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accounting concepts one words
accounting concepts one words
chapter 2 conceptual framework underlying financial accounting
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Accounting the Dream Job Ryan L. Linebaugh Angelo State University Abstract Accounting is often seen as a dense and lifeless field, but is considered by all the life blood of Corporate America. The purpose of accounting is to provide information about an economic substance transaction of a company or organization. Countries around the have become integrated with each other due to transactions involving an exchange between economic substance for a service or good. The parties that have a stake in each transaction must have access to the information necessary for assessing the economic status and performance of the organization that the transaction is progressing through. The hiring process for accounts is rigorous and detailed focus many human …show more content…
They use critical thinking skills to determine ways to make the organization more financially efficient. Their analytical skills help them develop ways to reduce costs, increase revenues, improve profits and eliminate waste. Accounts also carefully evaluate financial performance and investigate financial investments such as stacks, bonds, and real estate. Communication Skills Accountants need excellent communication skills. They may interact with a variety of people ranging from managers and directors to members of the accounting staff. Accountants must be able to clearly converse or correspond to ask questions and discuss issues or discrepancies. In addition, they offer advice and make recommendations regarding the best financial business decisions. Discernment Skills An attention to detail is an essential qualification for successful accounting. The ability to notice on error, discrepancy or inconsistency can often lead to discovering other inaccuracies. On the other hand, missing a small detail can affect the reliability of the organizations financial records and may cause the company to be audited. In addition accountants should be detail oriented to ensure that financial records conform to laws and regulations
Accounting is a system used to provide financial information about a business or person. Accountants prepare and analyze financial records for individuals, companies, governments, or other organizations. Accounting is a basic need for every business, and the term business has been broadened to mean any operation that deals with money. That includes families and corporations, and also schools, theaters, art galleries, charitable organizations, and even some private persons. People sometimes call accounting “the language of business” because accounting data are used to detail firms activities. Accounting tells the history of a business or person in numbers.
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...
The general definition of accounting is “the recording of transactions including the process of summarising, analysing and reporting these transactions in financial statements” (Macmillan English Dictionary, 2002). Proper accounting is important in the normal day to day life because it is formalised and regulated. It must be systematic, comprehensive and follow widely accepted, standardised accounting principles which are not taught to students at an early stage of their schooling career (Albrecht & Sack, 2000:59).
Management accountants use their skills to help with decisions that help a business make good decisions so they company will be valuable and in an ethical manner. They assess risk and implement strategy through planning, budgeting, and forecasting. Now managerial accounts have become critical with their analysis while managing a business. They do more than provide financial information they also have an active role in the business. Over the years managerial accountants has changed and now provide nonfinancial information. They can help a business achieve their goals. Today there is many things that is influencing how managerial accountants do their job with the emergence of e-business. They can use their knowledge to streamline the e-business (Hilton,2008). Now global competition has new challenges for managerial accounts because trade agreements can affect the way the business performs abroad. Gillet (n.d) said, “To be competitive, manufacturers must keep up
Every step in the accounting process is important for the overall operations to be successful. If a person does not give enough detail about their transaction, then the accountant is unable to properly record it within the accounting equation. If someone made an error when recording data in the accounting equation, it could cause the equation not to balance and also give false information on the financial statements is someone did not catch the error. All accountants should take full responsibility for all recorded data and follow the generally accepted accounting principles. Accountants must perform their jobs at the highest level and be morally and ethically aware of the power that their position holds. Accounting is a process of organizing and recording financial data that helps with decision making and informs investors of the cash flows and financial situation of the
In an accounting large quantity of numbers in systematically arrangement makes possible for businesses to provide a view of its day to day activity, growth, and its financial standing. I created interest in learning accounting from my home, and make it my career, as well as to progress my career goal to become auditor and open up my own accounting business; I need to make my knowledge of accounting wider and stronger. Applying for Master Science in Accounting is a very important step toward achieving my career goal.
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...
In this task I am going to describe the purpose of accounting, why is it compulsory for businesses and organisations to keep a record of all accounts such as “profit/loss,” the amount of cash spent on “stock”, “bills”, “wages” and numerous other things related to the business that money is spent on . Accounting also covers the cash situation, sales levels, stock levels and credit given to customers as well as their bad debts.
Like all the jobs in the world, there are critical points that make successful accountant. The very basic thing an accountant needs is honest and integrity. According t...
From an early age, I have always had a keen interest in the world of accounting. From studying Accounting at A-level, I have gained further knowledge into this particular subject of my choice.
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.
Accountants professions are not for the kind hearted, these skills pose a certain type of person. In the beginning, many figured that an accountant 's job was just keying in numbers and adding those numbers in a calculator, however, accountant duties are more than that. Accountants duties consist of preparing assets, liabilities, and capital account entries by compiling and analyzing account information. Moreover, an accountant skills are put to the test every day they enter the workplace. One little mistake from an accountant can tarnish a company and the accountant reputation.
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
Accounting is a vital element of business. It records the way a business has grown and, after analyzing figures, suggests the way it should go in the future. Furtunes are gambled on the advice of accountants.