessary to maintain accurate, relevant and reliable statements. This ensures the company to pay the correct amount of jurisdictional state taxes, government regulated taxes and current and long term liabilities. It also informs the interested parties of the assets that contain monetary value and their condition. Accounting has impacted my personal life in one of the courses of managing my finances. My philosophy or ideology is this, when I am about to pay a bill, I follow the same methodology that a company exercises in a professional capacity. I pay my bill on time to avoid late fees. As an accountant I have the responsibility to preserve the integrity in the financial aspect of the company and to provide financial reports that have validity. With this responsibility comes the core standards of social beliefs, the concept of right and wrong. This is where the utilitarian approach is exercised, in everyday decisions whether it is at the workplace or at home. Utilitarianism is usually held to be the belief that the ethically real measure is the action that produces the most good. (The History of Utilitarianism, 2009) Utilizing the code of ethics ensures that the individual will make the right decision that will improve the good of others. Accounting has come a long way since the days of manual ledgers and journals. Technology has given mankind a cutting edge to support their series of financial records. It has revolutionized the accounting practice of records. Technology has given business owners, corporations, etc. the ability to computerize the accounting cycle. Technology has developed
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