1 answer

In today's global marketplace, business is conducted on every continent, in different currencies and in many...

Question:

In todays global marketplace, business is conducted on every continent, in different currencies and in many languages. Even
In today's global marketplace, business is conducted on every continent, in different currencies and in many languages. Even so, it is often said that accounting is the language of business. 1. When there are so many other options, why do you suppose accounting would be considered the language of business? 2. If accounting standards differ by country - and some do - what are your thoughts about how the phrase could still be true? 3. Thinking about your experience as a consumer, share an example of how accounting could be considered a language of business.

Answers

1.Accounting is the language of Business .

The above said phrase is so true, irrespective of the countries or continent where business takes place.

The reason behind the same is that, the most important and the primary reason for doing business is earning profit. No business in the entire world can run with a continuous loss .And one can examine profit or loss only with accounting. Accounting is the language of business where one can analyses the status of its business that how much profit tor loss the business is earning , same way like we understand the people by talking them in the language we speak , therefore to understand the business, we need to understand the accounting.

2. Irrespective of the fact that there are different accounting standards used in different countries. But the ultimate goal of any prescribed standards by any prescribed authorities is to achieve at the profit/loss figure appropriately.

Accounting standards helps us to do the accounting in the correct manner. And it is different in the different countries as every country has their own tax system and every business is liable to pay tax on the profit earned according to the prescribed rules & standards.

Therefore, as the business has to pay tax , accounting should be done as per prescribed standards

3.

As a consumer, let say, I have to invest in any accompany then first of all I will have a look on the accounting i.e. balance sheet, net worth , income statement etc to analyses that whether the business is doing well or not & whether it can give us the return on investment made .With the help of books of accounts only one can decide whether to invest or not.

Next example is that as a consumer if I have to buy a any stuff then we analyze that which brand is that , how is the product , quality etc. and these things can be analyzed with the help of goodwill made by the company in the open market. And goodwill is also analyzed with accounting as it is a part of accounting.

.

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