Journal Entry for Financial Decision

Questions: 1. How can they relate to the workplace? 2. How they can aid your personal and professional development? 3. Remember to be specific and give examples? Answers: 1. Accounting plays an important role in any business organization. At workplace, accountants require recording and reporting the transactions in financial statement for stakeholders. Accounting systems is a powerful tool that is performed at workplace for determining the financial status of a company (Bushman and Smith 2014). Accounting help in keeping a track of income as well as expenses whereby management team for making plans. Accounting Managers uses budgeting for projecting income, expenses as well as staffing needs for company projects and growth. 2. Working as an account will help in building team work and collaboration. Each progression in accounting needs particular set of skills and experience. At workplace, accountants can interact with colleagues that enhance the career advancement. It is all about building as well as maintaining positive working relationships with clients and the team members (Bushman and Smith 2014). They can share the information and respect various set of skills and support the team for achieving future shared goals. 3. Statement of Financial Position prepared under the prescribed format IAS 1: Presentation of Financial Statements Figure: Statement of Financial Statements (Source: Deegan 2013) Statement of Financial Position helps financial users of financial statements for assessing the financial health of equity. It requires analyzing the accounting periods, balance sheets that assist in identifying the underlying trends in the financial position of the entity. This help in determining the state of financial risk, credit risk as well as business risk and liquidity risk of a given business organization (Bushman and Smith 2014). Reference Bushman, R.M. and Smith, A.J., 2014. Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1), pp.237-333. Deegan, C., 2013. Financial accounting theory. McGraw-Hill Education Australia.