accounting coursework - little help

[kaja1]

Hi everyone! I am studying accounting and finance and I have to write 2000 words essay about ‘Accounting only has one role which is to satisfy user needs’. Looks very simple but I need a little help and hints what I should remember and what I should include. We just start this subject and I am a little bit confused but I dont want to leave it for last week!

Thanks for any help

 

[Alan]

Good on you for starting before it is too late.

What a rubbish hypothesis 'Accounting only has one role which is to satisfy user needs’ It is so broad - image studying as doctore and ask to write 'The science of medicine only has one role which is to satisfy user needs’

First define all the 'things' that make up accountancy
e.g.
Bookkeeping
Tax
Balance sheets
Cash flow forecast
Payroll
Cost accounting
whatever

go through the headings of all your text books

the define all the 'users' of accountancy
e.g.
the shareholders
the Senior Management
the finance team
the employee
the tax man
the marketing people
the buyers

Think of every one involved in business in a business and around a business

Then match the two up, fill in some words, then start trimming it down from about 5,000 words to 2,000 words

You should get a 1st easy.

 

[Gillie]

Hi everyone! I am studying accounting and finance and I have to write 2000 words essay about ‘Accounting only has one role which is to satisfy user needs’. Looks very simple but I need a little help and hints what I should remember and what I should include. We just start this subject and I am a little bit confused but I dont want to leave it for last week!

Thanks for any help

Have you just started this course?

Might I suggest you approach your personal tutor and have a chat - clear up some things and gain some pointers - as after all - they are there to support you and help.

 

[Rohit]

Not just accounting all professions endeavour to satisfy user needs.

From an accounting perspective, key is management information commonly referred to as MI. Accountants are armed with financial knowledge that enables them to understand/analyse, communicate and participate in driving the financial and business strategies. Good accountants tend to relate quantitative knowledge to qualitative actions.

I think it would be vital to identify "users" in your essay who will be the various stakeholders in the business. Whilst communicating the important messages, accountants must ascertain the needs of stakeholders such as board of management, directors, senior team as well as external stakeholders such as HMRC, auditors, creditors, suppliers, banks, government etc.

The most important part of the essay would be to explain how exactly do accountants satisfy the user needs...Some points

- Clear communication i.e. especially communicating with non-finance people in the business without financial jargons
- Listening to user needs to determine their precise requirements
- Avoid beating about the bush
- Tools & techniques they employ to satisfy needs such as manageemnt accounts, general MI, investment appraisals, budgetary control, internal controls & risk analysis, forecasting, financial modelling etc.
- Avoid temptations to window dress or cook the books

Don't forget to support your arguments with sound examples.

 

[kaja1]

It is my final year but I am so confused. I will have a talk with my tutor but when she has office hours I am at work so I cant make appointment when she wants, I hope after the lecture I will catch her for a moment and ask, but she always explain 'Find references, read articles, you will find an answer, think deeper...' - nothing helpful !!

Thanks so much for your hints I will go thru them and say more about my concept on Thursday, I dont have a time to do it every day.

Good to know there is a forum where I can find people who want to help!

 

[Rohit]

You are more than welcome to share your preliminary thoughts on this forum. I will be happy to offer you any suggestions.

It is quite obvious why your tutor is acting in the way you describe. IMO she wouldn't want to "serve it on the plate" to you as this may put others at a considerable disadvantage.

 

[AT Accounting]

As a tip any time a question says something like "only has one role" and expects a 2,000 rule word answer the answer is always "No" and then 1,999 words explaining why.... (or "yes" depending on the argument you want to make!)

Think about:

As mentioned before what is meant by user
How accounting effects the view of a business, both professionally and socially (see Starbucks, Amazon, Facebooks IPO for recent news stories where accounting is an issue)
What actually is the "needs" of a user? How do they fit in with the above.

Ultimately you are getting ready to enter the work force and this question is basically the entire job in one sentence. What do you think you are going to be doing as an accountant?