Free Essay

How Are Accounting and the Bible Related?

In: Business and Management

Submitted By oomnik
Words 543
Pages 3
How are Accounting and the Bible Related?

Money has three main functions in our lives: giving, saving, and spending. In a perfect world, this would also be the ideal way to prioritize where our money goes. But with revenue coming in and expenses going out all the time, especially in the fast-paced, technological world in which we live, things become significantly more complex. Fortunately for us, the Bible contains many passages concerning God’s expectations for managing our finances. Imagine trying to run a successful business and never keeping a record of any of your transactions. It would be absolute chaos. If you don’t know how much money was spent on office supplies last month, how would you know what to budget for next month? You also wouldn’t know how much revenue you’re bringing in or how much you’re paying your employees. According to Merriam-Webster, the definition of accounting is “the systematic recording and summarizing of business and financial transactions and analyzing, verifying, and reporting the results”. This seems like a fairly straightforward task: write down the money coming in and the money going out. However, there is a problem with that simplicity. It doesn’t take into account that we as humans are prone to error and that we have developed an affinity for wealth. The former can happen to anyone, regardless of character, given enough time. The later is a problem tied directly to an individual’s moral compass.
We have all heard the stories of accountants of large international corporations that falsified financial statements in order to pocket large sums of money for themselves. Remember Enron, WorldCom, and Tyco? The leaders of these companies committed crimes for their own financial gain but in the end, they paid heavy prices for their misdeeds. God warned us about the consequences of such actions in Proverbs 28:20 (Holman Christian Standard Bible), “A faithful man will have many blessings, but one in a hurry to get rich will not go unpunished.” It should serve as an example of what happens when one mishandles what has been given to him, even if only for a short time.
God encourages us to be good stewards of our money. But if we are being honest, it’s actually His money that we are stewarding. In Luke 16:1-13, Jesus tells the parable of the unrighteous steward. The moral of the story is “if you have not been trustworthy in the handling of worldly wealth, who will trust you with what is genuine?” (v. 11). As long as one remains honest in their business, there should be no fear of suffering a criminal’s fate but there should also be a sense of satisfaction that the Lord’s money is working for His glory.
These principles can be applied to business and personal accounting alike. It might be easy to manage money for a business because the money is not viewed as your own. You might treat your personal income differently but why is that the case? Aren’t you just managing God’s money for a short time? Make it work for Him while He gives you the opportunity to do so.

References

Accounting. 2015. In Merriam-Webster.com.
Retrieved January 12, 2015, from http://www.merriam-webster.com/dictionary/accounting

Similar Documents

Premium Essay

The Biblke and Accounting

...Integration: The Bible and Accounting ACCT 212 Liberty University February 18, 2013 Abstract The following paper will show just how the Bible not only affects our spiritual life, but also our financial lives as well. For example, liabilities and investments are simply the use of money to, hopefully gain more money. Also discussed are the practice of borrowing and accumulating debt. The Bible doesn't specifically forbid these concepts, but it does give a clear warning about them. Corporations use accounting to keep an accurate record of their business much in the same way that a Christian student uses tools to keep track of their studies. Just as Christians go by the code of ethics set forth in the Bible, businesses use a code of ethics to keep their reputation such that consumers will want to utilize their products and services. There are many similarities between the Bible and accounting. This paper showcases some of these examples. Introduction to Accounting and the Bible Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information. Today, accounting is considered “the language of business” because it reports financial information to a business to help others make better decisions....

Words: 1605 - Pages: 7

Premium Essay

Accounting Information Systems Research Paper

...Accounting Information Systems Research Paper Abstract The Sarbanes-Oxley Act of 2002 (SOX) was enacted into law in 2002 in the wake of corporation financial reporting scandals involving large publicly held companies. SOX instituted new strict financial regulations with the intent of improving accounting practices and protecting investors from corporate misconduct. SOX requires corporate executives to vouch for the accuracy of financial statements, and to institute and monitor effective internal controls over financial reporting. The cost of implementing an effective internal control structure are onerous, and SOX inflicts opportunity costs upon an enterprise as executives have become more risk adverse due to fears of incrimination. The Public Company Accounting Oversight Board (PCAOB) was created by SOX to oversee the accounting process and dictate independence requirements for auditors and auditing committees. The PCAOB proposed regulations must be approved by the SEC before they are enacted. Since the passage of SOX, the IT department has become critical in designing and implementing the internal controls in company accounting information systems. The Information Technology Governance Institute (ITGI) created a framework called Control Objectives for Information and Related Technology (COBIT) to provide guidance for companies to implement and monitor IT governance....

Words: 3250 - Pages: 13

Premium Essay

Accounting Information Systems Research Paper

...Accounting Information Systems Research Paper Abstract The Sarbanes-Oxley Act of 2002 (SOX) was enacted into law in 2002 in the wake of corporation financial reporting scandals involving large publicly held companies. SOX instituted new strict financial regulations with the intent of improving accounting practices and protecting investors from corporate misconduct. SOX requires corporate executives to vouch for the accuracy of financial statements, and to institute and monitor effective internal controls over financial reporting. The cost of implementing an effective internal control structure are onerous, and SOX inflicts opportunity costs upon an enterprise as executives have become more risk adverse due to fears of incrimination. The Public Company Accounting Oversight Board (PCAOB) was created by SOX to oversee the accounting process and dictate independence requirements for auditors and auditing committees. The PCAOB proposed regulations must be approved by the SEC before they are enacted. Since the passage of SOX, the IT department has become critical in designing and implementing the internal controls in company accounting information systems. The Information Technology Governance Institute (ITGI) created a framework called Control Objectives for Information and Related Technology (COBIT) to provide guidance for companies to implement and monitor IT governance....

Words: 3250 - Pages: 13

Premium Essay

Business Worldview

...INTRODUCTION There are certain intellectual and philosophical criteria that can be used to test any worldview, and we want our students to understand how and why the Christian worldview uniquely meets those criterion and therefore passes the worldview “test” in the following ways: • A worldview is the intellectual, emotional, and perhaps even spiritual framework by which we apprehend reality and assign meaning to life. Everyone has a worldview; it may not be very developed, but nevertheless, everyone is approaching life based upon one. We believe that a worldview based upon Biblical truth is the most logically sound and meaningful approach to understanding and living life. CHRISTIANITY AND THE WORLDVIEW TEST • • Epistemology (the study of what is true): God revealed through nature, his Word, and Christ, the Living Word of God; a worldview that starts with random chance or an impersonal, cosmic force does not have any place for a logical understanding of what is real or meaningful. There is no “meaning” behind anything; it is just random chance. Incidentally, if there is a God who reveals...

Words: 3213 - Pages: 13

Free Essay

Harley Davidson

...BUSN 420 Business Driven Technology Final Project Submit a 2,000-word written case analysis of one of the three cases from the textbook listed below. Each case covers different areas of this course so that you can spend your time on this assignment further researching the set of topics that most interest you and/or will be most beneficial in your future career. Be sure to address all the questions for your chosen case and demonstrate five or more theories or principles learned in this course as a part of your case analysis. Your paper must be written in APA format with a proper title page and reference list that cites at least 5 scholarly sources. Please do not simply record answers to the questions, rather synthesize your responses into a cohesive case study analysis. Please upload your final project paper to Blackboard through the Assignment Manager tool. The 2,000-word count does not include charts, graphs, title page or supporting appendices. I will be using the Final Project Rubric (see end of this assignment) to grade your case analysis. Please Note: There are few right or wrong answers in the business world. There are really only efficient and inefficient, and effective and ineffective business decisions. If there were always right answers businesses would never fail. These questions were created to challenge you to apply the materials you have learned to real business situations. For this reason, when grading your answers, I will be focusing on your justification......

Words: 2791 - Pages: 12

Premium Essay

Ethics And Ethics: The Importance Of Ethical Behavior

...Ethics and morality establish how individuals act and treat each other and, through accounting practices and principles, an ‘‘ethical system facilitates trust among its adherents and creates the necessary foundation for a cooperative endeavor” (Satava, Caldwell, & Richards, 2006, p. 281). Ethical decision-making is important for today’s business leaders. As defined by Hicks and Hicks (2014), ethics is “what is morally right and wrong” (p. 111). Individuals must therefore make decisions by choosing among alternatives that coincide with their individual ethical principles and moral...

Words: 1074 - Pages: 5

Premium Essay

Course Module

...There is an introduction to managerial accounting concepts, relevant costs in managerial decision-making, and capital budgeting techniques. ACKNOWLEDGEMENT This course was developed by Dr. Geoffrey Goldsmith and Dr. Marsha James of the graduate faculty of the School of Business at Belhaven University (Jackson, MS, campus). TOPICS           Application of honesty and business ethics in corporate finance Biblical perspective on investing and risk/return Contents of the corporate annual reports Financial statements and cash flow Cash budget Analysis of financial statements through the use of financial ratios Time value of money Flexible budgeting Managerial accounting concepts Capital budgeting techniques COURSE OBJECTIVES           Identify the Christian principles of honesty and greed as they relate to financial reporting and ethical business practices. Discuss the importance of Biblical principles related to the accumulation of wealth through investing and the giving to others. Describe the purpose and content of financial statements. Understand how the basic financial statements articulate to each other Understand the importance and derivation of a cash budget Discuss the use of financial statement ratios analysis to evaluate the financial condition and...

Words: 8379 - Pages: 34

Premium Essay

Family Stressor-Strength Inventory (Fs3I)

...The husband Andrew works outside the home at an Accounting Firm. Both parents have a college education. The wife Katherine stopped working as a full time Registered Nurse after their second child was born to stay at home more often. She continues to works part-time at the local hospital. The father is considered the breadwinner of the family being the only one that works full-time the household. The children are 2 years apart and have a close bond due to the age difference. All the children are involved in school activities such as soccer, ballet/dance, football, and gymnastics. In general, the Hyppolite family is described as more focused as a family unit and family activities. The family eats together every night and on Sunday they have family game/movie night every week. Also they are involved in church events and attend weekly. They live in a family oriented neighborhood and socialize with the neighbors frequently. The immediate and extended family lives no more than 60 miles away for the family home and are highly involved in their lives. According to Mischke, K & Hanson,The Family Systems Stressor-Strength Inventory (FS3I) is an assessment/measurement instrument intended for use with families. The...

Words: 1443 - Pages: 6

Premium Essay

Examining the Use of Automated Calling from a Christian Perspective.

...Examining the Use of Automated Calling From a Christian Perspective. Emma Tucker Liberty University September, 2015 The use of automated calling telephone technology from a Christian perspective means that the technology should be used with good ethical behavior of biblical principles of integrity, accountability and honesty. The religious consequences of technology use, is of great concerns to me because it can relate to the development of my faith, and belief in God’s power, which influence me to live as kindheartedly and responsibly as possible. Also, people should not use Automated-calling technology to gossip and slander or spread secrets, and maliciously speak about someone else. People should follow the scripture at Proverbs 11:13 “Whoever goes about slandering reveals secrets, but he who is trustworthy in spirit keeps a thing covered” (KJV). Telemarketers first used automated calling in the late 70s for business-to-business and business to consumers for marketing their products and services (Marng, 2015). Automated call centers provided marketer’s with an autocall distributor (ACD) to route customers inbound calls to market their products and services in a competitive manner (Bianchi, 1998). A recent trend used by marketers in telemarketing is used to robocall customers. There are jobs that robots will take from humans (Gilson, D. May 22, 2015). One of the jobs on the list is already preformed by automated phone calls to people during dinnertime.......

Words: 1812 - Pages: 8

Premium Essay

Discrimination Against Women

...In this paper, we look at how women are discriminated against based on their gender in public life, employment, politics, religion, education, marital status and family, social services, and before the law. Introduction Research data have revealed that discriminatory practices against women prevail in approximately all parts of the globe. Discrimination against women based on their gender occurs in public life, employment, politics, religion, education, marital status and family, social services, and before the law. Women make up half of the population of the world and carry out two-thirds of the globe’s labor hours. Women obtain a tenth of the income of the world and possess less than a hundredth of the world’s property. Women usually bear the heaviest weight of exploitation and marginalization by society as a whole. In addition, women also often suffer from exploitation and oppression by men. For example, women perform 50 to 70% of all agricultural work in Africa and Asia. Women are faced with discriminatory behavior in all stages of their adult life. Discrimination is the main reason why so many women go through so many problems than equally skilled men to enter into and stay in the labor market. Discriminatory Practices against Women Throughout history, women normally have had less career opportunities and legal...

Words: 3328 - Pages: 14

Premium Essay

Police

...BELHAVEN UNIVERSITY Jackson, Mississippi A CHRISTIAN UNIVERSITY OF LIBERAL ARTS AND SCIENCES FOUNDED IN 1883 CATALOGUE 2014-2015 EFFECTIVE JUNE 1, 2014 Directory of Communication Mailing Address: Belhaven University 1500 Peachtree St. Jackson, MS 39202 Belhaven University 535 Chestnut St. Suite 100 Chattanooga, TN 37402 Belhaven University 7111 South Crest Parkway Southaven, MS 38671 Belhaven University – LeFleur 4780 I-55 North Suite 125 Jackson, MS 39211 Belhaven University 15115 Park Row Suite 175 Houston, TX 77084 Belhaven University Online 1500 Peachtree St. Box 279 Jackson, MS 39202 Belhaven University 1790 Kirby Parkway Suite 100 Memphis, TN 38138 Belhaven University 4151 Ashford Dunwoody Rd. Suite 130 Atlanta, GA 30319 Belhaven University 5200 Vineland Rd. Suite 100 Orlando, FL 32811 Traditional Admission Adult and Graduate Studies Admission – Jackson Atlanta Chattanooga Desoto Houston Memphis Orlando Alumni Relations/Development Belhaven Fax Business Office Campus Operations Integrated Marketing Registrar Student Life Security Student Financial Planning Student Development Online Admission Online Student Services (601) 968-5940 or (800) 960-5940 (601) 968-5988 or Fax (601) 352-7640 (404) 425-5590 or Fax (404) 425-5869 (423) 265-7784 or Fax (423) 265-2703 (622) 469-5387 (281) 579-9977 or Fax (281) 579-0275 (901) 896-0184 or Fax (901) 888-0771 (407) 804-1424 or Fax (407) 367-3333 (601) 968-5980 (601) 968-9998 (601) 968-5901 (601) 968-5904 (601) 968-5930 (601)......

Words: 151104 - Pages: 605

Premium Essay

Consolidation

...Suggested Reading / References/ Sources 1.0 AIMS AND OBJECTIVES At the end of the lesson you be able to: Ø Understand basics of Final Accounts Ø Understand the difference between Profit and Loss Account with Trial Balance Ø Understand how to prepare Balance Sheet 1.1 INTRODUCTION All business transactions are first recorded in Journal or Subsidiary Books. They are transferred to Ledger and balanced it. The main object of keeping the books of accounts is to ascertain the profit or loss of business and to assess the financial position of the business at the end of the year. The object is better served if the businessman first satisfies himself that the accounts written up during the year are correct or al least arithmetically accurate. When the transactions are recorded under double entry system, there is a credit for every debit, when on a/c is debited; another a/c is credited with equal amount. If a Statement is prepared with debit balances on one side and credit balances on the other side, the totals of the two sides will be equal. Such a Statement is called Trial Balance. This watermark does not appear in the registered version - http://www.clicktoconvert.com 2 1.1.1 DEFINITION Trial Balance can be defined as “a list of all...

Words: 19905 - Pages: 80

Premium Essay

Graft Corruption

...An illegal act by an officeholder constitutes political corruption only if the act is directly related to their official duties, is done under colour of law or involves trading in influence. Forms of corruption vary, but include bribery, extortion, cronyism, nepotism, patronage, graft, and embezzlement. Corruption may facilitate criminal enterprise such as drug trafficking, money laundering, and human trafficking, though is not restricted to these activities. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by private persons or corporations not directly involved with the government. Ordinary people can also be corrupt in their own simple ways. For example, you don’t have enough allowance for that day. You just get...

Words: 3146 - Pages: 13

Premium Essay

Cyber Crime

...Smith Grace Bible Church College Station, TX 77845 JacobSmith@grace-bible.org *Corresponding author Forthcoming in Academy of Marketing Studies Journal Electronic copy available at: http://ssrn.com/abstract=1724815 CASE STUDIES OF CYBERCRIME AND ITS IMPACT ON MARKETING ACTIVITY AND SHAREHOLDER VALUE Katherine T. Smith, Texas A&M University L. Murphy Smith, Texas A&M University Jacob L. Smith, Grace Bible Church ABSTRACT Cybercrime, also called e-crime, costs publicly traded companies billions of dollars annually in stolen assets and lost business. Cybercrime can totally disrupt a company’s marketing activities. Further, when a company falls prey to cyber criminals, this may cause customers to worry about the security of their business transactions with the company. As a result, a company can lose future business if it is perceived to be vulnerable to cybercrime. Such vulnerability can lead to a decrease in the market value of the company, due to legitimate concerns of financial analysts, investors, and creditors. This study examines 10 case studies of publicly traded companies affected by cybercrime, and its impact on marketing activity and shareholder value. The study also describes some of the major types of cybercrime. Results indicate that costs of cybercrime go beyond stolen assets, lost business, and company reputation; cybercrime has a significant negative effect on shareholder value. INTRODUCTION E-commerce is a...

Words: 6032 - Pages: 25

Premium Essay

Pascuallab

...INTRODUCTION Historical Background Just after the Second World War, when the nation was devastated and Filipinos were in need of medicines, Isosceles Pascual and his wife, Leonora Figueroa-Pascual, founded Pascuallab as a single proprietorship. They operated their business out of Tondo, Manila with products for treatment of tuberculosis and vitamin deficiency then. In 1952, the Pascuals modernized their plant in Tondo and expanded the operations to include anti-infectives and cardiovascular medicines. By the 1960s, Pascuallab entered into strategic partnerships with foreign-based companies and became a corporation. It was during this time that it formalized the marketing and sales activities and strengthened its Product Research and Development Division. In the 1970s, Pascuallab transferred its manufacturing plant from Tondo to a place then known as Km 31, MacArthur Highway in Balagtas, Bulacan in response to the government’s call to locate all factories outside the 30-kilometer radius from Manila. The head office moved to Epifanio de los Santos Avenue (EDSA), Quezon City. Pharex Corporation assumed the distribution of the company’s products. In the 1980s, the company made Metro Drug Crop. as product distributor and officially appointed Pharex health Corp as the marketing arm of Pascual Corp’s generic products. It also formed the Consumer Products Division to market personal hygiene and vitamin products. In the 1990s, it went into intensive marketing for consumer......

Words: 3406 - Pages: 14