RENALENE J.

DELA VEGA AEFIN2-12

BS-ACCOUNTANCY
W1 Async - Reflection Questions/Essay

1. Why do we say that "Finance starts where Accounting ends?"

“Accounting is the language of business”, Warren Buffett says. Since accounting

requires learning before comprehension, Buffet refers to it as the "language of business."
However, there is more to this comparison than what the initial glance might suggest.
Accounting involves the recording of financial transactions in books of accounts and the
preparation of financial statements to provide various financial information to interested parties.
Accounting gives all data on the past activities, present operations, and future prospects of a
corporation. The analysis and interpretation of financial records is the process of accounting. It
involves not just maintaining accounting records but also gathering financial and economic data,
measuring transactions, and taking into account other business-related events. To operate a
business profitably, profitability and solvency should be regularly assessed. Finding out a
company's profitability and whether it has enough cash on hand to pay off its debts are essential
for this. Accounting provides all of this data, enabling management to guide the business in a
profitable direction.
Despite the fact that accounting and finance are both distinct fields or subjects, they are
nonetheless intimately related. Accounting is concerned with documenting a company's
commercial transactions and presenting them as a profit and loss account to illustrate the
company's profit or loss over the course of a year. It also entails creating a balance sheet that
shows the company's financial situation as of a specific date. In order to make financial
decisions, such as how to raise money for a company's future projects or how to use the
resources of the company to produce goods efficiently and profitably, all the data that is
presented in the accounting, such as the profit and loss, balance sheet, and cash flow
statement, is used. As a result, finance is a forward-looking concept that uses accounting's
historical data to inform future decisions. Finance will struggle to make the aforementioned
judgments without accounting data, and accounting will be ineffective if it is not used in
conjunction with finance.

Reference/s:

Nachbaur, C. (2022). Why is Accounting Called a Language of

Business?https://www.ageras.com/blog/accounting-the-language-of-business?fbclid

Parikh, V. (2011). Relationship Between Accounting and Finance.

https://www.letslearnfinance.com/relationship-between-accounting-and-finance.html
2. Discuss in detail your career path after graduation with a degree in Bachelor of
Science major in Accountancy.

After graduation, I see myself as a Certified Public Accountant. One of the most popular
career pathways for students who earn a Bachelor of Science in Accounting degree is public
accounting. I would like to join large accounting firms, because on those firms individual
accountants may be assigned solely to one or more external clients or they may deal with a
variety of clients. This depends on the size of the firm and the client’s needs. This is because I
wanted to enhance myself, to enhance or improve my skills in different areas as a public
accountant, through this the experiences that I am going to gain will help me to be more
knowledgeable in the field that I have chosen.
On the other hand, I also wanted to establish my own private practice. Starting an
accounting firm is no different from starting any other small business. And while there are
accounting-specific requirements, it’s important to remember that you’re starting a business first.
Start by figuring out your purpose, goal, and market. This will influence many other decisions,
including the function of the services you provide, whether you want a physical or virtual
location, your target demographic, and the location of your business. In conclusion, I would like
to be a successful Certified Public Accountant in the near future.