personal statements accounting

Sample Personal Statement Accounting and Finance

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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How to Write a Personal Statement for Accounting (Best Tips)

Your personal statement for accounting school application must reflect your deep interest in the field.

It should signify your love for numbers and your passion for business and finance. It should also provide an in-depth look into your personality and evidence that you are qualified for this course. This article will show you how to write a captivating personal statement for accounting school in the simplest yet most substantial form.

What is a Personal Statement?

A personal statement is a detailed yet concise essay that requires you to elaborate on your suitability for your desired admission program, scholarship, or job. It is a pivot part of the university and college admission procedure. Besides your academic record and experiences, the personal statement is an integral part of convincing the selection committee to consider you for admission.

What to Include in Your Personal Statement?

A personal statement is not a lengthy essay to be filled with your life story and fancy goals. It must be a concise, realistic, and compelling justification of why you’re the most suitable candidate to be granted admission.

Include these in your personal statement:

• Reason(s) for choosing the
• Proof of your deep understanding of the course you are going to study.
• Mention academics and work experiences that apply to the course.
• Relevance of the course to your goals.
• The value that you can bring to the course, society, and industry.
• Validation that you know the program and that you are making an informed decision.
• Clear career plan after completing the course.
• Brief of relevant skills, experiences, and potential to complete the course.

According to James Seymour, Director of Marketing and Student Recruitment at the University of Gloucestershire , universities do not want a beautifully written essay with tens of achievements but a realistic picture of a candidate with all efforts, traits, goals, and hardships that shaped him for an accounting major.

How to Write a Personal Statement for Accounting (Step-by-Step Guide)

Writing a personal statement for accounting differs slightly from writing a personal statement for other business schools. Accounting is a straightforward and practical subject, and you must justify your position in choosing such an intensive course that requires hard work. Since accounting has nothing to do with creativity, personal statements for accounting are precise, simple, short, and directly explain your interest in the subject. Here is a step-by-step guide to writing a personal statement for accounting:

1. Do Your Research

Be very sure about what and where you are applying for and why you are applying for it. Do your research on:

• What is unique about the institute?
• What does the course prospectus look like?
• Who are the instructors and what is special about them?
• What are the achievements of their alumni?
• The importance of accounting in every industry?
• How do technology and business dynamics affect accounting and finance ?
• What would be the demand for accountants in the future?
• What will you do after completing this course?
• What value will you bring to society and industry after getting an accounting diploma?

This research will make you confident about your choice and your plans. Reflect the knowledge gained from this research into your statement. Tip: Do thorough research and make notes on the achievements of instructors, industry leaders, and related case studies. This will help you in compiling evidence-based personal statements.

2. Brainstorm and Write

Once you have done enough research and analysis on pursuing an accounting and finance program, the next step is to jot it down. Take a paper and pen, and write whatever comes to your mind regarding the course and your application. Leave the structure and language for now, and think and write whatever comes to your mind. Support your every thought with evidence from the research you did in step#1.

3. Filter it Out

Now you have a very long, unstructured, raw content, the next step is to read it and group your sentences into the following sections:

• Introduction and Passion for the subject and institute
• Academics and research
• Work experience
• The value you will bring to society and the industry
• Hobbies, interests, and soft skills

Group sentences into the above sections and then write them in paragraph forms under each section.

4. Arrange and Refine

Once you categorized sentences, the next step is to arrange them in a sequence and flow. Write your sentences in sequence in each section. Refine each sentence to make it more logical, more relevant, and worth reading. Re-read each section many times and think of ways to improve it. Make sure that every single sentence is supported with an example or evidence. Tip: Instead of writing, “Accounting and finance was my favorite subject since grade 7”, write “I won a Kangaroo math and puzzle-solving competition in grade 7, which sparked my interest further in solving mathematical problems related to real-world business”

5. Analyze and Improve Sections

Once content under each section is written, the next step is to analyze each section to make it much better and more logical. Think of every section as a separate essay. Analyze each section and think about what the reader will get from it. Each section must justify your choice of accounting and finance.

6. Set the Flow

Once the content is completed, the next step is to arrange the paragraphs in a sequence. Read the individual paragraphs and make connections between them. Each new paragraph should be a smooth transition from the previous one. Arrange paragraphs in such a way that it keeps the reader engaged and gradually provides insights about you. Think of it as the art of storytelling . It goes from the introduction to the body of the story to the climax.

7. Proofread

Once done, proofread your personal statement. Re-read it several times to make it better. Make sure that it sounds strong and is not just a word waffle. Scan it for spelling, punctuation, grammar, and other errors. There are a lot of content writing and editing tools available for modern writers, one of which is Grammarly. If you are not using it yet, I suggest you download it immediately to your PC. It is very helpful.

8. Peer Check

After writing the final copy of your personal statement, get it reviewed by your friend, colleague, teacher, supervisor, and subject expert. Be open to critique. Listen to their reviews and comments, ask them what they thought while reading your statement, and then jot down the suggested improvements.

9. Don’t be Hasty in Submitting It

Yes, do not submit your personal statement along with your application if the deadline is still far off. Keep the final version with you and read it after a day or two. You will see lots of space for improvement after checking it with a fresh mind. Keep on improving and submit the best version a few days before the closing date. That’s it. We provided you with the best approach to writing a personal statement for an accounting school application. You may end up writing an amazing one if you follow these steps in a sequence. If you are still confused about structuring your accounting and finance personal statement, here is how you can do that.

How to Structure Personal Statement for Accounting and Finance

Making a general structure or outline for your personal statement will make your writing ten times easier and will give it a natural flow. The widely accepted personal statements usually follow the following structure:

Opening Paragraph

Begin your personal statement with an interesting opening paragraph. It is a very crucial part of your essay as it draws the reader in. Mention your interest in accounting and finance and explain what stokes your passion for choosing this course.

• Keep it simple
• Avoid cheesy, exaggerated, unrealistic, bookish, and cliche sentences
• Express your strong passion for the subject
• Grab the reader’s attention
• Be very sure what you are getting into and how excited you are about it

Try to sum up the theme of your personal statement in the beginning lines. Don’t stress too much about it and keep it natural. The more you think, the more muddled your opening will become. Here is a complete guide for the opening paragraph of the personal statement.

Middle Part

Place your logical evidence in this part, showing your passion and suitability for accounting and finance. Prove it to the committee that you can do it.

You can divide this part into academics and work experience as follows:

• Academics: Besides your academic track record, you can mention and elaborate on any book (print or ebook ), lecture, research paper, or case study that spiked your interest in the course.
• Work Experience: Explain your past or current job and what learning experience in accounting and finance you got from them. If you do not have any work experience, then mention any online or offline courses you took or activities that show your passion for the subject.

Watch this and learn how to include academics and work experiences in your accounting and finance personal statement.

This part is a personal touch. This is where you can mention the least significant part of your story. Mention your interests, hobbies, and other activities and elaborate on how they help you develop relevant soft skills. Mention books, events, programs, or people by name that you follow. Tip: Even the least significant information must significantly relate to your passion for accounting and finance. For example, you can mention reading books like ‘Rich Dad, and Poor Dad’, listening to TEDx talks, etc. Check out this guide to learn how to talk about hobbies in a personal statement.

Tips for Writing a Great Accounting Personal Statement

Here are a few very useful tips for writing an appealing personal statement for accounting school. We gathered these tips after a keen analysis of multiple successful personal statements. They are going to help you stand out from the crowd.

• 1. Define what exactly appeals to you for the career rather than simply saying “I have wanted to be an accountant since a very young age”.
• 2. Rather than elaborating on work experience, focus on transferable skills that you learned from your experiences.
• 3. Focus on elaborating details that are not anywhere else in your application.
• 4. Emphasize your interest in mathematics, economics, and business.
• 5. Be realistic and genuine. Do not flatter the admission committee.
• 6. Realistically present yourself in the light in which the admission committee wants you to be.
• 7. Read profiles of selected and successful students to learn what type of person the institute prefers.
• 8. Make your statement academics-oriented. Express your passion for accounting and finance courses.
• 9. Do not mention books that are too common.
• 10. Choose a trendy topic like a country or a company facing a financial crisis or technology affecting global finance, elaborate on it in a paragraph or two, and link it back to accounting.

Common mistakes:

• Tending to express passion for business and entrepreneurship rather than for accounting.
• Too many fancy words and unrealistic goals.
• Showing off or exaggerating interests, goals, and skills.
• Using flowery language.

Amazing examples of personal statements

After reading all the tips and tricks for writing a personal statement for accounting and finance, check out these successful examples that got selected for top-ranked institutes.

• This personal statement got offers from four UCAS universities.
• This video explains the accounting personal statement that got selected for all the top five choices of UCAS.
• This personal statement got accepted for an accounting course at five UCAS universities.
• This is a typical, very simple, and yet compelling personal statement for an accounting course.

Want more examples? Here is a list of the best accounting statements that have been shared by the UCAS admission officer.

Writing a personal statement for accounting is not simple. It requires you to express and justify your interest in this rigid subject. It also requires lots of background knowledge and research. We provided a very comprehensive guide for you to write the best personal statement for accounting. Go, grab your laptop, gather your knowledge, and follow these guidelines to come up with a landing personal statement for the accounting program of your dreams. If you are still on your educational path, learn how to write a “why do you deserve the scholarship” essay and get the funding you need. Next up, you may want to explore a guide on how you can stand out to employers .

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• Personal Finance

Personal Financial Statement: Definition, Uses, and Example

What Is a Personal Financial Statement?

The term personal financial statement refers to a document or spreadsheet that outlines an individual's financial position at a given point in time. The statement typically includes general information about the individual, such as name and address, along with a breakdown of total assets and liabilities . The statement can help individuals track their financial goals and wealth, and can be used when they apply for credit .

Key Takeaways

• A personal financial statement lists all assets and liabilities of an individual or couple.
• An individual's net worth is determined by subtracting their liabilities from their assets—a positive net worth shows more assets than liabilities.
• Net worth can fluctuate over time as the values of assets and liabilities change.
• Personal financial statements are helpful for tracking wealth and goals, as well as applying for credit.
• Although they may be included in a personal financial statement, income and expenses are generally placed on a separate sheet called the income statement.

Understanding the Personal Financial Statement

Financial statements can be prepared for either companies or individuals. An individual’s financial statement is referred to as a personal financial statement and is a simpler version of corporate statements . Both are tools that can show the financial health of the subject.

A personal financial statement shows the individual's net worth —their assets minus their liabilities—which reflects what that person has in cash if they sell all their assets and pay off all their debts. If their liabilities are greater than their assets, the financial statement indicates a negative net worth. If the individual has more assets than liabilities, they end up with a positive net worth.

Keeping an updated personal financial statement allows an individual to track how their financial health improves or deteriorates over time. These can be invaluable tools when consumers want to change their financial situation or apply for credit such as a loan or a mortgage . Knowing where they stand financially allows consumers to avoid unnecessary inquiries on their credit reports and the hassles of declined credit applications.

The statement allows also credit officers to easily gain perspective into the applicant's financial situation in order to make an informed credit decision. In many cases, the individual or couple may be asked to provide a personal guarantee for part of the loan or they may be required to put up collateral to secure the loan.

Special Considerations

A personal financial statement is broken down into assets and liabilities. Assets include the value of securities and funds held in checking or savings accounts , retirement account balances, trading accounts , and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes , and mortgages. Debts that are jointly owned are also included. Married couples may create joint personal financial statements by combining their assets and liabilities.

Income and expenses are also included if the statement is used to attain credit or to show someone's overall financial position. This can be tracked on a separate sheet or an addendum, called the income statement . This includes all forms of income and expenses—typically expressed in the form of monthly or yearly amounts.

The following items are not included in a personal financial statement:

• Business-related assets and liabilities: These are excluded unless the individual is directly and personally responsible. So if someone personally guarantees a loan for their business—similar to cosigning —the loan is included in their personal financial statement.
• Rented items: Anything rented is not included in personal financial statements because the assets aren't owned. This changes if you own the property and rent it out to someone else. In this case, the value of the property is included in your asset list.
• Personal property: Items such as furniture and household goods are typically not included as assets on a personal balance sheet because these items can’t easily be sold to pay off a loan. Personal property with significant value, such as jewelry and antiques, may be included if their value can be verified with an appraisal .

Business liabilities are only included in a personal financial statement if an individual provides the creditor with a personal guarantee.

Keep in mind. Your credit report and credit history are big considerations when it comes to getting new credit and every lender has different requirements for issuing credit. So, even if you have a positive net worth—more assets than liabilities—you may still be refused a loan or credit card if you haven't paid your previous debts on time or have too many inquiries on file.

Example of a Personal Financial Statement

Let's assume that River wants to track their net worth as they move toward retirement . They have been paying off debts, saving money, investing , and are getting closer to owning their home. Each year, they update the statement to see the progress they have made.

Here's how they would break it down. They would list all their assets—$20,000 for a car, $200,000 for their house, $300,000 in investments, and $50,000 in cash and equivalents . They also own some highly collectible stamps and art valued at $20,000 that they can list. Their total assets are, therefore, $590,000. As for liabilities, River owes $5,000 on the car and $50,000 for their house. Although River makes all of their purchases with a credit card, they pay the balance off each month and never carry a balance. River cosigned a loan for their daughter and $10,000 remains on that. Even though it is not River's loan, they are still responsible, so it is included in the statement. River's liabilities are $65,000.

When we subtract their liabilities from their assets, River's net worth is $525,000. Although they use it mainly to track their financial health, River can use this information—and the statement as a whole—if they want to apply for any other credit.

Small Business Administration. “ Personal Financial Statement .” Pages 2-3.

Experian. “ What Happens If Your Loan Is Denied? ”

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PERSONAL STATEMENT EXAMPLE Accounting and Finance Personal Statement

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Accounting and Finance Personal Statement

New dynamic markets are offering boundless opportunities with firms gravitating towards these markets, where inflows of foreign direct investments result in large returns on investment. As the world increasingly moves towards a more globalised environment, there is a need to understand the interplay between different economies and markets. Having lived my formative years in an emerging economy, studying in a UK university will open up opportunities for me to interact with students from other backgrounds and learn how other economies affect global markets. Furthermore, it creates a suitable platform for me to gain insights into the recent financial turmoil.

It is fascinating how series of accounting management mistakes and compromises caused the fall of various consultancy firms one of which is Arthur Andersen. The failure of the firm maintaining faithful accounting standards especially in the Enron forgery case where huge debts off the balance sheets led to the downfall of a once “Big Five” accounting firm. Documentation of this incident sparked my interest in finance . This love for understanding how financial market operate was intensified by reading ‘Intelligent Investor’, which emphasized on maximization of probabilities through valuation analysis and margin of safety. It also focused on the importance of asset allocation, diversification and prevention of consequential errors in a portfolio. This urged me to complete an internship in Elixir Investment Bank. During my internship, I gained greater insight into the Nigerian financial markets, particularly the Nigerian Stock Exchange. I assisted in examining trends on the stock market , bond and commodity prices. I found the interrelationship between macro-economic data and investment decisions particularly interesting as how businesses used retrenchment approaches during a recession. Based on my research on dominant Nigerian e-commerce firms, I analysed balance sheet data and assisted in making recommendations to the clients on investment opportunities.

In the modern globalised world, the key in decision making for businesses is having sound geographical and economic background. This encouraged me to study Economics and Geography in A level and have enhanced by ability to critically analyse information as well as develop structured arguments with detail in current affairs. Studying mathematics has improved my numerical skills, especially statistics where I learned the use of regression line to make predictions and estimate error for model reliability.

In school, I led a team of young economic enthusiasts who were keen to study economics and accounting in senior school. Reading ‘the Economist’ provided me with material to organise weekly activities with the team, and helped me explain how key economic concepts apply to real-life scenarios. My experience with this team motivated me to compete in various Finance and Economics competitions hosted by my school.

I believe a key component in excelling at university is being able to contribute to discussions on topical issues. As captain of school debate team, I learnt that the key to being a great orator is learning how to connect to your audience. This experience assisted me in becoming highly competent in clearly expressing complex issues with clear enunciation. Debating on the topic “Is Deflation proving transitory?” permitted me exhibit quantitative analysis gained from studying Economics, on a macro scale.

Being prepared for the world ahead for me transcends having an impact in my community. As a young boys scout, I learnt that giving back to the society and helping others should be a part of life wherever you are. I volunteered at various orphanage homes,, assisting assisting with day-to-day challenges and sharing my personal life challenges.

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Personal Statement - MSc Professional Accounting

• Sample personal statement

28 July, 2022

Personal statement - msc professional accounting share.

• 12 May, 2013

I am intending to pursue the MSc Professional Accounting programme at the University of East London because I believe my accounting skills will blossom in this programme as it is a place where I will be challenged and where I can develop my Professional Accounting knowledge. In this course, I will learn to apply the theory of practice and be able to know the latest thinking, practice and techniques in the profession. Successful completion of the program will help me qualify to join the Chartered Institute of Management Accountants through an accelerated route designed specifically for MBA and accounting graduates. Ultimately, I believe the course will help me qualify as a professional accountant.

I have done extensive research on the course and am satisfied with the modules, syllabus and learning outcomes offered in these fields, which will enable me to form an idea about different areas of modern Professional Accounting. Throughout the course, it will provide practical work opportunities to test my knowledge and allow me to demonstrate my practical understanding of accounting policy. This course includes face-to-face learning tutorials, workshops, lecture classes, and seminars. This course is designed to understand the theoretical concepts, principles and strategies of accounting and finance by striking a balance between theory and practice. It will help to gain investigative and analytical skills, the ability to critically evaluate data and concepts, and the confidence and skills to communicate effectively face-to-face. Since I want to work in Professional Accounting, I aim to gain complete knowledge from the modules of this course. The core modules include are Strategic Business Leader, Strategic Business Reporting, Advanced Taxation, Advanced Auditing and Assurance, Mental Wealth and Applied Research, Applied Business Project. In addition to this, the University offers different assessment methods in my chosen programme which will contribute to my development and enhance my employability skills. As of the moment, I am interested in learning all the related skills and knowledge from this course. In particular, I am happy to be able to apply for the course properly as it encourages me to pursue a long career. After completing my chosen course, I would like to go on to establish my career as a Financial Analyst or Managerial Accountant in a reputed organisation. I believe this course will be the right choice for my career plans and objectives.

I completed my Intermediate and Secondary education from the business studies group respectively at the Board of Intermediate and Secondary Education, Sylhet, Bangladesh. I studied Bachelor of Business Administration in Accounting in 2022 from Moulvibazar Govt. College, Moulvibazar, Bangladesh. At this moment, I realize that I needed a higher degree from abroad to improve my knowledge and skills. I would like to pursue an MSc Professional Accounting course that would benefit me professionally. As I want to explore my career in accounting positions, this course will give me an upper hand to understand any professional accounting contexts and situations. Moreover, I will learn how to work independently and collaboratively with a large number of colleagues with different experiences. Meeting the customers’ needs and giving them a high-quality service will be my first priority. In addition, I am dedicated and self-motivated to learn new skills. So, I am confident that my professional goal makes me a suitable candidate for the course.

It was difficult to pick a specialization from the various options available to me, but I finally decided to build a career in the professional accounting sector. My confidence would increase if I received a lot of abilities from my higher education. I'll be able to set goals that are more expansive. The course focuses on making me highly employable and preparing me for a career that helps me take my career to the next level. Making my nation's accounting sector one of the best would undoubtedly be a long-term aim. In addition to the accountancy profession, I will have the opportunity to establish my skills in other fields such as management consulting or research. For professionals, I believe this course will be the right choice for those looking for a successful career.

I'm determined to complete this course in the UK because I firmly believe that there are high standards for applicants with these degrees and that UK education is built on the proper professionals. I like the UK culture because they teach to be realistic. However, the study environment in my country follows the theoretical system of education which is quite different and no soft skills are acquired. UK universities have a worldwide reputation and rank among the best on the planet. In recent years, Bangladeshi companies have been hiring graduates with degrees from abroad because they believe that these graduates are capable of playing a key role in changing business attitudes. In particular, I am happy to apply for the course properly because it encourages me to pursue a long career. A recent survey of International Graduation Results in 2019 produced by iGraduate by Universities UK International shows that 82% of international graduates say their UK degree is valuable for financial investment and a similar number of graduates say they are satisfied or delighted with their careers. About 83% think a UK degree has helped them get a job. Since the course is an opportunity to study in the UK, I would like to take this opportunity to further enrich my knowledge and skills which will help me in my future career. These aspects have driven my ambition to get a degree from a UK institution. So, I believe it will be helpful for my professional career.

My choice is University of East London because it accepts international students so warmly. To support students the University have invested heavily in their facilities to shape the physical and intellectual environment of learning. The course learning outcomes are also the reason why I choose this university where they said they do focus on both book- based and practical-based knowledge. Additionally, University of East London is committed to helping international students get the knowledge, creativity, and mental acuity needed to succeed in a world that is continuously changing and a competitive job market. According to the working-age population, 91% of UEL graduates and postgraduates are in employment (DLHE 2017) compared with 70 per cent of non-graduates. In addition, the university offers modern and secure on-campus accommodation which will add extra convenience and experience for international students. In addition, the university has a good reputation for teaching, research and business partnerships. Moreover, The University works hard to ensure that all students reach their full potential. I will look no further if I get this opportunity to study at the University of East London.

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• Accountancy
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Personal Account in Accounting: Rule, Types & Examples

What are personal accounts.

Personal accounts refer to those financial accounts that belong to individuals, organizations, or entities with whom financial transactions are carried out. The personal accounts track the individuals’ assets, liabilities, expenses, and revenue. Thus, individuals can manage their finances, monitor their financial health, and prepare their financial statements using these personal accounts. Typically, personal accounts can be related to natural persons such as Rajesh’s account, and Suresh’s account, to artificial persons such as partnership firms, corporate bodies, companies, and associations of persons.

Key Takeaways:

Personal accounts are financial accounts of individuals, organizations, or entities with whom an entity has financial transactions. There are three types of personal accounts: natural, representative, and artificial. The golden rule of accounting for personal accounts says Debit the receiver and Credit the giver.

Table of Content

Types of Personal Accounts

Personal accounts and golden rules of accounting.

• Example of Personal Accounts

Personal Accounts – FAQs

Personal accounts are ledger accounts of individuals or organizations that have direct financial transactions with your business. They are divided into three main categories: Natural, Artificial and Representative.

1. Natural Personal Account: This type of personal account refers to human beings (individuals or persons) such as customers, dealers, owners or employees of the business. For example: a capital account of an individual or business, creditors account, debtors account, drawings account, salary payable account, accounts receivable and accounts payable , etc.

2. Artificial Personal Account: Apart from individuals or persons, separate legal entities or bodies that have financial transactions are clubbed under the artificial personal account. These accounts belong to those legal entities which are distinct from their members or owners. For example: corporations, government bodies, banks, cooperatives, hospitals, partnerships, associations and trusts, etc.

3. Representative Personal Account: This personal account is a representative of the individuals or organizations, i.e., accounts belongs to groups or categories rather than specific individuals. In this personal account, transactions belong to preceding or succeeding year. For example: an employee’s due salary from last year, rent a company paid in advance for the succeeding year can be accounted under this personal account.

Personal accounts are required to monitor individual transactions and keep precise records of business transactions with specific parties. They are frequently used in combination with general ledger accounts to simplify recording as well as analyzing financial transactions. The golden rule of accounting is applicable to personal accounts as well.

DEBIT the receiver; CREDIT the giver.

Suppose, a natural or artificial entity makes a donation to a business, it is an cash inflow for the business. Here, the receiver account (natural or artificial entity) must be debited while the business receiving the donation must be credited in the journal entry. Suppose, goods sold to Ramesh is a financial transaction. Here, Ramesh (a natural personal account) is debited and the business who gives the goods to Ramesh have to be credited.

Examples of Personal Accounts

There are multiple personal accounts available. Some of them can be listed as:

1. Customers’ Accounts Receivable (Debtors): These accounts track the amounts owed to the business by its customers for goods or services sold on credit.

2. Suppliers’ Accounts Payable (Creditors): These accounts track the amounts owed by the business to its suppliers for goods or services purchased on credit.

3. Employees’ Accounts: These accounts track the amounts owed to or owed by employees for salaries, wages, bonuses, or other employment-related transactions.

4. Loan Accounts: These accounts track the amounts owed to or owed by the business for loans received or extended, such as bank loans, mortgages, or lines of credit.

5. Capital Accounts: These accounts track the amounts invested by the business owners or shareholders in the business, representing their ownership interests.

6. Partners’ Accounts: These accounts track the amounts invested by individual partners in a partnership, as well as their share of profits or losses.

7. Vendors’ Accounts Receivable: These accounts track the amounts owed to the business by vendors or suppliers for goods or services sold on credit.

Personal accounts are those financial accounts who represent either individuals, entities or groups of individuals or entities. In journal and ledger accounts, these personal accounts are either credited or debited depending on the golden rules of accounting. A personal account is a general ledger account that relates to individuals. Individuals are natural persons, while companies, firms, associations, and so on are artificial persons. When firm A receives money or credit from another business or individual, it becomes the recipient. In the event of a personal account, the other business or individual who contributes to it takes over as the giver. Creditor accounts are a form of personal account.

How is personal account different from other forms of accounts in accounting?

Personal accounts refer to individuals, entities,  or organizations, with whom an organization performs financial transactions, whereas real accounts correspond to tangible assets, liabilities, or equity, and nominal accounts record revenues, expenses, gains, and losses. Personal accounts emphasize on particular individuals engaged in transactions rather than general classifications of financial properties.

How do the personal account impact the preparation of financial statements?

Personal accounts contribute to the preparation of financial statements by giving precise information about transactions involving particular individuals or organizations. This information helps to create income statements, balance sheets, and cash flow statements, that allow stakeholders to examine the organization’s financial health and position.

Do personal accounts involve both internal and external transactions?

Yes, personal accounts involve both external and internal transactions. For example, the customers, suppliers and creditors are part of external transactions while employees or owners are part of the internal transactions. Further, proprietorships and partnerships are also included in personal account where there is a combination of both personal and business finances.

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Don't Even Think About Starting a Small Business Until You Grasp These Accounting Concepts

U nless you're an experienced accountant, taking on the accounting duties of a small business can feel daunting. The first step in preparing yourself for the job is to become familiar with basic accounting concepts. Here, we break down some of the most important concepts for you.

At its core, accounting is all about keeping track of how much money is coming in and how much is going out. Fortunately, there are plenty of accounting software options available to help. But whether you work with accounting software or not, it pays to know the following terms.

Generally Accepted Accounting Principles (GAAP)

According to the U.S. Chamber of Commerce, GAAP is a set of rules that most U.S. companies are expected to follow. These rules provide guidelines for how to track, measure, and report on how your company is doing.

Cash-basis accounting

The two most common accounting methods are accrual accounting and cash-basis accounting. Cash-basis accounting is quite basic: As income is received, you record how much comes in. When expenses are paid, you record how much you spent. It couldn't be any easier. In fact, it's so simple an accounting method that it's often preferred by small business owners.

The only downside to cash-basis accounting is that it may provide a misleading picture of your business's performance. Let's say you've billed a customer for a large job, but you won't receive payment for a month. In the meantime, you've ordered new inventory, so it looks like you have far more money going out than coming in.

While cash-basis accounting isn't perfect, it works quite well for most businesses.

Accrual-basis accounting

What about the other common accounting method, accrual-basis accounting? Unless your business earns more than $25 million in revenue, you are not required to use accrual-basis accounting. If you're fortunate enough to make it big and start bringing in that kind of money, here's how it works: Instead of recording income when it's received, you log it into your books when you bill it.

The tricky bit is that you may end up paying taxes on money that hasn't hit your business checking account yet, but it does provide an accurate long-term picture of your company's financial standing.

Accounts payable

Any outstanding bills you owe vendors are considered part of your accounts payable. The money you owe must be weighed against your business assets and income to draw an accurate picture of your cash flow.

Accounts receivable

Accounts receivable refers to all the money your business is owed by customers or clients. You typically track accounts receivable by invoices that specify payment terms, so you'll know when to expect payment.

Profit and Loss (P&L) statement

If you have an outside accountant working for you, are working with a tax professional to prepare your taxes, or are applying for a business loan , you'll be asked for a P&L statement. In short, a P&L statement provides an overview of your company's profitability. It lists your income, expenses, cost of goods sold, gross margin, profit, and other key pieces of financial information over a specific period of time.

Balance sheet

A balance sheet shows your company's assets, liabilities, and capital, all of which are used to determine its worth. You should be able to look at your business's balance sheet and immediately get a picture of its current financial standing.

Cash flow statement

A cash flow statement allows you to keep track of your company's financial activity. It lists and categorizes each time money comes in and each time money is spent, line by line.

These terms certainly don't represent all there is to know about small business accounting, but they're a good starting point. As you dive into small business accounting, you'll find yourself counting on these records and reports to keep your business on track and, hopefully, help it grow.

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Accounting and finance personal statement example 18.

When thinking of how much power polymer notes hold, it was normal for a child like myself to ask, 'What is money?'. Looking back the answer was obvious. The literal meaning might be 'a medium of exchange' but I simply see it as 'to sustain'. I came to my interpretation of money through a trip to my motherland, Ghana.

For years, Ghana has experienced severe electricity supply challenges due to the economic crisis that led to the scarcity of consumers' payments. The frequent lack of electricity during my time there, impacted my daily activities. Although this was a short stay, having to come up with solutions everyday was frustrating, but it also made me think about the people who go through it every day.

This made me acknowledge the importance of business strategy and investment management. The ability of the Ghanaian government to come up with solutions for their monetary purposes is what inspired me to choose Accounting and Finance.

Studying A-Level Accounting has re-enforced the idea of wanting a to pursue a career in Accounting and Finance. I really enjoyed learning about suspense accounts due to their ability to give clarity to transaction errors along with doubtful entries. I believe that my further comprehension of basic accounting principles, shows transferable academic skills such as communication and debate. Heartland Payment Systems data breach in 2008 was the debate topic that questioned whether businesses should modernise their accounting records or not.

As a student of Business, A-level, I discovered how to form a profitable organisation through conducting internal and external analysis and judge financial performances. Learning about the techniques used in strategic analysis enabled me to assess the strategic position of a business, which is also one of the key components of a business' approach to become financially stable, and it’s something that’s vital to know for the work done in Accounting and Finance.

Studying Spanish and Italian, helped to improve my overall understanding and enhanced my knowledge on Spain's cultures and traditions along with both countries political and economic issues which were covered in the course. The courses brought various skills such as interpreting skills gained via translation and understating the link between ideas, acquired through linking topics of the course like financial impacts of tourism in Spain to employment.

The EPQ was an opportunity of fulfilling my curiosity gained from crime documentaries and series. Their cases are inhumane. This stimulated an interest to investigate an understanding of morality and the human brain distinctions. My independent study and time management skills have all come from the commitment and dedication I have put throughout the project, which shows traits that will support me in higher education.

When volunteering to the British Heart Foundation as a cashier, I realised the deeper sentiment of customer service. The existence of Gift Aid which I promoted when taking donations, is for charities to have extra money from HRMC but only if the donator pays tax. This gave me a broader understanding of the different types of businesses. To be more involved in the world of music, I learned guitar. I now play in my free time and I'm able to play complex pieces of music like 'Tears in Heaven' by Eric Clapton and thanks to joining a band, I played in a concert at the Staller Hall in Manchester in front of hundreds of spectators.

I’m eager to enhance my skills and I believe that my maturity, persistence, and curiosity are traits that will support me throughout the journey at university.

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