analyze the practical applications of financial accounting

In this week’s discussion, you will make connections between your chosen field and what you have learned about financial accounting up to this point. This discussion is important practice for the second part of your final project, in which you will analyze the practical applications of financial accounting in terms of how relevant it is to your own professional aspirations.

In your initial post, describe your current or aspiring professional identity, including your career and the field in which you work or hope to work. What sort of transactions would you encounter in that field? What are the impacts of those transactions on the business? List and describe several examples.

Then, review your peers’ initial posts to find out who is working or plans to work in the fields or professions most closely related to your own. In your responses to those peers, compare and contrast your responses. Specifically, comment on how important financial accounting is within that field or profession. Before taking this course, would you have held the same view? Why or why not?

Current Field – Marketing

Peer Post 1

My ambition is to get my degree in business administration with a

concentration on organizational leadership. Having an understanding of

the many functions of business , helps me be able to provide valuable

solutions to managers on how to effectively lead, train, motivate, and

grow their subordinates. I currently work for the Dept. of the Army’s

Combat Capabilities Development Command – Soldier Center. I fall under

the human resources branch as a human research volunteer program

coordinator. It is a customer based service for principle investigators

with IRB approved research protocols, recruit volunteers, serve as an

ombudsman, and schedule daily activity. This action does have an

associated budget to feed, house, and pay the volunteers. The

organization conducting the research is on an accounts receivable to pay

for the usage of volunteers at no interest. These are tax payer

dollars. I also serve as an equipment specialist for the Doriot

Climatic Chambers. Organizations using the facility are billed a fee

for the amount of usage. The usage can be an ever changing variable

depending on types of conditions desired and current energy costs to

operate. The facility also has multiple accounts for different types of

routine maintenance. With this course I have a better understanding on

the language of business and can assist the facility manager with the

financial disciplines associated with the facility.

Peer Post 2

My currently field is business administration and information technology. When you are a technology technician there isn’t much financial accounting involved. However, in business administration there is. Business administration relies heavily on information and insights made by accounting. Since, in my business, we don’t use outside accounting it is my responsibility to complete accounting tasks and take that information to improve the business. One aspect we have been learning about in class are balance sheets. Preparing these balance sheets are becoming part of my duties. I will compile one at the end of the month. Through checks and balances I make sure everything evens out. Some things on the balance sheet are inventory, sales, assists, etc. I am responsible for cross checking these categories to records we have. The most important documents I will eventually need to master are; income statements, cash flow, and revenue forecasts (Wood, 2019). Eventually I will be using many aspects of financial accounting in my daily duties. I then can take the quantitative information from accounting and the qualitative information form business administration to create a more successful business.

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