Question

  Give an example from your personal life that illustrates your use of accounting information in reaching a decision.

Answer 1

Answer:

Accounting is the process of gathering, recording, summarizing and analyzing financial transactions or data.

Accounting skills can be used to apply to your everyday life, and for a life-long learner thirsting for knowledge and intellectual stimulation there are many great applications. Life as an online learner can be much more manageable if you are armed with accounting skills.

Explanation:

For example, accounting skills can be used to analyze the grades you received from assignments and exams. By recording and summarizing that data in a spreadsheet, you can analyze it and pinpoint the subject areas that you need the most help with; then you can easily focus on ways to improve your grades. Also, you can further break down the recorded data and analyze the amount of time you spent on each of those assignments. Once you identify the subject areas that you are weak at, you can devote more time to them or seek out tutoring services.

Answer 2

Answer:

Accounting can help us with budgeting and spending management. We can see where and how our money is spent. Furthermore, we can track where and how much income we receive for our finances.

Explanation:

• Collection, recording, summarization, and analysis of financial transactions or data is accounting.
• It is applicable in our daily lives because it maintains and expands a company's financial health.
• Accounting is essential in business because it allows you to track financial income and expenditures, manage employees, and ensure statutory compliance, all of which can be used to make business decisions.
• As a result, accounting is a career that requires skills that are frequently used in daily life. It is true that accountants are in high demand in business or a company because they are necessary in some aspects of the business.

As a result, accounting has a significant advantage in our everyday lives. We gain the advantage of knowing the income and expenses from our money by monitoring, controlling, and planning the finances. Implementing this accounting activity on a daily basis will greatly assist us in controlling our finances for a better outcome.

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