Week 1 Act/280

I know what I dont know. To this day, I dont know technology, and I dont know finance or history , said ex WorldCom CEO; Bernard Ebbers. Ebbers(63) was convicted in March for his part in an $11 billion method of accounting fraud at WorldCom. WorldCom, now cognize as MCI filed the largest bankruptcy in U.S. history in 2002. The companys break dance led to billions of dollars in losses for shareholders and employees. (Crawford 2005)

Providing Ebbers knew the paramount seriousness of accounting and the four basic financial statements in would have been facile in The Language of Business. The signifi tushce of accounting and accounting cannot be over emphasized. We all with intent or unknowingly generate accounting ideas in a way when we architectural plan what we will do with money. (Siddiqui 2009)

Maintaing track of transactions and recording revenue and expenses are principal argumentation processes. bill is a melody discipline that facilitates the documentation, evaluation and recouping of critical financial teaching that can be use of goods and servicesd to calculate a companys financial spatial relation and provide outlines and insights needed to make sound financial decisions.





Accounting provides commission with data needed to determine whether a business is at a loss or a profit,how practically debtors owe, how much a business owes another(prenominal)s, and other financial information (Shanker 2011) In essence accounting is a tool for management to employ to help make substantial business choices. In example, if by using accounting reports managers observe a crook in decreasing sales; from that moment they can feature measures to stop or redirect the current course.

Getting your cash intake numbers also proves useful to managers. Managers should use accounting information to see where the business is cash-wise and to plan for financing and other strategies for short-term and long-term planning (Shanker 2011). Handful of managers and business owners use ratios to analyze financial data. A common way to...If you postulate to get a full essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .