John Lloyd de Los Reyes

BA- MA 101

ACTIVITY 1 - FINAL TERM

Why is accounting often referred to as the language of business?

Accounting records and accounting reports convey the tale of a company's financial
performance, therefore it's no surprise that accounting is frequently referred to as the language of
business. When CEOs and decision makers discuss the condition of their firms, they frequently refer
to financial figures. Income, costs, debt, and liabilities are all aspects of financial records that must
be understood by anybody who wishes to communicate effectively in company.
Accounting, like every other language, has its own collection of jargon. Those in critical financial
roles within a company must grasp accounting terminology and, more precisely, the meaning
behind distinctive phrases in order to utilize them appropriately and successfully on a regular basis.
Accrual basis, diversification, a balance sheet, a trial balance, and a general ledger, for example,
are all familiar accounting phrases, but not everyone understands what they imply. Anyone in
charge of making financial choices for a firm must not only comprehend what a balance sheet looks
like, but also its distinct components and how to interpret it.
Accounting departments' activities serve as the foundation for all financial business
communication inside a corporation. Accountants and bookkeepers gather and monitor vital
financial data on a daily, weekly, and monthly basis. The entry of these everyday business
transactions into a company's records, and the subsequent monitoring that occurs in the form of
reports, provides critical financial information that supports executives in making decisions. For
example, they may decide to increase spending to stimulate growth or reduce spending owing to a
shortage of money.
Accounting, like love and music, should be regarded a global language. Numbers function the
same way everywhere on the planet, therefore comprehending a company's bottom line on a
balance sheet does not need cross-border interpretation. When worldwide mergers or corporate
transactions occur, the parties involved may quickly comprehend the financial implications of any
agreement by reviewing financial data. This is true for every commercial transaction, even those
involving local industries or people looking to invest in a new company opportunity. An investor, for
example, may be unfamiliar with the specifics of a certain sector, but by analyzing a company's
financial records, they should be able to determine whether or not the firm has the potential to be a
solid investment.
What is globalization? Give at least 3 benefits of it.

Before going into the benefits of globalization, it's critical to first understand what the phrase
entails. It is the process through which corporations or other organizations gain worldwide influence
or begin functioning on a global scale. Globalization, in a nutshell, refers to the free movement of
information, technology, and products between nations and customers. This openness manifests
itself in a variety of partnerships, ranging from business, geopolitics, and technology to travel,
culture, and media. Since the globe is already so interconnected, most individuals don't witness
globalization in action on a daily basis. However, the globe is shrinking, and businesses must
comprehend what this implies for the future of conducting business. Companies that do not
embrace globalization risk losing a competitive edge, allowing other companies to seize new
chances in the global economy.

There are a lot of benefits to globalization. First is having access to new markets. One of the
most significant benefits of globalization is that it allows firms to enter new or different markets.
Businesses can operate in numerous countries thanks to bi- and multilateral trade agreements. This
entails reaching out to additional customers, obtaining more and better market insights, and
globalizing your brand. Second is product development and new revenue streams. By entering new
markets, you are bound to develop your products and services in novel ways. This is one of the
most significant advantages of globalization. When expanding into new areas, firms are frequently
compelled to adjust their services to fit local demand. While this may appear to be extra labor, it is
also an excellent chance for creativity. You may expand your income sources beyond national or
state borders by developing effective products and services and a strong client base. Third benefit
of globalization is having the opportunity to share knowledge, technology and culture. Sharing has
become the norm, which is another beautiful outcome of globalization. Globally, knowledge,
information, technology, cultural practices, and values are being exchanged. This also involves
business practices. While we are still a long way from a multicultural utopia of global corporations,
sharing and forming global alliances has never been simpler. Lastly, a diversified workforce and
workplace culture. A diversified workforce is also the result of a broad talent pool. Globalization may
have a hugely positive impact on organizational culture. While some businesses are concerned
about how cultural differences may hinder productivity, internal communication, and cooperation, a
solid recruiting strategy and an inclusive corporate culture can help. Look for qualified people by
concentrating on the talents and behaviors required to thrive in your company and sector. Then,
create an open workplace culture in which many forms of communication and cooperation are
encouraged and inclusive behaviors are rewarded.