Our children are currently struggling with Mathematics and Accounting. We will elaborate on this matter of why and how they are struggling with these subjects at another time. But this time, we would like to emphasize the importance of our children learning these two subjects and how these two subjects have affected our lives, hence theirs as well.
Mathematics is defined by “Darkwing.uoregon.edu”as :
“A discipline such as mathematics tends to be defined by the types of problems it addresses, the methods it uses to address these problems, and the results it has achieved.”
Accounting on the other hand is defined by “Saunders.rit.edu” as :
“Accounting is instrumental within organizations as a means of determining financial stability. Accountants are responsible for determining an organization’s overall wealth, profitability, and liquidity. Without accounting, organizations would have no basis or foundation upon which daily and long-term decisions could be made. The budgets for marketing activities, profit reinvestment, research and development, and company growth all stem from the work of accountants. Accounting is one of the oldest and most respected professions in the world, and accountants can be found in every industry from entertainment to medicine.”
Mathematics and Accounting have definitely played huge roles in our lives. It is without doubt that much of our efficient and advanced living can be credited to these two fields of study. When we see how areas of our lives are in need of calculation and standard of measure in terms of research and improvement, mathematics will enable that function. Some of them will also require a combination of mathematic and accounting.
As we elaborate at each level of what this combination of subjects can help us with, we will also assess and share how it will affect our children.
When we walk out of our home and do our purchases at the hypermarket, a simple form of calculation of how much money should be brought will be done. We will have to check if our plans to purchase our groceries or any form of products are accounted for and is permissible in the budget planned for the day, month and even for the year. Though basic, it is still a vital skill and knowledge that can be used for day- to- day living.
Most of our children are still lacking in this basic mathematic and accounting skill and this is the most basic life skill that is needed to manage one’s funds and to be able to live prudently. If anything at all, our children should have this level of mathematic and accounting knowledge before they leave to meet life’s challenges in the outside world.
For example , our monthly salary payment cheques are processed and done through mathematics and accounting. The company can depend on a systematic and accurate calculation to check if it has all of the payrolls done and if all of the employees have received their payment. At the managerial level, many important decisions are made based on vital data that is churned by the accounting department. For any company’s assessment of health, the account books will be the area where one needs to look at. Depending on the position and the role of the manager, each of them will have to rely on their mathematic and accounting skills to do their job well.
We believe that just like any other individual, some of our children have the latent potential to reach that level in their careers; if given the opportunity. Imagine raising a child who will not repeat his/her parents’ mistakes but instead blossom into a person who is able to contribute to society!
At a macro level, the control of inflation or economic growth of a country will depend heavily on mathematics and accounting. The government’s ability to extrapolate or to ensure financial stability will really depend on how advanced and efficient its systems and people skills are based on the area of mathematic and accounting. No country can advance at a fast pace without an efficient system or infrastructure that is consistent and that has cost efficient methods to get optimum results.
A good example to look at is our neighbour Singapore. Singapore does not have any natural resources, land is scarce, has a small labour force and in fact, without much water. Knowing their disadvantages compared to many countries, Singapore relies a lot on investments and finances. That would also mean that they have to obviously be very good at their mathematics and accounting. From where they were since their independence, their exchange rate with our currency is equal. Today, the Singapore Dollar is more than twice of our currency. They are also ranked “No.1 City with best investment potential” in the world by www.edb.gov.sg.
We believe that our children have the potential to contribute into a high, complex and intricate infrastructure to build up our country as well. If not at the very least, they should have a basic understanding of this infrastructure so that they will be people who can assess and comprehend what would be a better way to govern the country’s finances.
In the much bigger picture, we can see how all this use of mathematics and accounting really affects our welfare and happiness. It is then imperative that our children learn and be able to use this knowledge well, be it from a simple form of managing and calculating financial health to the economic governance of our country.