a. What is accounting and how does it help you manage your personal finances?
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. It is the science of handling money which involves all financial decisions and activities of an individual or household. The practices of earning, saving, investing and spending is an encouraging financial tool for me to personally manage better within my capacity and beyond.
b. Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial planning.
Aspects of personal finance include the purchasing of financial products such as credit cards, insurance that covers life, home, mortgages and even endowment plans and also various investments…show more content… At a glance, personal finance software shows the balances of all accounts that you choose to track. As purchases and payments are entered into the software or downloaded from banks and other financial institutions, the software does the math to reflect accurate account balances. If you use an online personal finance app, balances will update at least once a day. Although it might not be up to everyone's preferences, the automatic downloading of transactions is a very secure procedure therefore the convenience and accuracy of these finance software would appeal to me, especially one that could enable an automatic update each time I start up. The efficiency of these financial software would allow me to have a standardized and most current financial updates that would help assist inbetter decision making judgements and the management of my personal finances and
