Why do you need to study accounting?

Answer 1

Simply put, Accounting is the language of business. It is the means by which relevant and reliable financial information can be communicated to the users who can analyze that information to make business decisions.

Think of all of the different groups of people that use financial information. Current and potential investors analyze a firm's financial statements to determine growth potential, how effectively a firm has been using its resources, how profitable it is, etc. Similarly, creditors use them to determine how liquid a firm is (how likely it is that the firm can meet its short-term obligations).

Managers use different financial information to make decisions about various costs to the firm. Furthermore, Accountancy allows firms to analyze the tax impacts of their various business decisions.

Even if you do not choose to accounting as a course of study, you will very likely need to be able to use information prepared by Accountants if you find yourself in any position in which you are required to make business decisions. That is not to say that financial information is the only factor that should influence your decisions; but it is a tool that it often works to your advantage to use.