ACADEMIC SKILLS FOR ACCOUNTING AND FINANCE - Overview and Analysis

This essay provides a comprehensive overview of accounting and finance. It begins with a brief account of the historical development of accounting and finance, tracing its evolution from ancient times to the present day. The essay then describes the key roles and functions of accounting and finance within an organization, including maintaining financial records, monitoring transactions, and preparing budgets. The importance of accounting and finance is highlighted, emphasizing their significance in decision-making and meeting legal requirements. The essay also briefly outlines the future development of accounting and finance, focusing on the increasing automation and technological advancements. The conclusion summarizes the key points and emphasizes the value of accounting and finance skills in various business and financial activities. References to academic sources support the information presented.

ACADEMIC SKILLS FOR
ACCOUNTING AND FINANCE

Table of Contents
 Introduction
 Give a brief account of the historical development of
accounting and finance.
 Describe the key roles and functions of accounting and finance.
 Explain the importance of accounting and finance.
 Briefly outline the future development of accounting and
finance.
 Conclusion
 Reference

Introduction
Accounting has an essential objective and role
in the industry with regards to maintaining a
record of all the business activities and
transactions. It plays a central role in running a
business organisation as it assist to maintain a
track of all the business transactions (Al Mallak,
Tan and Laswad, 2020). These take place
pertaining to the income and expenditures of the
business, ensuring that all statutory compliances
are met, providing the investors as well as the
management with all the necessary
information's.

Give a brief account of the historical development
of accounting and finance.
The history of accounting dates back to very
ancient times. The early evolution of accounting
is primarily related to various developments in
writing, counting and money and primal auditing
systems by ancient Egyptians and Babylonians.
Accounting is definitely more than just keeping
a check on all the debits and credits amounts
(Bertuzi and Silva, 2020). Accounting is the way
how the businesses communicate all the
financial matters.

Describe the key roles and functions of accounting
and finance.
Accounting and finance is very essential for the effective management and analysis of
the various financial resources that an enterprise has. Therefore, having a good
understanding of these functions and roles is necessary to effectively utilise this concept
in the business and organisational area (Parrado-Martínez and Sánchez-Andújar, 2020).
The key functions of accounting in an organisation include:
 Keeping Financial records
 Monitor financial transactions
 Maintaining digital records
 Keeping financial reports
 Preparing budgets

Explain the importance of accounting and finance.
Accounting and finance are very important for a business
organisation specially in today’s times for all the business
organizations (Griffin and Coelhoso, 2018). The importance
of accounting and finance are mentioned below:
 Maintaining record of transactions
 Assists in decision making
 Meets the legal business requirements

Briefly outline the future development of accounting
and finance.
The future of finance and accounting surely
involves minimization of the human efforts
and involvement while preparing the financial
statements of the enterprise especially in tasks
where the human involvements can be
automated (Doyle, Buckley and McCarthy, 2021).
The future will present the businesses with
right technologies and experienced finance
professionals to build an environment where
the decisions made are accurate and informed
with high efficiency and increased
productivity.

Conclusion
It can be respectively concluded from the presentation made that accounting
and finance together have grown through various historical developments that
have taken place. Accounting and finance as academic skills have assisted
individuals from a long time back in applying, appointing and utilising the
various principles of these subjects. It can be evaluated that the key functions
and principles of these academics of accounting and finance are useful to all
the business and accounting organisations while assisting them with an
effective way to maintain their funds, profits and company losses in case. The
future that the subjects of accounting and finance hold are very effective, bright
and helpful on many levels and would definitely help the businesses to utilise
them in favour while preparing business financials, income statements, tax
filings and many more financial and accounting activities.

References
Al Mallak, M.A., Tan, L.M. and Laswad, F., 2020. Generic skills in accounting education in
Saudi Arabia: students’ perceptions. Asian Review of Accounting, 28(3), pp.395-421.
Bertuzi, R. and Silva, P., 2020. Learning by doing: an experience with accounting students. In
EDULEARN20 Proceedings (pp. 8381-8385). IATED.
Parrado-Martínez, P. and Sánchez-Andújar, S., 2020. Development of competences in
postgraduate studies of finance: A project-based learning (PBL) case study. International
Review of Economics Education, 35, p.100192.
Griffin, M. and Coelhoso, P., 2018. Business students’ perspectives on employability skills post
internship experience: lessons from the UAE. Higher Education, Skills and Work-Based
Learning.
Doyle, E., Buckley, P. and McCarthy, B., 2021. The impact of content co-creation on academic
achievement. Assessment & Evaluation in Higher Education, 46(3), pp.494-507.