Accounting Honesty

In accounting, honesty is the best policy. For faith is built upon trust and is a nourishment for the soul. When trust is given, credibility is given to the data accounted for, and this facilitates the basis for wise decision making for the accounting process. Present status is well understood and future prospect can be fine tuned for desireability. This promotes the sustainable concern, which allows the entity to be long-lasting.

Another issue is about accuracy and precision, and this is about talent building and competencies acquisition, for accounting needs a certain clear format and protocol for data presentation. Communication is essential between the various fact finder, and computation is done with the appropiate conventional method in a reliable and relevent manner. The account will have to be balanced for every transaction, and the total account should be bias free. For with accounting, we need to be objective about the results, and at the same time, consult each other to understand the clearer picture about the true situation, to minimize information bias. Communication has to be complete to minimize wrong assumption, and any assumption made must be announced and agreed by the people involved.

Good accounting is proper data semination, and therefore, requires transparency in the process. Each accountant should understand what the other accountant is doing, for at the end of the day, they are going to pool their resources together to report to the boss. Obviously, the boss makes the decision based on the facts, and he or she wants a quality report.