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How we can apply sample accounting to daily life - Essay Example

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How we can apply sample accounting to daily life

A person uses accounting techniques to make decisions on which investment is worthwhile. Similarly, the person will be able to make decisions on which investment should be ditched. For example, some investments could be attractive but need some accounting knowledge to consider the whole situation. Some investments could look lucrative but the related expenses and risks are threatening. However, some ventures seem to have low income as well as low risks. With the use of simple accounting, a person will be prepared to make a decision on the available alternatives (Juan, 2007). Consequentially, when a person does not use simple accounting, it is easy to lose substantial amounts of money in unreliable ventures. Similarly, simple accounting is effective in management of business and personal activities. With simple accounting a person is able to note the income and expenditure of their business or life in general. With such focus, the person is able to manage the expenditure and income on the basis of priority. Simple accounting is vital in making decisions in regards cutting of costs. A person could be in a stalemate over some expenditure that is affecting their business or personal life (Freedman, 2010). To limit such expenses, a person needs to use simple accounting. ...
Similarly, simple accounting is vital when making decisions on economies of scale in production. Some activities could be limited to a certain extent if they are not worthwhile. For example, transportation of materials could be done all at once rather than transporting the same consignment in numerous shifts (Juan, 2007). This can be easily done through simple accounting. Being futuristic is a fundamental aspect in ensuring continuity. However, there is no future when a person is not able to forecast any future events with some considerable level of certainty. A person should plan on how to improve their life or business in the long term. This is by focusing on simple accounting and how it can aid in this process (Juan, 2007). For example, in many cases, there is the use of profitability index and its improvement to forecast future profits. With such forecasts, it is easy to plan for the future especially when a person is in need of a loan. This will be easy as the person will have a clue on how the loan can be repaid and the period needed for full repayment. Similarly, a person is able to forecast income that could also be used in slotting various ways of expanding the business, or better still, a person is better prepared for personal development. Making accounting decisions could be a hard task especially in the absence of accounting. Basic management decisions are made through simple accounting (Juan, 2007). Therefore, absence of simple accounting will lead to haphazard decision making. For example, accounting decisions are made after computing personal accounts. Therefore, a person should only make accounting decisions after evaluating some accounting findings. For example, the daily activities could be affected when some accounting decisions are ...Show more

Summary

Application of Simple Accounting to Daily Life Name Institution Date Application of Simple Accounting to Daily Life Accounting is vital in ensuring a person is at the helm of making positive approach in regards to finances and future plans. Since time immemorial, businesses have indulged in simple accounting to note developments, setbacks and how various situations will be managed…
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How we can apply sample accounting to daily life essay example
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