This semester, I learned about many business fields through Management 1500 lectures. Out of all of the lecture's, I found professor Cheynel's presentation on accounting the most interesting.

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Why is accounting important?

Accounting is the language of business. Firms use it to assess how they are doing and if they are profitable or not. Additionally, they need to understand it in order to do their taxes correctly.

Moreover, accounting is an essential tool for investors to value assets. Without knowledge about the three financial statements, investors may find it hard to quantify an asset's value and make informed decisions.

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Current trends and challenges

According to an article by Goldstein, the field of accounting is being revolutionized by artificial intelligence. However, this does not mean that AI is completely replacing human capital. In fact, AI will only be used for repetitive work and as an assistant to make work processes smoother and more efficient. Future accountants may need to carry out more complex analysis and take qualitative indexes such as ESG (Environmental, Social, Governance) into account to excel in their field (Goldstein).

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How I would engage with accounting

To be honest, I think it is unlikely that I will become an accountant. Nevertheless, that does not make accounting any less important to me. If I become an investment banker, I will probably be measuring stocks' value by conducting DCF (Discounted Cash Flow) models. Knowledge in accounting is crucial in this process. If I become an entrepreneur (hopefully owner of the Wuhan Eagles), accounting will help me identify and cut unnecessary costs, allowing me to maximize profit.

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Sources: Goldstein, Dale. "The Accounting Comeback." The CPA Journal, Oct. 2025, www.cpajournal.com/2025/10/24/the-accounting-comeback/. 

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