Assignment on Accounting Profession

Added on - 21 Apr 2020

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Running Head: ACCOUNTING PROFESSIONAccounting professionReflection 1B
Accounting Profession1Q1.After studying the unit, one thing that comes to my mind whenever I think of accountingprofession is that it play a vital role in the success of any organisation. Now a daysaccountants have become a very important factor in maintaining the overall performance ofthe business. Having accounting knowledge will open a lot of job opportunities for thestudents. The profession includes making of final accounts, ledgers, journals and trialbalance. It also comprises of converting the business data into a useful information for thecreditors, investors, management and others. Apart from all this, being an accountant andhaving specialised knowledge of accounts, one can also opt for teaching profession that isteaching accounts to college students as an accounting professor (Bebbington, et al. 2014).Q2.Now, not only one or two contextual factors affect the accounting profession, but a varietyof factors can affect it and that are economy, accounting regulations, development oftechnology, politics, globalization trend, ethics followed by accountants and the marketforces such as demand and supply. There are several factors in internal and externalenvironment which also affects the profession. The Australian accounting companies shouldflow the standards set by AASB, ASIC and IFRS. It will help in maintaining the uniformityin recording and presenting the financial statements(AICPA, 2017).Q3.As an accountant, I look forward to interact with the top management to provide them theinformation about the true financial position of the company. It includes directors and seniormanagers. Also I would like to communicate with the auditors, fellow employees, officerswho works in legal department, investors and creditors to give them the information about theevaluated financial data. Expectations in regard with interacting people has not changed
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