Poznań, Poland

Finance and Accounting for ACCA Strategic Professional Level Exams

Table of contents

Finance and Accounting for ACCA Strategic Professional Level Exams at UEP

Language: Polish Studies in Polish
Subject area: economy and administration
University website: ue.poznan.pl/en

Definitions and quotes

Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Finance
Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainties and risks. Finance can also be defined as the science of money management. Market participants aim to price assets based on their risk level, fundamental value, and their expected rate of return. Finance can be broken into three sub-categories: public finance, corporate finance and personal finance.
Professional
A professional is a member of a profession or any person who earns their living from a specified professional activity. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and skills necessary to perform their specific role within that profession. In addition, most professionals are subject to strict codes of conduct, enshrining rigorous ethical and moral obligations. Professional standards of practice and ethics for a particular field are typically agreed upon and maintained through widely recognized professional associations, such as the IEEE. Some definitions of "professional" limit this term to those professions that serve some important aspect of public interest and the general good of society.
Accounting
Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished; many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
Warren Buffett 1988 Chairman's Letter
Professional
Towards this fine honor of a trade converged all the finest, all the most noble sentiments—dignity, pride. Never ask anything of anyone, they used to say. … In those days a workman did not know what it was to solicit. It is the bourgeoisie who, turning the workmen into bourgeois, have taught them to solicit.
Charles Péguy, Basic Verities, A. & J. Green, trans. (New York: 1943), p. 83
Professional
When I speak of the purpose of self-culture, I mean that it should be sincere. In other words, we must make self-culture really and truly our end, or choose it for its own sake, and not merely as a means or instrument of something else. And here I touch a common and very pernicious error. Not a few persons desire to improve themselves only to get property and to rise in the world; but such do not properly choose improvement, but something outward and foreign to themselves; and so low an impulse can produce only a stinted, partial, uncertain growth. A man, as I have said, is to cultivate himself because he is a man. He is to start with the conviction that there is something greater within him than in the whole material creation, than in all the worlds which press on the eye and ear; and that inward improvements have a worth and dignity in themselves quite distinct from the power they give over outward things. Undoubtedly a man is to labor to better his condition, but first to better himself. If he knows no higher use of his mind than to invent and drudge for his body, his case is desperate as far as culture is concerned.
William Ellery Channing, “Self-Culture”

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