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Biblical Concepts of Finance and Accounting
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You will write an word essay in current APA format that focuses on how biblical concepts are related to the fields of accounting and finance. The essay must incorporate a thoughtful analysis (considering assumptions, analyzing implications, comparing/contrasting concepts) of accounting, finance, and your faith. The paper must include at least 3 peer-reviewed references in addition to the Bible and course textbook
Biblical Concepts of Finance and Accounting
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Biblical Concepts of Finance and Accounting
While the notion of a connection between religion and core concepts of finance and accounting may seem far-fetched initially, a deeper analysis and look into the religious laws and standings offers a different perspective. From such research and analysis of relevant sources, concepts such as savings, budgeting, maintenance of records, debt management, financial planning, and the importance of labor and productivity are clearly visible from a biblical perspective. This paper looks into the connection between various biblical concepts and their connection to finance and accounting.
A culture of savings
Saving is the concept and act of putting a share of income aside on purpose as a means of deferred spending. The financial reason behind the concept of spending is usually a means of reduction of costs, the creation of future cash flow, or a form of insurance. The concept of saving is fundamental in the areas of personal finance as well as business accounting. In personal finance, for example, the ability of an individual or a family to set some money aside each year during their active work age allows them to pursue a number of options in the future.
Such options include the ability to fund education for their offspring, capital for a business venture, and consumption during retirement. On the other hand, in business accounting, savings is predominantly in the reduction of costs such as costs of production, sales, and recurrent expenditures in a bid to improve the profit margin.
Biblical Concepts of Finance and Accounting
The concept of savings, as observed, is important in both personal finance and corporate accounting and finance procedures. In addition, several scriptures relate this concept to biblical teachings of savings. In Proverbs 21: 20, the bible states that “The wise store up choice food and olive oil, but fools gulp theirs down.” (Biblica, Inc., 2011) This is indicative of the wisdom of saving up for future uncertainties. The absence of such a saving culture is likened to a fool who eats up all their produce after a bountiful harvest.
In addition, Proverbs 22: 3 states, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.” This implies the need for insurance and retirement plans in tandem with earlier examples as well as those provided by Rodgers and Gago (2006, pp. 129 – 131 ). Additional scriptures indicating the importance of saving include Genesis 41: 35, Proverbs 30: 24 – 25, and 2nd Corinthians 12: 14.
Debt Management
The ability to manage debt effectively is integral to personal and corporate finance and accounting. In personal finance, the wisdom to choose which form of debt is useful is critical to maintaining a level of financial wellness. Expanding on the example of the family used in the previous section, if the choice to spend the portion of income dedicated to irrelevant and depreciating purchases rather than an interest generating savings plan, the family would be in debt for a long period.
In the corporate context, a company that relies on borrowings to start and keep it afloat will always be in a losing battle and in a position of servitude (Despain, 2017, p. 409). Another key concept within the realm of debt management is cosigning, since the need to cosign implies a lack of trust between the lender and the borrower, thereby requiring a third party…..
Biblical Concepts of Finance and Accounting
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