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Accounting deals with Math all time. Primarily only addition, substraction, multiplication, and division is used in accounting as follows:
Addition: Summing accounts for inclusion in financial statements (i.e. many different cash accounts are summed to equal "cash" in balance sheet), adding items in inventory to determine accurate counts, adding all outstanding checks (written but not cashed) to reconcile a bank statement, etc.
Subtraction: Determine net income and various margins by substracting expenses from revenues, calculating variances between actuals and budgets.
Multiplication: Tax rates (e.g. FICA, FUTA, etc) by gross pay to calculated and remit correct taxes, extrapolating period results (i.e. 6 months sales x 2) to estimate annualized results, calculating present value of cash flows using given factors, calculate sales tax on sales, etc.
Division: Calculate various ratios such as asset turnover, operating margins, etc.
Addition and subtraction is used most often and today is nearly 100% automated with computerized applications. Multiplication and Division is used "primarily" for analysis of financial results (with some exceptions noted above).
Response provided by CPA/CMA and math minor on 7/13/08.
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What is the role of math in accounting?
accounting is basic math so you kind of need it to do accounting
How is math used in math?
math is used to show people the different ways math can be used such as fractions or decimals you name it
What type of math used in accounting?
Mainly basic math (addition, subtraction, multiplication, and division) but this is used at a wide range of levels.
Are Roman Numerals still used for math?
yes they are used in many ways in math
25 ways math is used in the real world?
you use math almost everyday any job you do you use math.
How much math is used in accounting?
Math is constantly used in accounting. In fact, math is used in accounting more than anything else. Without a strong background in math, you will not be able to be an accountant.
What is the role of math in accounting?
accounting is basic math so you kind of need it to do accounting
Why is math being used in accounting?
Because they deal with #s.
How is math used in math?
math is used to show people the different ways math can be used such as fractions or decimals you name it
What type of math used in accounting?
Mainly basic math (addition, subtraction, multiplication, and division) but this is used at a wide range of levels.
Are Roman Numerals still used for math?
yes they are used in many ways in math
How is math related to accounting?
Math is related to accounting because they both pertain to numbers. Accounting deals with money amounts, which is a large part of math.
Is accounting math based?
Absolutly, a job in accounting involves mostly all math, one job in accounting is a cpa, they read bills, write about opions and their solutions to bills, and the bills involveall math, so a job in accounting such as cpa, requires about at least higher than 50% math, I say it requires about 65% math, 30% finance, and 5% law/ just a tiny amount of law classes only used in about 5% of the job.
Where could one master the skills of accounting?
If someone wanted to master the skills of accounting, there are a variety of ways in which they can do so. Some of these ways are to Review their math skills, Work on their interpersonal skills, Work on their problem-solving skills and to master computer programs.
Skills for accounting?
math
What is the role of mathematics in accounting?
Accounting is all math. Money is numbers.
25 ways math is used in the real world?
you use math almost everyday any job you do you use math.
