Essay on Accounting

  • Accounting Vs Private Accounting

    In choosing to work in the field of accounting, it is important to know the difference between public and private accounting as well as the various areas of accounting in which to work. Trained in analysis of accounting systems, collecting evidence and testing assertions Lots of knowledge of standards for the accounting that applies to the client 's financial statements Experience in multiple industries May be certified as a CPA Advance to auditor, audit manager to audit partner Lots of travel, tight deadlines and long hours Working for an international auditing firm Trained in processing accounting transactions like billings and accounts payable Limited span of knowledge, perhaps confined to a single industry does not need certification Can advance to controller, Chief Financial Officer (CFO) Stable work environment, probably no travel, fixed work location and regular hours Usually work with a smaller company not well known outside its niche A public accountant must be more social, able to interview clients about their accounting systems and discuss potential system failures. This can be a more confrontational job. A private accountant needs to work with other parts of the company to develop or revise accounting systems and supporting procedures. As long as there are taxes and businesses, accountants will be in demand The Bureau of Labor and Statistics projects that accounting and auditor jobs will grow by 13% through 2020. In spite of the troubles of the economy,…

    Words: 810 - Pages: 4
  • Accounting Estimates In Accounting

    Accounting calls for the use of estimates in the preparation of the required financial statements. Estimates in this case relate to the use of precise amounts in financial statement elements that cannot be precisely determined. Therefore the amounts are subjective and lack precision because they are plagued by the use of subjective management foresight to determine the values utilized in the financial reports. Where the use of estimates is encouraged there is definitely a lack of accuracy and…

    Words: 997 - Pages: 4
  • The Career Of Accounting: A Career In Accounting

    career I chose to write my paper on is Accounting. As long as people need help with taxes and as long as businesses exist, accountants will be in demand. Accountants play an essential role in keeping businesses within their budgets. Accountants and auditors are often stereotyped as little more than math geeks, sitting in dark cubicles tabulating endless, mind-numbing streams of numbers. However, while accountants do need to have solid math skills, the job is much more. Accounting today is a…

    Words: 824 - Pages: 4
  • The Importance Of Accounting In Accounting

    Imagine a world without accounting. Would businesses still be able to operate and function? How would they know if they know what Would businesses still exist. Accounting information is a fundamental part of accounting it allows businesses to know where they financially stand. Accounting is a system that was specifically constructed and developed to record data, the field of accounting has developed over the years and is a key part of keeping society in order; it is a vital tool. The objective…

    Words: 718 - Pages: 3
  • Importance Of Accounting In Accounting

    standards of knowledge, judgment and care with the aim to produce a high-quality, professional, and ethical work. To achieve a high-quality professional service, accountants have their own standards and ethical codes. Through these, the rules, norms, agreements, and operation procedures are determined and developed. These two fundamental standards are entitled as generally accepted accounting principles better known as “GAAP”, and generally accepted auditing standards best known as “GAAS”. By…

    Words: 1025 - Pages: 5
  • The Importance Of Accounting Roles In Accounting

    Accounting, also called accountancy, is “a set of concepts and techniques [...] used to measure and report financial information about an economic unit [...] which is usually considered a separate enterprise.” (Walther, 2012). These concepts and techniques gather numerical data to show how an economic unit is doing financially and whether it is making net profit or net loss or losing income. A variety of parties show interest in knowing how an economic unit is doing financially, “these include…

    Words: 1093 - Pages: 5
  • The Importance Of Accounting In Accounting

    Accounting can be a wonderful thing, once you look past all of the debit and credits that have to be balanced, and all the balance sheet. It can let us explore a world that not many people tend to travel to. A place where the world is ours, and all we have to do it grab it by its hand and start the journey. Where we can truly be our own boss. Where we can control everything that goes on within the business. To raise a business from the ashes, to a business that no one else can compete against.…

    Words: 1921 - Pages:
  • Accounting Questions On Accounting

    income? A) $40,000 B) $50,000 C) $10,000 D) $80,000 Answer: C Operating Income – Min Required Return 50,000 - 40,000 (20% of 200,000) = 10,000 27. How much is the return on the investment? A) 25% B) 20% C) 12.5% D) 40% Answer: A Net Operating Income/Avg Operating Assets 50,000 / 200,000 = 25% …

    Words: 1983 - Pages: 8
  • Accounting And International Accounting Standards

    The accounting world is shaped by stringent and clear rules, principles, standards and guidelines. These are all meant to define accounting operations and reporting discipline. With the emergence of International Accounting Standards (IAS), which was later replaced by International Financial Reporting Standards (IFRS), the accounting concepts, analysis, disclosures, reporting and presentation became easier and practical. Currently, accountants, managers and related parties find it concrete and…

    Words: 1604 - Pages:
  • Accounting Equation: The Principles And Principles Of Accounting

    1.0 Introduction Accounting is the process of work where an accountant or account related personnel keeps the company’s financial accounts. The process of work includes recording, storing, sorting, retrieving, summarizing and presenting in financial reports. The purpose of accounting is to provide information that is needed for making of economic decisions and to help in defining the financial position of a company. Accounting is very important to a company. 2.0 Accounting Equation The…

    Words: 3569 - Pages: 15
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