The aim of accounting is to provide information about the operations of a business such as what they own, what they owe, whether or not they earned a profit and how cash flowed in and out of the business. This information is not only important to business management, but it is also meaningful to business owners, creditors, unions, government authorities, investors, etc. Whenever we invest in a business, good investment decisions are made by understanding the financial statements and operations of a business. Money is lent to individuals and businesses based on the strength of their financial statements. The information reported on income tax returns comes from the books maintained by a business or the financial records of an individual.
Accounting permeates our daily lives.
Because accounting is the language of business, it is extremely important that all business majors have a basic understanding of accounting. First you should be somewhat familiar with the computer such as knowing how to create a wordprocessing document, attach that document to an email message, email, open pages in the world wide web, etc. Although some students have the impression that accounting is a math course, this is not totally true. You can even use a calculator in this course which helps you through the math part. Basic reading skills are also required.