Accounting is often referred to as the language of business. Explain in your own words what this expression means. Also, considering this definition of accounting, discuss how the knowledge of accounting will enhance your own career. Please give examples. Participate in follow-up discussion by adding additional information in support of or in disagreement with fellow students’ reasonings. Remember to use a professional tone.
In biblical times, livestock was the indicator of wealth and, in essence, was the currency that was traded. Therefore, Proverbs 27 warns that it is important to know the condition of your flock and to give careful attention to your herds because riches do not endure forever. Relate this concept to the importance of the financial statements in today’s business environment. Briefly describe each financial statement and examine how each helps a business to “know the condition of its flock.” Participate in follow-up discussion by comparing your interpretation of this verse to that of a classmate.
Review “Beginners’ Guide to Financial Statement,” by the U.S. Securities and Exchange Commission (SEC, 2007), located on the SEC website. https://www.sec.gov/reportspubs/investor-publications/investorpubsbegfinstmtguidehtm.html
View “McGraw Hill SmartBook Orientation,” by Jacobson (2022), located on the YouTube website, for an introduction to using SmartBooks in this course. https://www.youtube.com/watch?v=XH0dsUJFtOc