Accounting is, I think, the number one reason why businesses succeed as well as fail. If one employs sound accounting technique to his business plan and structure, that is much more significant and advantageous than selling hoards of product without one. With good accounting structure, it is easy to plan the future of the company, spending, in addition to tracking how the company is doing or has done over a specified time.
This affects my life in a variety of ways, as I plan on opening my own real estate business, once I get my brokers license (in a year and a half). The date of getting my license almost directly coincides with my business degree, and when I have both is when I plan on opening my business. My plans are to mainly deal with investment deals, as well as buyers/sellers. Understanding accounting principals will be essential to the success of my business. It will be helpful in explaining and hashing out the numbers with potential investors, on top of conducting the every day tasks of running my business.