In accounting there are several bodies that regulate company finances. Accounting is tremendously important because it is the language of business, and it is at the root of making informed business decisions. Without accounting, managers would not know which products were successful, which business decisions were the right ones, and whether the company was earning money. It would not know how much to pay in taxes, whether to lease or buy an asset, or whether to merge with another company. In short, accounting doesn't just count the beans, it measures a company's success at meeting its goals and it helps investors understand how efficiently their economic resources are being used. This is why companies must be proficient in accounting in order to make good decisions. The Financial Accounting Standards Board, the Securities and Exchange Commission, the IRS, and other regulatory bodies set accounting standards and requirements for accounting frequency and presentation.
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Approximate Word Count: 610
Approximate Pages: 3 (260 words per double-spaced page) |