Essay On Importance Of Accountancy

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Based on BusinessDictionary.com (n.d.), accounting is “…a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm 's assets, liabilities and owners ' equity.” Accountancy is not all about numbers. It is mostly about logic. So if you get the logic of it, the operations of numbers would be easy to deal with. The problem is not everyone could get the logic of it. That is why there are people who study and focus on the field of accountancy. These people would probably end up with jobs like teaching accounting, forensic accounting, and managerial accounting. These all are accountancy professions and accountancy professions have high standard education, are important to the economy, and provide high-quality services. Thus, society perceives accountancy professions with high public value. Accountancy professions have a high standard education because not all could work on this field just when they want to. It is a very specific field even on education. Unlike in other broad courses and programs, accountancy has its own degree. Therefore, an accountancy professional must hold a degree of Bachelor of Science in Accountancy (Philippine …show more content…

Another reason why accountancy professions are seen with high public value is because it is important to the economy (Association of Chartered Certified Accountants, 2011). According to Jui and Wong (2013), accountancy professions provide financial information. Since accountancy is more on logic applied to numbers, accountants mostly handle finances. Furthermore, because they know much about finance, they could contribute or suggest in making economic decisions (Ilagan-Ame & Vicente, 2007). Lastly, knowing much about finance and economy, they would also know how to make effective strategic plans which could help with businesses and firms (Jui, and Wong

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