Acc700 Principles Of Accounting And Assessment Answers

Answer:

Introduction

In the present time, the business environment is considered more complicated, challenging and fast growing due to high competition and up-gradation in the technologies. Both competition & technological improvements are the important and significant factors that are affecting the current and future of accounting profession. For example, due to the introduction of new/innovative and dynamic technologies/tools/methods, the accounting experts/professional and managers are able to work more effectively, accurately and innovatively. In the same way, they can perform a number of complex accounting and financial tasks simply and easily manner. The new technologies are offering significant opportunities to the accounting people to work in a more dynamic and effectively manner. But, the new technologies are replacing their jobs directly. For instance, today’s companies or business firms are able to perform and conduct various accounting tasks and functions with the help of various accounting information systems, and accounting software. This is more cost effective method for the companies in the current time. This indicates that, technology has a positive and negative impact on the accounting profession. So, it is essential for today’s accountants and accounting experts/professionals to understand the value and significance of technology and conduct functions accordingly.

Basically, the main aim/purpose of this research report is to access, analyze, and impact of current and future technologies on the accounting profession. In addition to this, this research paper is characterized with different research objectives and issues. For instance, this research paper would identify and address current and future technologies, ethics, accountant skills/abilities and career opportunities for the accounting profession and professionals. On the other hand, this research paper would also provide detailed description about the information that would surprise the group. At the same time, in this research study, an interested country would be selected to discuss and explain the various aspects of technology, ethics and carrier opportunities. Along with this, the value and importance of studying/taking accounting courses would be discussed in order to fulfill the aims and objectives associated this research paper. Finally, this research study would propose innovative methods, strategies and ways that could be used by the accountants to improve current skills, knowledge and abilities in the area of accounting.

Current Technology: 

In the present time, it is important and essential for each and every accountant to use various technologies to fulfill their accounting related objectives and functions. The current technologies are allowing the accountants to conduct a number of accounting transactions and functions in a more accurate and simple manner. For example, with the help of technologies, they are able to solve most complicated functions in a more accurate and innovative manner (Welsh, Ordóñez, Snyder, and Christian, 2015). Along with this, it should also be noted down that, in the current time of digital era, due to the introduction of new technology and information systems, the accounting people are required to adopt the current technologies in the accounting setting. For instance, a lot of accounting software or packages available in the market that could be used by the accountants or people who pursue accounting careers. For example, with the effective use of such accounting software or packages, the accounting people can be able to collect real time information and prepare and conduct financial reports, transactions and records in a more effective and dynamic manner (Pan, and Seow, 2016). 

In addition to this, it is also analyzed that, MYOB, Xero, Profitbooks, Saasu, QuickBooks, Sage, and Nominal etc are the most effective and current accounting software or packages or technologies that are available in the current time that could be used to conduct various bookkeeping, payroll, billing, taxation, related functions effectively. These new technologies and systems should be used by the accounting people in order to bring accuracy and speed in the accounting reports, transactions and process. For example, these accounting software applications are allowing the accountants to prepare accurate financial reports by eliminating human errors. In addition to this, these accounting packages are also helpful to conduct necessary calculations automatically when an individual accountant enters orders, transfer and other functions. For example, through MYOB, Recon, Exero and Profitbook accounting software, an accountant can analyze business practices and identify money flow in the business operations quickly. Financial records and reports can be managed in a more effective and accurate manner by using accounting software. Along with this, the functions related to the banking, e-filling, taxations could also be easily performed by the accounting packages (Hodge, Kennedy and Maines, 2004). 

On the other hand, accounting packages are also helping the accountants to calculate pay, produce pay slips, and automatically calculate VAT etc. Additionally, these packages are also offering opportunities to the accountants to prepare balance sheet, profit and loss account, conduct functions related to creditors & debtors, manage customer accounts, and conduct forecasting related functions in an effective and proper manner. Moreover, these packages have abilities to improve skills and knowledge of the accountants in dealing with multiple accounting transactions. Overall, it can be said that, the current technology such as accounting software/packages are helping the accountants to conduct functions related to reporting, cash flow management, inventory management, management of information. These packages are helping to provide Up-to-date information and increasing the individual productivity (Porter, and Norton, 2008).

On the other hand, it is accessed and analyzed that; artificial intelligence is another up-gradation in the current technology that allowing the business firms to make a computer, a computer-controlled robot, or a software that can think intelligently, and strategically and perform various accounting and financial tasks in more effective and proper manner (Walsh, 2014). Artificial intelligence is also playing a key role and allowing the accountants to create and develop most innovative and destructive method to achieve core and strategic goals of a firm associated with the accounting, finance, taxation, payroll, inventory, information management and auditing. Moreover, it is also important to know that, this technology is also helping the accountants in enhancing their accounting skills, knowledge, abilities, learning, perception, planning, problem solving skills, reasoning skills. For example, artificial intelligence is helps an accountant in solving more complicated accounting problems by creating plans. On the other hand, it is also allowing them to conduct accounting functions strategically, innovatively and properly (Henry, and Hicks, 2015).

Future Technologies: 

Along with this, it is also found that, the future of the accountants would be uncertain because they have to adopt and use various future technologies to attain their key objectives and day to day tasks. For example, it is expected that, Data analytics, automating accounting solutions, Cloud computing accounting, Client Accounting, etc would be the future technologies in the area of accounting that would have to use and apply by the accountants to conduct their accounting functions effectively (Traistaru, 2016). But, these technologies would require more time, high efforts, specialized skills, expertise, knowledge and abilities to use these systems more effectively. In addition to this, it is also expected that, in the future, there would be no more time based billing and client would be more transient. Hence, all these future systems and technologies would affect individual productivity and growth of an accountant (Humphrey, 2008).

Accountant Skills:

 In the present time, it is important for the accountants to have specific accounting skills and abilities to complete various complex accounting tasks and functions effectively. Today, it is also valuable for the people of accounting profession should have innovative abilities to think strategically and take innovative & actions to perform different complicated task in the area of accounting. In addition to this, in the future and current time, the accounting people should have various types of accounting skills so that they could effectively take specific decisions and create financial reports of the company (Suddaby, Saxton, and Gunz, 2015). For example, accountants are important assets and human resource of a company so they have to perform a number of organizational tasks, functions and responsibilities. Hence, in order to complete and perform various business tasks related to accounting, auditing and finance, an individual accountant should have a system to keep track of those tasks, duties and responsibilities. This indicates that, they should have management and organizational skills to manage a portfolio of various functions. Time management is another skills needed for an individual that helps an accountant not only attaining his or her tasks but also improving organizational capabilities. This skill is allows to manage various tasks or workload effectively by utilizing time (Libet, 2002). 

Moreover, with the help of time management skills, an individual accountant could be success in managing competing priorities and juggle myriad tasks by developing time budget. Moreover, accountants should be adaptable, this skills indicates that he or she must adopt more complicate tasks easily. For case, the industry of accounting is highly competitive and dynamic, so accountants should adopt responsibilities to attain core task. For instance, they should also provide much better assistance and services to their client and company by learning. In the current and future time, the accountants would have to deal with diverse groups of people, so maintaining communication is a key to success. So, accountant should have communication skills to negotiate with the client, customer and key stakeholders. These communication skills would also allow an individual to complete tasks and attain organizational objectives in a more effective and innovative manner (Hayre, 2015).

Both honesty and integrity are highly valued in the accounting world, so accountant would require to conduct their functions with integrity and honest to satisfy the needs of key stakeholders. For example, it is important to accountants to manage and consider ethical standards in preparing financial reports and statements, so openness is a major skill that would help him to apply such ethical standards within the accounting setting. Leadership is ability to influence the attitude, perception and behavior of others in a positive manner. So, with the help of leadership skills, an individual could motivate and encourage their staff, co-workers, and stakeholders. Apart from this, an accountant should have the skills set such as: Analytical, technical skills, enthusiasm, decision making skills etc (Cernusca, and Balaciu, 2015).

Ethics:

The job area of accounting are wide and an accountant have to deal with several ethical issues by using several ethical standards. The accountants are required to maintain honesty and integrity by using a number of ethical standards, policies, methods, and strategies. It means they would have to follow codes of conduct or ethics to maintaining the integrity within the financial and accoutering transactions. Such ethical rules and standards would have to use in the practices to bring accountability, creditability, flexibility within the accounting and finance. Moreover, they would also be required to adopt Generally Accepted Accounting Principles in maintaining integrity. Moreover, ethical theories, their application would have to be used in the practices. Code of ethics, professional codes of conducts, IESBA etc would need to follow (Lobo, and Zhao, 2013).

Career Opportunities: 

There are several career opportunities available for those who pursue accounting careers in the present and future time period. For example, by using various accounting skills and knowledge, an individual could get opportunity to become a Management Trainee, senior bookkeeper, accounting assistant, auditing & financial manager, payroll accountant, tax accountant, corporate accountants, accounting directors, government accountants/auditors (Murphy, 2015).

B. Surprised Information: 

There are a lot of important, significant, and valuable information with regards to accounting had surprised group. For case, the information about the accounting industry has surprised mostly to group that accounting industry is wider, dynamic, and competitive by which accountants are more responsible to attain and fulfill their key goals and objectives. In addition to this, the information about the maintaining integrity had surprised. For example, it is analyzed that, an accountant have to maintain the integrity within the business by using several ethical standards, principles, rules and regulations. Moreover, accountants are the most valuable assets for a company because they plays key role in the total success of a company by maintaining integrity. Along with this, it is also found that, in the future, the accountants would be responsible to analyze and predict upcoming events and issues that may affect the success and growth of business (Copur and Zeynep. 2015).

Moreover, the information about the managing competing priorities has also surprised the group. For example, it is understood that, in highly competitive accounting industry, an accountant is responsible to perform a number of accounting tasks or portfolio of jobs in order to be success in the career. Additionally, it is also accessed that, the current and future technologies would have a major impact on the accounting professions. So, the accounting people are required to adopt current technologies to complete a number of accounting tasks and functions. In the future, the accountants would have to work according to the new and upcoming technologies to compete in the market otherwise they could be success in the market. Furthermore, it is also investigated that, in order to become a more successful accountant, an individual should have a set of skills, abilities and knowledge (Riahi-Belkaoui, 2004). On the other hand, in order to generate future business opportunities, an accountant would have to bring innovation, integrity, accountability, flexibility, reliability. Moreover, complicated standards, legal rules, ethical norms and others business standards would have to consider by an accountant to become success. Hence, all these are the important information that had mostly surprised the group and changed perception, attitude and behavior in the context of accounting setting (Broadbent, and Cullen, 2012).

C. Aspects: 

In the context of this section, Australia is selected as an interested country to work as an accountant. In addition to this, it is also important to know that, in order to work in the Australia, an individual should consider three aspects of technology such as: capacity, activities and product of technologies. On the other hand, the aspects related to accounting skills would need to consider (Sharpe, 2016). For example, the aspects with regards to accountant skills are soft skills, problem solving skills, communication skills, leadership skills, and team work skills. At the same time, the aspects related to workplace ethic are forgiving, sacrificing, renouncing, morals, ethical norms, Feelings of love, Friendship, moral rules, Openness, self-centeredness, selfishness, self-protection. Hence, it can be said that, all these are the major and valuable aspects related to technology, ethics, skills and opportunities that should be considered by an individual (Narayanan, and Nanda, 2004).

In addition to this, the group should focus on improving management, ethical and technical competencies in order to perform various functions related to accounting. Moreover, the current accounting skills and abilities would need to change and new skills have to improve by using various methods (Andon, Free, and Scard, B.2015).

D. Value of Studying/taking Accounting Courses: 

In the current time, accounting industry is considered one of the biggest, largest and dynamic industries as compare to others. Accounting is provides different opportunities to an individual to learn different new things in the area of accounting. Through the accounting courses, an individual could enhance depth knowledge and learn new and new things. Moreover, studying accounting could also provide a number of professional job opportunities. Moreover, by studying accounting, an individual could understand all the aspects of business. For case, accountants could observe the overall financial position of a company. On the other hand, it should also be noted down that, accounting courses are associated with the Real-life applications. For instance, the accounting degrees often take a more innovative and highly practical approach that is directly or indirectly related with the real life applications (Atrill, 2005).

The study of accounting is also improve knowledge and understanding about the global economy and international market so there are a lot of global job opportunities are available in this accounting profession. Along with this, accounting is not only related to one or two industry but also the degrees in accounting open the doors to work in all the types of companies as well as industries. At the same time, the accounting degrees or courses are also more valuable because these improve time management skills in an effective and proper manner. Moreover, accounting profession is also directly connected with all other areas including production management, financial management, human resource management, operational management, business ethics, sales & marketing etc. Finally, it can be said that, accounting is a wider area that improves unlimited knowledge and skills in an effective and proper manner (Drew, 2015).

Conclusion

On the basis of above discussion, it can be concluded that, accounting is one of the major area of a business that determine the success and growth of a business. Without accounting, a company or business is nothing. Accounting is work as blood in the business that indicates that accounting is everything. In addition to this, it can also be suggested that, in order to because a successful accountant, an individual should focus on using and applying various types of technologies and information systems. In addition to this, it is also suggested that, people who wants to be good accountant, he or she should have focus on improving various types of accounting skills. Moreover, they should have followed ethical and legal standards to maintain the integrity in the business. Finally, it can be concluded that, the study of accounting is more valuable for everyone because it provides various opportunities directly or indirectly.

References

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