Task 1
Chapter 14
In chapter 14, I have learnt that Accounting is the financial language that organizations use to
record, measure and interpret all of their financial transactions and records and is very important
in business. All businesses from small family firm to giant corporation- use the language of
accounting to make sure they track their use of funds, measure profitability, and budget for
future expenditures. On new concepts learnt, it is worth to note that large numbers of people and
institutions, both within and outside business, use accounting tools to evaluate Organizational
operations. There is also The financial Accounting Standards Board that is responsible for setting
the principles and standards of financial and accounting and reporting in the private sector since
1973. I was surprised to learn that when it comes to accounting, the Big Four dominate. This Big
four refers to the largest accounting firms throughout the world: Ernst & Young, KPMG,
PricewaterhouseCoopers, and Deloitte. These accounting firms provide a range of services to
their clients, including external audit, taxation services, management and business consultancy,
and risk assessment and control. I will apply these new concepts in my personal and work life to
track personal finances and business and also use the standards and principles set aside by
Financial Accounting Standards Board to make necessary records in financial statements.
Chapter 14
In chapter 14, I have learnt that Accounting is the financial language that organizations use to
record, measure and interpret all of their financial transactions and records and is very important
in business. All businesses from small family firm to giant corporation- use the language of
accounting to make sure they track their use of funds, measure profitability, and budget for
future expenditures. On new concepts learnt, it is worth to note that large numbers of people and
institutions, both within and outside business, use accounting tools to evaluate Organizational
operations. There is also The financial Accounting Standards Board that is responsible for setting
the principles and standards of financial and accounting and reporting in the private sector since
1973. I was surprised to learn that when it comes to accounting, the Big Four dominate. This Big
four refers to the largest accounting firms throughout the world: Ernst & Young, KPMG,
PricewaterhouseCoopers, and Deloitte. These accounting firms provide a range of services to
their clients, including external audit, taxation services, management and business consultancy,
and risk assessment and control. I will apply these new concepts in my personal and work life to
track personal finances and business and also use the standards and principles set aside by
Financial Accounting Standards Board to make necessary records in financial statements.
