Principles of Accounting

In contrast, the decrease in sales may be viewed as a signal or warning concerning the possible problem in sales of company’s products or services. In practice, this means that this may be viewed as a sign of the upcoming crisis or a disturbing signal of the market indicating to the saturation of the market or low competitiveness of the company’s products or services. In such a situation, the company’s administration needs to take decision respectively to the change in its sales. In fact, it is necessary either to focus on the improvement of the quality of its products or services or attempt to increase sales by means of lowering prices, etc. In other words, a decision is taken on the basis of accounting information.

As for my personal experience, I should point out that accounting is quite challenging because, today, there is a variety of accounting systems and approaches. In such a situation, it is difficult to choose the best one. Therefore, it is necessary to take into consideration specificities of the business and traditions of the company. Nevertheless, accounting taught me to be accurate and well-organized.

Finally, the modern accounting relies heavily on modern technologies which help transmit and process accounting information effectively. The emergence of information technologies has proved particularly effective for the development of accounting and development of new approaches to accounting and processing of accounting information.

References:

Benfari, R. C. (1999). Understanding and changing your management style. San Francisco: Jossey-Bass.

Blanchard, K. & Bowles, S. (1993). Raving fans: A revolutionary approach to customer service. New York: Morrow.

Breneman, D. W., & Taylor, A. L. (eds.). (1996). Strategies for promoting excellence in a time of scarce resources. San Francisco: Jossey-Bass.

Garvin D. A. and Artemis M. (1997, November). A Note on Knowledge Management, Harvard Business School Case Study.