While understanding the basics of financial accounting is certainly important for accountants, it is also an important skill to have in all types of professional fields. In this discussion, you will make connections between your chosen field and what you have learned about financial accounting in this course.
Address the following in your initial post:
- Describe your current or aspiring professional identity, including your career and the field in which you work or hope to work.
- Think about the types of financial transactions your chosen field is likely to generate and how they will need to be reported and accounted for by the business. Describe at least three examples of such transactions and how they affect the financial statements and the business in general.
- Reflect on and comment about the importance of financial accounting in your field.
In response to at least two of your peers, discuss any similarities with the field you have chosen or the transactions that need accounting. Explain whether you agree with their assessment of the importance of accounting in their field and why.