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Meaning and Concept of Accounting in Business Assignment

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Added on  2020-05-16

Meaning and Concept of Accounting in Business Assignment

   Added on 2020-05-16

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BUSINESS RESEARCH1Business ResearchSubmitted by
Meaning and Concept of Accounting in Business Assignment_1
BUSINESS RESEARCH2Table of ContentsIntroduction......................................................................................................................................................3Project Objective..............................................................................................................................................3Project Scope....................................................................................................................................................3Literature Review Summary.............................................................................................................................3Research Questions/Hypothesis.......................................................................................................................3Research Design and Methodology..................................................................................................................4Qualitative research......................................................................................................................................4Quantitative research...................................................................................................................................4Research Limitations.........................................................................................................................................5Time schedule...................................................................................................................................................5Conclusion........................................................................................................................................................5References........................................................................................................................................................6Appendix...........................................................................................................................................................6
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BUSINESS RESEARCH3IntroductionAccounting is a key aspect which incorporates history of different activities, theories, framework, and model. It also entails the technological intervention. However, there is number of accounting challenges such as effect of modernization, increasing dynamicity and globalization. All these challenges are experienced by the corporation at the global level. There is need to focus on accounting functions to overcome the challenges (Prencipe, et. al., 2014). This research discusses a summary of the literature review as per the previous assignment. This literature review is about the challenges of accounting and respective measures for overcoming those issues. It also illustrates theresearch methodology as per the nature of research concern. Project Objective The primary objective of this research is to analyze the challenges and issue of accounting in an international corporation. Following objectives will be used to complete the key aim of this research:To explore the meaning and concept of accounting in businessTo address the challenges and issue of accounting in an international corporationTo recommend the measure to overcome the issue of accounting in an international corporation Project ScopeThere are certain issue and challenges of accounting hence company should be responsible to control and resist the accounting in order to run the operation and increase productivity. There is need of making frequent alteration in accounting practices in business. This research has a wider scope for an accountant to understand different approaches in an international company. It is also
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BUSINESS RESEARCH4beneficial for accounting companies and readers to understand the set of accounting measures in international companies during the globalization. It has also created wider scope for human resources to manage the international accounting practices within an organization (Diener, et. al., 2015). Literature Review SummaryAccording to Bennett and James (2017), the role of financial accounting is to manage the economy by considering different aspects such as keeping financial records, summarizing and monitoring the financial data. The key purpose of financial accounting is to offer sufficient data to external stakeholders and presents information to investors, government entities and creditor. Global accounting facilitates both threats as well as opportunities to international accountants of the company. In contrast to this, Sekaran and Bougie (2016) stated that the key challenge which impacts on the company is reporting of non-financial indicator, technological intervention, multiple-jurisdictional issues, diverse accounting standard, incompetent human resources and environmental issues. The key challenge which has been elaborated by the author is economic environmental issues. In the existing business phenomenon, traditional accounting is identified as primary accounting stream in a large number of the country. In the view of Drucker (2017), the second major challenge is related to a financial instrument whichcreated due to continuous enhancement and difficulties. Further, it could affect the accounting executives to carry out accounting function. Another challenge is increasing multi-jurisdictional reporting due to high amount of subsidiary of international companies. Since, there is need of adequate reporting hence it creates an issue for an accountant. It is becoming challenges for an accounting manager to develop an individual financial statement for all branches according to varied laws and regulation of that specific region and country.
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