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Importance of computer in accounting field of study
Importance of computer in accounting field of study
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Many college students obtaining their bachelor’s degree have a total of 120 credit hours, however, if a student is trying to obtain their Certified Public Accountant (CPA) license than they must have 150 credit hours. In order to have 150 credit hours, a student must take approximately of 10-3 credit hour courses after graduation. After completing the additional 30 credit hours, one must then sit for the CPA Exam. The CPA Exam is a total of 14 hours and includes 4 sections, including: auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation. One must complete and pass all four sections within 18 months. A passing score is a 75.
One may work as an accountant without their CPA license,
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Joining professional accounting organizations looks good to employers and colleagues due to the prestige of such organizations.
One accounting organization that is both reputable and popular is the American Institute for Certified Public Accountants (AICPA). Accountants who are members of the AICPA are offered a multitude of benefits, such as professional guidance, development, a sense of community, a wide array of discounts, as well as access to accounting trade journals.
Another well known accounting organization is the American Accounting Association (AAA), which has been around for over a hundred years. This organization provides accountants with useful information regarding research and practice. Being a member of AAA gives accountants access to accounting trade journals with valuable information.
Senior Accountant: Becoming a senior accountant is a promising step in the promotional ladder. Senior accountants have more responsibilities than staff or junior level accountants. Senior accountants are responsible for preparing financial documents, assisting with monthly reconciliations, and assisting with
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Partner is one of the highest positions an accountant can hold within a company and are also co-owners of the company.
There are many skills that one acquires by working in the accounting profession that are both important for current employers, but for future employers as well. Such skills are as followed:
Analytical/Research Skills: Working as an accountant requires strong analytical skills as accountants’ must analyze important financial figures and charts, as well as complete thorough research and organize financial data.
Integrity: Due to the nature of confidentiality surrounding the accounting profession, accountants must work with the highest integrity and ethical standard. Accountants must stay loyal to both their company and their customers.
Computer and Technical Literacy: Accountants do most of their work on the computer, so they must understand the basic functions of computers and how to operate certain accounting software. In addition to this, accountants must be able to adapt to technological advances and
Being a food service accountant is a rewarding job that comes with a lot of responsibility. It’s a job that requires one person to be the financial watchdog over the whole food service operation at any particular Air Force base. The food service accountant has to review all financial records, such as purchase order documents, inventory sheets, and waste logs; and then prepare reports to send up to the Services Agency to report on the facility’s financial status. One person can be the accountant for multiple facilities and the entire Air Force is counting on this individual to catch any major signs of wasteful spending from the facilities that the accountant is responsible for overseeing. Individuals lucky enough to get selected for this position are usually handpicked and have a proven record of responsibility and great attention to detail. Being a food service accountant is a privilege with rewarding benefits that most of the people assigned to the same duty section do not get the opportunity to enjoy.
Majored in accounting during my undergraduate at Michigan State University, I am determined to be an audit professional at a public accounting firm in Toronto upon graduation from MMPA program. To better qualify myself and equip myself with advanced accounting knowledge, I am dedicated to obtaining the CPA designation as well. In the next three to five years, I see myself being promoted from an associate to a manager who will lead a team and direct a project. Working as a manager in a public accounting firm will definitely sharpen my leadership ability and problem-solving skills, which are prerequisites for my long-term career objective. Ten years down the road, I want to work in the finance department of a public company as CFO or controller,
The non-profit professional organization, American Institute of Certified Public Accountants (AICPA), was founded in the United States of America. The organization was founded in 1887, to help ensure that the accounting profession would gain the same respect as the other prestigious occupations had received from the public. The accounting profession, similar to the medical, legal, and engineering professions, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing status [Uniform CPA Examination], and a commitment to serving the public interest” (AICPA, 2016). These five characteristics
What does ethics have to do with accounting? Everything, since there have been some recent financial accounting scandals; a few examples being Xerox, WorldCom, Enron, which have generated much unwanted and unfavorable publicity for CPA's, including those working as controllers or chief financial officers for organizations.
With every business activity come opportunities for fraudulent behavior which leads to a greater demand for auditors with unscathed ethics. Nowadays, auditors are faced with a multitude of ethical issues, and it is even more problematic when the auditors fail to adhere to the standards of professional conducts as prescribed by the American Institute of Certified Public Accountants (AICPA). The objective of this paper is to analyze the auditors’ compliance with the code of professional conduct in the way it relates to the effectiveness of their audits.
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...
It is highly essential for accountants and business professionals to maintain a standard of ethical conduct in the workplace as the nature of their work places them in position of trust. (Senarante, 2011). Accountants have the responsibility to ensure that their duties are performed in accordance with the five fundamental principles set out in the Code of Professional Ethics such as integrity, objectivity, professional competence and due care, confidentially and professional behaviour (Cunningham et al. 2014). Accountants are expected to be reliable and trustworthy. Thus they are required to act ethically in relation to their clients, employers and the general public in order to provide quality services in the best interest of the society (Eginiwin & Dike, 2014). The International Federation of Accountants (IFAC) have established a code of ethics for accountants, allowing each specific country to add their own national ethical standards to the code to reflect cultural differences. The code provides emphasis on the five fundamental principles as well as resolution of ethical conflicts. In Australia, professional accounting bodies such as CPA Australia, Institute of Chartered Accountants in Australia (ICCA) and the Institute of Public Accountants (IPA) adopt the Australian Professional and Ethical
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
In 1887, the American Association of Public Accountants was formed with the first standardized tests coming out about a decade later (Zeff, 2003, pg. 2). In 1896, New York State passed the first law for Certified Public Accountants (CPA), which Zeff (2003) “marked the beginning of an accredited profession of accounting in the United States” (pg 2). In Canada, the first association began in 1902 with the Dominion Association of Chartered Accountants (Buckstein, part 1 pg 2). Buckstein quoted John L. Carey, the author of a paper outlining the history of the accounting profession worldwide stated “the reason for creating a full-fledged professional organization was to distinguish skilled accountants of integrity from self-styled accountants whose competence had not been demonstrated” (pg. 2) As Zeff (2003) stated with the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 all publicly traded companies were now required to have their financials audited by independent CPA’s (pg. 4). This showcased the importance of having skilled and knowledgeable individuals produce verifiable and accurate information that the public (in all its forms) could rely upon. The combination of having professional accounting bodies and government legislations have attempted to establish
I feel that this major is of a great interest to me because its diversity. Both career paths have advantages and disadvantages. Public accountants have greater variety of exposure in working with different clients and industries; also, advancement opportunities may become sooner. On the other hand, private accountants can reach management levels without a CPA license and advancement opportunities may not come as quickly. This overview presented me a better idea of where a degree in accounting could take me. Knowing that I have a variety of opportunities and room for growth give me the confidence I need to Pursuing the degree would definitely open up the doors for me. Similarly, knowing that I have a detail oriented personality is a perfect fit for the world of accounting; I feel confident that my analytical, math and communication skills will help me to become a trustworthy and reliable accountant who help people to become more efficient with their
The Revenue Act of 1924, which President Calvin Coolidge signed into law to give CPAs the recognition by the federal government to be a professional class. The AICPA (American Institute of Certified Public Accounting) has been given four different names throughout history. It began as the AAPA (American Association of Public Accountants) in 1887. In 1916, the AAPA was succeeded by the Institute of Public Accountants, which changed its name to the AIA (American Institute of Accountants) a year later. That name was taken in 1936 when the AIA merged with the American Society of Certified Public Accountants. The AIA renamed itself the American Institute of Certified Public Accountants (AICPA) in 1957. In 1896, New York Gov. Levi P. Morton signed the first CPA bill into law. Twenty-two members were part of the AICPA when it was formed in 1887. The 16th Amendment of the U.S. Constitution, ratified in 1913, permitted a federal income tax (Tysiac).
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
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.
If you don’t have a deep background in accounting, but if you are strong in math, then don’t worry, you’ll be able to pick it up fast enough once you’re on the job. If you do have a background in accounting, then it gives you a nice edge.