Since business or finance is becoming more global and complex, employers seek candidates who possess the technical and analytical skills required to keep pace along with the changes. Economics and Accounting course has its focal point over economic analytics that makes the students proficient in business management, accounting, corporate finance, and financial markets.
These subjects involve plenty of number-crunching, which employs complex cut-and-dried sets of rules for carrying out transactions. The students must possess practical knowledge and skills to understand and analyse the complicated issues of economic and accounting that usually arise in industrial, business, government or economic environments. Generally, students lack these skills and get stuck in their assignments which consequently lead to poor grades.
Are you in a similar plight? Are you scratching your head to make sense of the statistical and mathematical techniques in the economics course? Is there any pending assignment, and you’re worried, “How am I going to write the perfect 4AC009 Economics for Accounting assessment answer?”
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The aforementioned universities are renowned for their quality of teaching and research, and theyoffer diplomas, bachelors, masters and doctoral programs in economics, accounting and finance. Thus, they supply the foundation and advanced studies in the respective field.
When you study in any of these universities, you will benefit from their extensive industrial partners’ network (like CPA Australia, GBA projects, AHRI, Australian Red Cross, etc.). You’ll get a chance to learn from industry professionals, gain valuable insights and establish profitable industry relationships.
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The economics, accounting and finance course usually cover the below-mentioned topics:
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On successful completion of the course, students can:
After completion of the economics, accounting and finance major in the degree course, students are likely to pursue the following careers:
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There are several discussion forums like IDEAS, CAClubindia, FEDS, World Economic Forum, Financial Standard, etc., for subscribed members as well as non-subscribers. Such forums are a formal means to get in touch with the professionals worldwide engaged in economics or accounting sectors to work together, have fruitful discussions, plan, and share the latest information. These discussion forums are meant to investigate a range of issues in accounting, finance and economics. They also provide access to numerous events and services for the understanding, development, and practice, especially for subscribers worldwide.
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Accounting is considered as an intrinsic part of the economic and financial activity of economic entities, irrespective of the industry and type of activity of the functioning of an enterprise.
Global accounting presents various challenges and opportunities for the accountants and managers of organisations globally (Hussein & Mahmood, 2021). The aspect of accounting in the present scenario contains a capital structure or framing decisions depending upon the dividend and includes profit repatriation and capital structuring. With the availability of several financial applications and methods, constructive data can be collected for making effective decisions in the organisation. The fundamental objective of financial accounting is to supply particular information to the stakeholders comprising of creditors, the public, investors, and government authorities (Butenas, 2018).
The primary challenge reported is about the economic environment (Schaltegger et al., 2017). The augmented technological Innovation and development greatly improvised the managers’ competence and skills for effectively managing the various amendments in business operations. However, this has impacted traditional accounting to a great extent. E-accounting applications in the internet environment have been developed in global business operations due to such technological innovations, thus demanding new improvised accounting models (Teru et al., 2019). In many cases, employees lack the efficient skills to manage advanced accounting technologies.
The other key challenges faced by the accounting managers globally in the business economy include multi-jurisdictional reporting, non-financial measures, and financial instruments (Appelbaum et al., 2017). Business organisations have executed numerous practices or policies globally to overcome the several challenges/issues of accounting.
One effective means to overcome the accounting challenges is to implement and use Green accounting practices (Abdullah & Yuliana, 2018). Another efficient practice involves the implementation and exploitation of accounting harmonisation. To overcome the challenges related to non-financial measures in the case of financial accounting, it is recommended for business organisations to employ and execute the accounting practices like effective analysis of customers satisfaction level, employees productive scores, internal/external audit and task completion scores (Leuz, 2018).
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Abdullah, M. W., & Yuliana, A. (2018). Corporate environmental responsibility: An effort to develop a green accounting model.Jurnal Akuntansi,22(3), 305-320.
Appelbaum, D., Kogan, A., Vasarhelyi, M., & Yan, Z. (2017). Impact of business analytics and enterprise systems on managerial accounting.International Journal of Accounting Information Systems,25, 29-44.
Butėnas, R. (2018). The Importance of Financial Accounting Information for Business Management.FINIZ 2018-The Role of Financial and Non-Financial Reporting in Responsible Business Operation, 75-81.
Hussein, A. I., & Mahmood, S. M. (2021). Accounting for the future: Technology contributions from a local perspective.Tikrit Journal of Administration and Economics Sciences,17(54 part 2).
Leuz, C. (2018). Evidence-based policymaking: promise, challenges and opportunities for accounting and financial markets research.Accounting and Business Research,48(5), 582-608.
Schaltegger, S., Etxeberria, I. Á., & Ortas, E. (2017). Innovating corporate accounting and reporting for sustainability–attributes and challenges.Sustainable Development,25(2), 113-122.
Teru, S. P., Idoko, I. F., & Bello, L. (2019). The Impact of E-Accounting in Modern Businesses.International Journal of Accounting & Finance Review,4(2), 1-4.
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