As an employee, lender, manager, or investor it is important for you to have a basic understanding of accounting. That is why I have these business lesson, to help you understand the need and grasp the basics.
This lesson explains why we need accounting…
Consider this explaination from the 7th Edition of Accounting Principles in which the authors Kimmel, Kieso, and Weygandt put forth some valid points.
The rise of accounting came about in the industrial age when they’re became a separation between owners and managers. The owners needed something to indicate the financial status of the company. This is where the overall practice of accounting started. Over time, there were some major misdeeds in the corporate and accounting world, therefor the rules and regulations surrounding accounting was heavily increased. This led to the Sarbanes-Oxley Act in July of 2002.
Overall, lenders and investors need financial statements to understand the financial health of the company. Managers and employees will be able to find areas that they are doing well in and areas that may need improvement. If these documents are forged on a large scale, it would be a huge hit to our economy because we would lend to those companies that were failing and management would have the wrong idea of how well the company is doing.
As an employee, it maybe required that you review financial statements with your manager. Or you just may get an email with financial information and may not understand what it means to you. My basic lessons every week should give you some understanding into the world of Accounting. Hope it helps…
Please, refer to other post for more detail. I already have posted about some of these and I plan on posting about the rest in the future.
#1 I would have worked less and concentrated on my classes/grades more. Having a job was very important for my self – discovery and my resume, but I could have worked less hours.
#2 I would have got a better GPA. I found out the GPA was very important if you wanted to make yourself marketable to your ideal company. Even if you just want to move on to graduate school, GPA is important.
#3 I would have got to know my classmates. I wish I would have got to know more people in my classes. They are a factor to good grades and a better career.
#4 I would a joined a club and/or student organization much earlier. I would have met my classmates in these groups. The networking experience and company information I got in one year was extremely valuable.
#5 I would have got to know my teachers better. They can be a great resource for your career. If they see you more, they know your trying. Lastly, you may end up needing a letter of recommendation from them.
Most of the time, students are pushed to pick a career before they get into college. Somehow you are suppose to know what you want to do for the rest of your life, when you haven’t even learned to live on your own or what your true passions are. So, like everyone else, I picked a career and a suitable college to go with it. At the time, I was taking care of my sick mother while going to high school. I cooked, I cleaned, and I ran the household while my dad was away on business trips. I thought maybe my mother had been sick for a reason, possibly caring for my mom would better prepare me to care for other people who are sick. So there is was…the major of my choice “nursing.” Boy was I wrong. It was actually because of my mom that I was unable to become a nurse. I hated to see people go through what she went through and I couldn’t handle how depressing the job could be. I give a huge praise to those who can handle being a nurse.
Then I went on to find my true passions and learning more about myself. I switched from taking the prerequisites of nursing to just taking the general education course for any degree. I even jump around to some fun classes to see what I really enjoyed. My classes ranged from religion, art, and physical education to economics, building your own business, and accounting (all for $26 a unit at the time). That when I realized that I was a business woman at heart and I wanted to transfer to get my Bachelors in Business.
Reasons community college worked for me:
1. It was a low cost way to find my true passions and switch majors if I needed too.
2. My teachers seemed to take a huge interest in my success.
3. It was an easier to change from part-time to full-time and vice-verse.
4. It was easy to transfer to a University.
5. It was easier to get into the classes that you needed.
Yes, there are some pros to going straight to the college of your choice. This article is just explaining why community college was beneficial for me.
It is very interesting how many people show up to class wearing PJ’s or sweatpants on a daily basis. Some students don’t think about how this could effect their careers. I’m not saying you need to come to class wearing a suit everyday, but at least put some thought into what your outfit is saying about you. Do you look like you didn’t even get ready in the morning? Do you dress inappropriately? Just a few things to think about when getting ready in the morning…
Here are a few major reasons why you should care about how you look when you step into the classroom:
#1 Your teacher knows people in your fields of study and could be a great recommendation for you. If you are a great student but they feel like you wouldn’t represent professionalism, you may be shooting yourself in the foot.
#2 Your classmates may already work for the companies you wants to work for.
#3 You never know who you are going to run into.