Financial Performance And Position Samples †MyAssignmenthelp.com

Question: Discuss about the Financial Performance And Position. Answer: Introduction Accountingis the field that helps to generate specialised knowledge of studying the financial performance and position of the business and also preparing the financial statements.Accounting involves large number of steps such as recording day to day transactions in the form of journal entries, posting these entries to different ledger accounts which help in the preparation of trial balance, income statement and balance sheet. The financial information of a company is contained in financial statements which consist of Income statement, Balance sheet, Cash flow statement and Notes to accounts. The income statement tells us about the financial performance of the company whereas the balance sheet provides an overview of the financial position of the company and hence it is also known as the Statement of financial position. Cash flow shows the cash inflows and outflows during the financial year. Theaccounting career gives an individual a specialised knowledge of analysing this financial information provided in form of financial statements. There is a local as well as international accounting standard that governs the preparation of these financial statements. Theaccounting career focuses largely on analysing and comparing the past as well as present financial information which helps the management as well as the investors in planning, controlling and also in decision making. Financial accounting involves the interest of the stakeholders because it provides information for decision making. The financial statements should have the following characteristics- Relevance Materiality Reliability Understand-ability Comparability Finance is the study of acquiring funds from the cheapest possible source and managing those funds properly and correctly. A finance degree helps to initiate careers in the financial services. Finance has a great deal of profits because it is concerned with the present and future of the companys growth and sustainability. Finance does not involve recording of past and present information rather it involves forecasting and analysing the potential growth and profits of the company using certain appropriate tools. (What is Management Accounting?) Accounting And Finance As A Career - Expectations A person who has studied accounting can often specialise in various topics which includes management accounting, auditing, risk assessment and also taxation. Finance specialisation includes specialisation in a large number of topics such as financial evaluation, corporate finance, derivatives, capital market, financial reporting, investment management etc. (Lerner, 2009) There is a huge demand for accounting and finance professionals and it is expected that the demand for accountants and auditors will grow by 13% up to 2022 and the demand for the financial analyst to go up by 16% during these years (Fridson Alvarez, 2012). There is huge number of potential employers in this field. Few of them are accounting firms, public sector agencies, banks and several multinational financial services firms. However, the entry in this field is very competitive but there is a huge opportunity as well. There are a large number of firms that recruit employees in the large scale and with a good salary package. As compared to accounting to finance, there is a very less demand for less specialised roles such as book keeping, data entry, typist and couriers. (Girard, 2014) The major sectors that are expected to expand in the near future are accounting, payroll services, consultation services (both scientific as well as technical) and other general financial services activities. (McLaney Adril, 2016) Why To Choose Accounting And Finance At The University Of Birmingham? Birmingham is considered to be in top 100 universities of the world. It comprises of the largest international student communities in the United Kingdom, with 5000 students from 150 countries. The campus of the university is one of the reasons that the students gets attracted to. There are a huge number of social and cultural events that takes place which makes all students interested irrespective of where they are from. The university is also considered in the top for its sports and rehabilitation which has resulted in healthier diets and of course lifestyle. There are various community projects that the students take up and these project help them to have practical experiences which will help them in future at the time of finding employment. The campus has good restaurants which provide good food to the students so that they stay healthy. (Raun, 1962) The most attractive feature of this university is its placement opportunities. In terms of percentage, the number of people who has been employed or pursued further studied resulted to 96% which is quite impressive. When asked to the students it was also found that 88% students were highly satisfied which gave a confirmation that either the students were extremely happy or happy with the university. (Ittelson, 2009) Conclusion Accounting deals with recording, summarising and analysing the past and present financial transactions of a company whereas finance deals with the procurement of funds and managing or investing them at a place which can help them to generate higher profits. The project has made me very clear about what does accounting and finance actually deal with. A specialist of accounting and finance can get jobs in various companies in different departments. The students who choose Accounting and finance as career have huge expectations because it is a highly competitive field where large number of people tries to get employed for the best job possible. Although there is a huge competition, there is also a high growth rate of employment opportunities in this field. Birmingham is one of the most popular universities with high success rates and therefore, students wish to take admission there. (Seal, 2012) References Fridson, M., Alvarez, F. (2012). Financial Statement Analysis: A Practitioner's Guide. New York: John Wiley Sons. Girard, S. L. (2014). Business finance basics. Pompton Plains, NJ: Career Press. Ittelson, T. (2009). Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports. Franklin Lakes, N.J.: Career Press. Lerner, J. J. (2009). Schaum's outline of principles of accounting. New York: Schaum. McLaney, E., Adril, D. P. (2016). Accounting and Finance: An Introduction. United Kingdom: Pearson. Raun, D. L. (1962). What is Accounting? The Accounting Review , 769-773. Seal, W. (2012). Management accounting. Maidenhead: McGraw-Hill Higher Education. What is Management Accounting? (n.d.). Retrieved from www.cimaglobal.com: https://www.cimaglobal.com/Starting-CIMA/Why-CIMA/what-is-management-accounting/