Thesis Abstract

Accounting professions play a crucial role in society by providing financial information that is vital for decision-making by individuals, businesses, and governments. This research explores the significance of accounting professions in the modern world and their impact on society. The primary function of accounting professions is to prepare, analyze, and interpret financial information to assist stakeholders in making informed decisions. Accountants play a key role in ensuring the transparency and accuracy of financial records, which is essential for maintaining the trust of investors, creditors, and other stakeholders. Additionally, accounting professions also help in ensuring compliance with financial regulations and standards, which are crucial for the stability and integrity of the financial system. In the business world, accounting professions are essential for monitoring and evaluating the financial performance of companies. By preparing financial statements, conducting audits, and providing financial analysis, accountants help businesses to assess their profitability, efficiency, and overall financial health. This information is vital for management to make strategic decisions, investors to assess the viability of investments, and creditors to evaluate creditworthiness. Furthermore, accounting professions also play a critical role in promoting accountability and transparency in the public sector. Government accountants are responsible for managing public funds, ensuring compliance with budgetary regulations, and reporting on the financial performance of government agencies. By providing accurate and reliable financial information, accounting professions help to prevent fraud, waste, and abuse of public resources. Moreover, accounting professions contribute to the overall economic development of society by facilitating investment, capital allocation, and economic growth. Investors rely on financial information prepared by accountants to make investment decisions, which in turn, fuels economic activity and creates jobs. Additionally, accounting professions help in assessing the financial health of organizations, which is essential for attracting investment and fostering economic stability. In conclusion, accounting professions play a vital role in society by providing financial information that is essential for decision-making, accountability, and economic development. The trustworthiness and integrity of accounting professions are fundamental for maintaining the stability and efficiency of financial markets, promoting transparency in business and government, and facilitating economic growth. As such, the importance of accounting professions in the modern world cannot be overstated.

Thesis Overview

INTRODUCTION

1.1 BACKGROUND OF STUDY

The aim of this research project is to look into in detail the accounting profession and then remunerate its functions and rise in society.

The accounting profession is regarded in the course of history as social institution that when ever people met in the economic arena a references is needed to keep scare, this is accounting.

Since the turn of the 19th century, the accounting profession has grown tremendously all over the world. In fact, during the first sixty years of the 20th century, major economic and social force have thrust the accounting profession to new frontiers and responsibilities. The factor contributing to this growth are the increase of the large corporate business in number, size and complexity in addition to government influence in the affairs of business by taxation and regulation. Technological advance especially in the filed of computer, which has rapidly change the process of data accumulation and interpretation, are also factors contributing to the growth of the accounting profession.

The role of the computer in accounting profession has facilitated the traditional accounting function, such as payroll, cost accounting, and general book keeping. It is also used for analytical purpose such as cost benefit analysis. Etc

New types of work are added to the practice of the accounting profession, installation of accounting system, management of social activities, auditing and a host of other activities relating to financial production and organizational problem and government units. The accountant apart from the examining, supplying and communicating financial information to tis various, uses, gives his opinion on wide variety of representation such as sales, statistic, lease agreement advice on financial mobility and tax matters budgeting, cost control planning etc. he had also contributed immensely quota in a complex society in ways other then the ones stated above such as attacking problem of urban congesting, medicine, crime control, economic development etc.

The accounting profession is a wide based and complex profession this is because the above activities performed by accountant conflict complex problems and this creates the need for a high degree of specifies to enable him solve some of the problem created by management and society.

New kinds of problems like auditing and installation of accounting system can also be added.