Accounting Is The Process Of Keeping And Maintaining Financial Accounts

804 Words Feb 5th, 2015 4 Pages
Accounting is the process of keeping and maintaining financial accounts and can be traced back thousands of years. Accountants specialize in the accounting process and are needed in most industries. There are very few professions that play a more important role in business than accountants. Accounting can be broken down in subfields or different jobs and are regulated by many organizations. Both standards and ethics play an important role in protecting the best interest of a client. Accountants are indispensable in many industries retail, non-profit and food service are three industries that involve accounting work. In a retail environment accounting is important to determine if they have enough cash and products on hand. Proper accounting can keep track of what product sells, what products do not and the overall profitability of products/services. It is extremely important for non-profits to use accounting to keep an allocation of funds. Non-profits must keep clear records and know the tax laws. In the food-service industry accounting is used to keep track of assets such as equipment, product and building space. Accounting is also used to keep tabs on operating costs, food costs, sales, wages and profitability of products ("What Accountants and Auditors Do", n.d)
There are many subfields of accountants and job duties vary per subject area. Some types of accountants are CPA, CIA, Managerial and Government most require at a minimum, a bachelors in accounting or a related…

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