Question 1 Spinning the Career Wheel How will the study of accounting help you? A working knowledge of accounting is desirable for virtually every field of business. Some examples of how accounting is used in business careers include: General management: Managers at Ford Motors, Massachusetts General Hospital, California State University Fullerton, a McDonalds franchise, and a Trek bike shop all need to understand accounting data in order to make wise business decisions. Marketing: Marketing specialists at Procter & Gamble, must be sensitive to costs and benefits, which accounting helps them quantify and understand. Making a sale is meaningless unless it is a profi table sale. Finance: Do you want to be a banker for Citicorp, an investment analyst for Goldman Sachs, or a stock broker for Merrill Lynch? These fields rely heavily on accounting knowledge to analyze financial statements. In fact, it is difficult to get a good job in a finance function without two or three courses in accounting. Real estate: Are you interested in being a real estate broker for Prudential Real Estate? Because a third partythe bankis almost always involved in financing a real estate transaction, brokers must understand the numbers involved: Can the buyer afford to make the payments to the bank? Does the cash flow from an industrial property justify the purchase price? What are the tax benefits of the purchase? Required: Indicate the accounting knowledge you will need in your workplace. Describe any THREE (3) usages of accounting information which you are finding useful at your workplace. (15 marks)

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Question 1 Spinning the Career Wheel How will the study of accounting help you? A working knowledge of accounting is desirable for virtually every field of business. Some examples of how accounting is used in business careers include: General management: Managers at Ford Motors, Massachusetts General Hospital, California State University, Fullerton, a McDonald's franchise, and a Trek bike shop all need to understand accounting data in order to make wise business decisions. Marketing: Marketing specialists at Procter & Gamble, must be sensitive to costs and benefits, which accounting helps them quantify and understand. Making a sale is meaningless unless it is a profi table sale. Finance: Do you want to be a banker for Citicorp, an investment analyst for Goldman Sachs, or a stock broker for Merrill Lynch? These fields rely heavily on accounting knowledge to analyze financial statements. In fact, it is difficult to get a good job in a finance function without two or three courses in accounting. Real estate: Are you interested in being a real estate broker for Prudential Real Estate? Because a third partythe bankis almost always involved in financing a real estate transaction, brokers must understand the numbers involved: Can the buyer afford to make the payments to the bank? Does the cash flow from an industrial property justify the purchase price? What are the tax benefits of the purchase? Required: Indicate the accounting knowledge you will need in your workplace. Describe any THREE (3) usages of accounting information which you are finding useful at your workplace. (15 marks)