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Samedaymay30Peer Response DQ1AB and DQ2KDw8 - Essay Example

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The accounting profession changed a lot in the 1990’s due to the fact that computer software and technology made manual accounting systems obsolete. Accountants in the past had to keep physical journals and ledgers to keep track of the books. “Accounting is the basic need of…
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Samedaymay30Peer Response DQ1AB and DQ2KDw8
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DQ1 The accounting profession changed a lot in the 1990’s due to the fact that computer software and technology made manual accounting systems obsolete. Accountants in the past had to keep physical journals and ledgers to keep track of the books. “Accounting is the basic need of a business organization to find out where it stands” (Siddiqui, 2009). I agree with you that the average person often makes mistakes doing simple math. Typically accountants are well trained in quantitative techniques, but doing repetitive processes often leads to human error. I also agree with your premise that accounting information is extremely important when making investment decisions such as when to buy or sell a common stock. One of the accounting techniques that can be used to evaluate common stocks is ratio analysis (Garrison & Noreen, 2003). You are also correct that financial projections are very useful when evaluating a company.
DQ2
The two companies you choose to discuss are great examples of companies in the food industry that have been very successful both domestically and internationally. Both these companies have outstanding brand value. Baskin Robins sells some of the most delicious ice cream in the world. Brand value helps companies increase its income over time (Kotler, 2003). Your response made me learn about the importance of the Sherman Antitrust Act and the Clayton Act. These laws are mechanisms that ensure companies that are bigger do not abuse their power with monopolistic activities. A few years ago the software giant Microsoft was accused of being a monopoly. I also agree with your comment that outsourcing has become more important in the business environment of the 21st century. There has been a tremendous growth in the outsourcing of technology. In Australia the technology outsourcing market reached $7.2 billion in 2011 (Smith, 2012).
References
Garrison, R., Noreen, E. (2003). Managerial Accounting (10th). Boston: McGraw Hill Companies.
Kotler, H. (2003). Marketing Management (11th ed.). New Jersey: Prentice Hall.
Siddiqui, F. (2009). Accounting – Need and Importance. Retrieved May 26, 2012 from http://expertscolumn.com/content/accounting-need-and-importance
Smith, P. (2012). Technology Outsourcing Increases Globally. Retrieved May 26, 2012 from http://www.afr.com/p/technology/technology_outsourcing_increases_BbR6s0EM7Oy2DfnA9wRVaM Read More
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