Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their business, and, in public companies, such accounting data is used by potential investors to decide whether or not to invest in the business. The work that is preformed by accountants potentially has the ability to be viewed by anyone and in turn is of significant value to who ever views it. An accountant must encompass an enormous amount of knowledge when it comes to performing their specific responsibilities. An immense amount of theory must be put into play when executing their duties as a professional. Accounting is a field that is the basis and the language of all businesses. Its curriculum, field diversity and demand are as substantial as those of other professional fields that require an individual to attend professional schooling to attain a specialized status in their particular field of designation. Clearly, it is of utmost importance to fully comprehend the amount of information entailed in accounting and to ensure that time and effort is spent on educating an individual of its significan...
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...of accounting is so large and it encompasses so many other fields, more needs to be done in terms of educating individuals in this aspect. Such a diverse discipline requires an intensive professional program to develop the minds of individuals who will one day potentially lead this industry. Other professions require the completion of an intensive program related to that individual field before work experience is required. Accounting could only be greatly benefited by such a strategy because it would produce a core base of individuals who are more prepared and informed in their craft.
Works Cited
Attal, Ruchi CPA. 2005. Taped conversation. March 20, 2005.
Sood, Nidhi Dr. 2005. Taped Conversation. March 23, 2005.
http://www.aicpa.org
http://www.cpa-exam.com
http://www.busadm.wayne.edu/academic_programs/undergraduate_programs/undergraduate_programs.htm
Over one million people are employed as accountants, and most can be found in private business and industry. “Nearly 40 percent of all accountants are certified, and about 10 percent are self-employed’(Caruna, 1). In addition to openings resulting from growth, the need to replace accountants who retire or transfer to other occupations will produce thousands of job opening annually in this large occupation. The Occupational Outlook Handbook states that the expansion of accountants is related to: “increasingly complex taxation, growth in both the size and the number of business corporations required to release financial reports to stockholders, a more general use of accounting in the management of business, and outsourcing of a...
An important ability of any great leader is expertise in his or her area of practice. This can be achieved through, “studying new technological research, analyzing competitors’ products and conferring with customer and engineers.” (Dubrin, 2007) The author feels very strongly that this area is one in which she is very proficient. She prides herself on not only constantly refining her skills in accounting through continuing education and professional training, but by researching industry specific information on the company that she works for.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
In “Professional Knowledge and Skills Required for Accounting Majors Who Intend to Become Auditors: Perceptions of External Auditors” by Ali Uyar and Ali Haydar Gungormus, the authors reason that in order for universities and colleges offering accounting education to “survive” in this ever-changing, cutting-edge global market, they have to acknowledge the requirements of the “business world” and to meet such requirements by preparing graduates who have the knowledge as well as the skills necessary to perform their jobs well and to be successful (33). In a survey conducted by the authors regarding the importance of certain ...
...so there is currently a very high demand for accountants. The accounting field has a high growth when compared with other careers. The job outlook for accountants mimics the health of the economy, which means that if the economy is good, there are more job opportunities and need for workers. There is a 13% expected growth in the accounting field from 2012-2022. Talented accountants advance fast and accountants who are not very good at the job do not get promotions. There is always new information to learn, and an accountant’s job is secure once they have the job.
Accountants must be familiar with the tax laws concerning their client's professions or business. They are responsible for budgeting, performance evaluation of the company, cost management, and asset management. They interpret the financial information that corporate executives need in order to make sound business decisions. They also prepare the reports for creditors, regulatory agencies, and tax authorities (“Accountants and Auditors”).
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
For those who have spent any time in the accounting world, there is one common experience we all share. No, it is not the hours spent traversing through or the time drudging through the FASB codification; It is not the chuckles we get when we share accounting puns or the long hours we spend together on the front lines of public accounting busy season or industry accounting close outs. It’s the look; the look that we see on the faces of people who try to comprehend why anyone, in the right mind, would want to study accounting. It’s the feeling; the feeling you get when you hear “oh, you must be good at math,” “I hear accountants are boring,” or my personal favorite, “can you do my taxes for me?” As a student of accounting I’ve seen this look and heard these remarks enough times to hone in on my reasons for seeking a career in the accounting profession. There are many paths for someone in accounting, as I am working on forging my own, my next step is graduate school in pursuit the Master of Accountancy Degree at UTSA.
The first major thing of note is the pay which averages out to 63,550 dollars per year or a $30.55 per hour rate (BLS 1). This tells me that even an average accountant can make a strong living that could more than likely support a full family. Next, is the employment turnover which is around 166,700 or 13% of the job field (BLS 1). This tells me that accounting a stable job but there is always a need for new accountant to replace those who are either fired or go to a different company. Also it is shown that the accounting profession is a field dominated by white males (AICPA 38). This is due to the cultural perception that men handle math and business better than girls, and are more likely to get involved in a field that consists entirely of math and business. Finally, there is the entry level education which is a bachelor’s degree (BLS 2). This means that an accountant must at least have a bachelor’s degree to work in the accounting field, but having a Master’s degree in necessary for the CPA exam and is preferable to a Bachelors. After having a proper education, the accounting profession becomes an easy and profitable field to get
Professional accountants require an ethical code as they hold positions of trust because of which people put their faith on them. The accountability to act in the public interest is the distinguished mark of this profession.
Chapter 1 - Introduction: ‘In the view of this committee, a single universally accepted basic accounting theory does not exist at this time.’(p.1). This is because that ‘the existence of basic differences in the way various theories view users and the preparer-user environments.’(p.3). Therefore, what the Committee tries to seek is ‘a theory that is general enough to cope with this variety and specific enough to offer assistance to accounting policy makers.’(p.3) However, none of the available theories is acceptable to all accountants.
Accounting dates back as far as first centuries, is the language of business. As everything has gone through many changes, accounting has also changed many times through out the centuries. It went from the use of abacus to the most advanced softwares, and computers. With these drastic improvements nowadays accounting, financial accounting and management are facing big challenges. From the presentation of the reports to communication to the users, investors, and owners, the accounting field has gained totally a new shape from two decades ago. Today with the dynamic change in every aspect of life, the accounting field has to act fast and be able to adapt these new changes and challenges in order to survive.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.