Why study Accounting?

This is the question my lecturer gave to one of my classmate. Even though I didn’t given the opportunity to share with the class, I will just share it here.

Personally, I see accounting as a business language, also the key to business world. I don’t see a reason why people always think that people who study accounting should end up as accountant or auditor. However, I never think to become an accountant, but to do something that involve business, accounting is the fundamental knowledge that must be learnt before enter the world of business.

So, how accounting knowledge affects our life?

Well, we do know most people who do business will always look for the opportunity and therefore take advantage on people who know less about business language.

-For example, if you want to buy a house or a car, what is d best way to pay less interest? agent or businessperson will always suck your money as much as they can.
-Another example, if you are a taxpayer, what is the best way to reduce your tax payable?

Sometimes people feel unsecured with their earning activities because they never take account of their spending, or they don’t even bother to set a daily/weekly/monthly budget. This principal is similar to time management, where you allocate your time effectively, same as budget, where you allocate your money to things that necessarily to spend rather than wants.

-With accounting knowledge, I can see my financial position on the next few days and month.

I have done lots of business transactions and also in virtual world, I have experience more than 100 types of scamming tactics, but they never succeed to scam me because I manage to control my 7 deadly sins. The human weakness that fall on scam are the deadly 7 sins, which are pride, greed, envy, wrath, lust, gluttony and sloth. If you can control your 7 deadly sins, you can avoid it and go with the seven holy virtues, such as humility, charity, kindness, patience, chastity, temperance and diligence. At first, it was very hard for me to acknowledge the 7 sins until I realized it by myself in a hard way. Then I start to care and precaution at all the time.

This is my definition of 7 deadly sins:

Gluttony – For example, eating too expensively, when you can choose not to.

Greed – For example, material wealth, don’t jump into the bandwagon.

Pride – For example, never put yourself more important than everyone else or you will always work alone.

Envy - For example, what others have, you must have too. It is the most senseless and waste of resources to get what others have which you don’t even need it.

Wrath - described as inordinate and uncontrolled feelings of hatred and anger. Which may caused by selfish or jealousy.

Lust - Never falls for appearance.

Sloth - Stop been lazy. To obtain, something of equal value must be lost.