Financia accounting

What is Financial Accounting
Name:
Institution:
Date:
What is Financial Accounting
My name is (Richardson), and I am currently pursuing an accounting course in one of the local colleges. From a young age, I have always enjoyed working with numbers, but my first encounter with accounting knowledge was in high school when I was introduced to the basic principles of accounting such as the ‘double entry concept’ and how to debit and credit transactions. The lessons were thrilling, and this ignited my passion for accounting. Now that I am in an advanced accounting class, I hope to acquire key accounting skills which will undoubtedly go a long way in propelling my career in the accounting field.
Managers should possess as much accounting information as possible. This is because they drive organizations towards their objectives by making crucial decisions (Spiteri, 2009). The decisions include ensuring that the organization is well financed, investments are made in the right projects and that workers are well managed (Bushman & Smith, 2001). For instance, management can decide to abandon a project that has been making losses for three years in a row. To make such decisions, managers must have some accounting experience and a good understanding of financial statements. Accounting information is also used by other internal users including owners and employees. The owners of a business need to evaluate the performance of their entity. As such, financial reports offer i…