Managerial accounting paper
Decision-making plays a large role in every company’s success. Business professionals should be concerned with how decisions affect workers, the local economy, other businesses, and profits. Satisfying all of these criteria is difficult, so which factor is the most important? Should a company solely concern itself with profits? How would the Bible apply to these factors?
I believe every company changes their decision making skills based on the situation. Sometimes it is more important to look out for the community, the profits of the company, or the workers. Profits; however, are one of the most common factors:
“For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs” (Timothy 6:7-10).
Companies whose primary goal is to gain wealth will not succeed. “Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless” (Ecclesiastes 5:10). Although money may mean the world to some it cannot buy happiness and it will not strengthen their spiritual relationships.
Cash is not the only form of profit. One could argue profit could be a form of self-improvement and guidance to those in a company. Companies who strive to see their employees grow and expand in their individual abilities truly care more about their people than the cash profits. Supporting others and setting a strong example for those around you is a common theme seen throughout the Bible. Additionally, the Institute of Management Accountants (IMA) developed standards to assist accountants/businessmen when faced with ethical decisions. Utilizing the Statement
I believe every company changes their decision making skills based on the situation. Sometimes it is more important to look out for the community, the profits of the company, or the workers. Profits; however, are one of the most common factors:
“For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs” (Timothy 6:7-10).
Companies whose primary goal is to gain wealth will not succeed. “Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless” (Ecclesiastes 5:10). Although money may mean the world to some it cannot buy happiness and it will not strengthen their spiritual relationships.
Cash is not the only form of profit. One could argue profit could be a form of self-improvement and guidance to those in a company. Companies who strive to see their employees grow and expand in their individual abilities truly care more about their people than the cash profits. Supporting others and setting a strong example for those around you is a common theme seen throughout the Bible. Additionally, the Institute of Management Accountants (IMA) developed standards to assist accountants/businessmen when faced with ethical decisions. Utilizing the Statement