Accounting Report
Anyone considering accounting needs to assess whether this career fits his or her interests, abilities, and aspirations. There are certain qualities and qualifications, however, that a person should consider before making a commitment to a particular career field. Selecting a career can take a lot of time, and many people do not choose until they are adults. Contributing to the difficulty in choosing a career is the vast number of vocations from which to choose. The field of accounting alone covers dozens of types of accountants and dozens of jobs. In trying to decide whether accounting is an appropriate career choice, a person should talk with bookkeepers and accountants that have years of experience. Ask questions about their daily work requirements, their likes and dislikes about accounting, and how they became interested in the profession. Questions such as these can give a person insight into the profession and help in considering accounting as a career.
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.
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...
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...anning and control. “Other examples of consulting projects of CPA firms are: advising and developing a system for a stock exchange, assisting a new integrated financial management system for New York City, and helping several major railroads with resource planning” (Rosenthal, 22). A career in management consulting offers the opportunity to work with a company’s executives in applying the concepts of modern management and information technology.
The final level of entry into public accounting is entrepreneurial services. In the book Careers in Accounting, it says that working in the entrepreneurial field “is a fast-growing and dynamic area that has been formed in most large firms in the last few years” (5). The person working in this area deals with the special requirements of a startup or growing company. Professionals in this group are involved in counseling and advising the emerging or middle-market company that may lack the resources to successfully handle planning, cost control, attracting capital, going public, or choosing the right information system or compensation plan. Audit, tax, and management consulting skills are all used to fill the needs of an emerging business.
Accounting is “a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information” (Accounting, n.d.). Financial information mentioned above includes any financial transactions done by the business. There are two types of accounting. The first one is accrual accounting, which realizes transactions at the time they occur and disregards whether or not cash transaction has occurred. This method is widely used in business, because it allows transactions to be completed over time and distance. Financial statements produced by accrual accounting reflect a sophisticated trade and a much more accurate snapshot of the business’ current situation. The opposite of accrual accounting is cash accounting, in which transactions are realized only when cash payment is made or received. This is the method used in personal finance.
*"Accounting is a set of principles and procedures relating to the registration and compilation, analysis and interpretation of financial data for the purpose of determining the outcome of business and its financial position".
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.
Accounting is the pillar of every company to measure its growth, loss, revenue , capital, its really specify the real terms in foam of figures and sometimes in tables, in accounting there are certain rules are obtained to make more accuracy while playing with figures.
Accounting in business, follows a particular process either in small scale business or large scale businesses with step by step process. Here is the straight forward procedure of accounting to know the organization current situation.
The nature of work of accountants and auditors is to prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes, numerous accounting and auditing, consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. Management accountants also called industrial, corporate, or private accountants record and analyze the financial information of the companies for which they work with. Other responsibilities include budgeting, cost management, and asset management. These accountants analyze and interpret the financial information corporate executives use to make sound business decisions. Internal auditors are very important to our system. When companies make information more timely, top management base their decisions on actual data, rather than their personal opinion. So these auditors verify the accuracy of their organization’s records and check for mismanagement, waste or fraud. Government accountants maintain and examine the records of government agencies, and audit private business and individuals whose activities are subject to government regulations or taxation. All ranks of government accounting sees that revenues are received and expenditures are made in accordance to laws and regulations. Many who have a background in accounting work for the federal government as Internal Revenue Service Agents. Within each field, accountants often concentrate on one aspect of accounting. Jonda Dunn who I interviewed works for B. Lee Hubbard and Company in Jackson, Ohio. She has worked there for six years and enjoys her job. She has received a bachelor’s degree in accounting and minored in Computer Science. She chose this career because she loves math and numbers. Mrs. Dunn deals with payrolls, bank reconciliation’s, and financial statements.
Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of
From the first tutorial, ‘Current Conceptions of Accounting’, we had already change our prediction on accounting professional. At the beginning, we through that accounting professional would be more formal and format. From what we have learnt from the first two semesters of accounting, we need to do everything under the current structure, standards, and regulations. Accounting is a tool and skill that help us to achieve our career successful. However, the first tutorial activity, which require us to bring up our view of ‘accounting, accountability, or an accountant’ from a lifestyle magazine. This activity make us found that accounting could be just next to us, not just in the career field, but also could find it anywhere in our life. This activity has open up our mind of accounting
In laymen’s term’s, accounting is the action or process of keeping financial accounts, but there is much more to being an accountant than just that. An accountant will need to be adept at working with numbers, paying close attention to small details, and reconciling conflicting business reports. Accountant’s tasks include preparing net profit and net loss statements as well as preparing other accounting reports for your company or client, and also analyzing reports of other statements to determine the how profitable your company, or the client.
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.
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.
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.
Accounting itself is a system that people has been using for thousands of years, the system records financial information about a person or business, businesses use it in order to be able to keep and track their financial accounts and other financial information in a safe and efficient way. (Brooks, 2012)
college, the student needs to decide on a more specific field of accounting. An accountant has many choices regarding what particular field of accounting to specialize in, depending on the financial information he or she wants to analyze and how it is done. Financial accountants, tax accountants and internal auditors are all accountants in general but require different training and work methods. A financial accountant records economic data and periodically prepares reports that show profit and other financial information of a company using the generally accepted accounting principles. The reports prepared by the accountant are useful for managers, and also for owners, creditors and the public. Based on information in the reports, the public can use the reports to choose a company to invest in. Because a financial accountant is employed by an individual company, he or she is considered a private accountant.
Why you should pursue the chartered accountant. (2012, February 12). RSM Betty and Dickson . Retrieved April 27, 2014, from http://www.rsmbettyanddickson.co.za/Articles/Article-Why-Pursue-Chartered-Accountancy.aspx