Accounting Is The Language Of Business - 4305 Words

Introduction Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc. Amongst these activities where the role of the Accounting Profession has been recognized, the very one that enjoys the focus of this presentation is Hire Purchase. There are various definitions of Hire Purchase, but one main meaning. These definitions include: A contract of hire-purchase is one under which an owner ofShow MoreRelatedAccounting Is The Language Of Business1286 Words   |  6 PagesAccounting is a major that teaches the language of business, it opens doors to the business world all over the globe, the possibilities with a accounting major is endless in the business field. Whether you want to run your own business or become a certified public accountant majoring in accounting gives you the establishment. A major plus in having a career in business is the flexibility it offers. Many businessmen can make their own hours and handle their business at the comfort of their own homeRead MoreAccounting : The Language Of Business913 Words   |  4 Pagesto Gaspar (2014), accounting can be viewed as â€Å"the language of business† as it records, summarizes and reports the financial activities and events of a business. 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