Accounting Career Essay

Accounting Career Essay
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...show
more content...
Accounting jobs are more secure than most during economic downswings. "Despite fluctuations in the national economy, there will always be a need
to manage financial information, especially as the number, size, and complexity of business transactions increases"(8). However, competition for jobs
will remain, certification will become more rigorous, and accountants with the highest degrees will be the most competitive.
In order to become an accountant, a person needs an aptitude for mathematics. In addition, a person must be neat, accurate, able to work with little
supervision, and able to handle responsibility. Starting in high school, students preparing for an accounting career should be proficient in arithmetic
and basic algebra. Familiarity with computers and their applications is equally important. Course work in English and communications will also be
beneficial. "In college, a bachelors degree with a major in accounting is highly recommended by professional associations for those entering the field
and is required by all states before taking the licensing exam"(Cosgrove, 5). It is possible, however, to become a successful accountant by completing
a program at a private business school, junior college, university, or correspondence school. Better positions, particularly in public accounting, require a
bachelor's degree
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Management Accounting Essay
From the management accounting viewpoint of business, the process of decision–making is the main aim of management accounting. The way of how
accountants make their decisions has been studied and investigated widely. It is very helpful in management accounting to categorize decisions in to
strategic and tactical and in to short run and long run decisions.
The objective of management accounting is to make a good decision as the process of management decision–making is extremely subjective. A good
decision is depends on the aims and purposes of management. As a result, the management has to set the aims and purposes in order to make decisions.
For instance, the management is required to decide strategic aims such as the pricing strategy,...show more content...
The entire tools are regarded as mathematical models of decision–making.
For instance, the base of C V P analysis is the equation: I = P (Q) – V (Q) – F.
The above tool is relating to employing and using financial statements as a check list to recognize and discover decision–making fields and also it is
used to find the most proper and suitable management accounting technique. There is one or more proper management accounting technique for each
item on financial statements.
2.2 Financial Statements
Financial statements or what also called financial reports are formal documents of financial activities of business. Financial statements are regularly
called as accounts in some law companies. In both short and long term, financial statements can offer a summary of a business' financial situation.
There are four major financial statements. First one is Balance sheet which also called as statement of financial situation or condition. Balance sheet is
a report on a company's assets, liabilities, and net equity as of a given point in time. Second basic is income statement which also called Profit and
Loss statement or a "P&L". Income statement is a report of company's expenses, income and profits over a period of time. Third basic is taxes which
are financial charges imposed by a state on an individual or on a legal entity.Fourth one is Statement of cash flow which is report on a

Accounting Essay
1. A brief history of the two organisations, and their objectives, in as far as they relate to accounting practices regionally and/or internationally, as
necessary.
1.1 European Union (EU)
1958 – EU was formed following by the Treaty of Rome
Global trading has impacted the treaty to develop standards that support unrestricted market activities internationally. Uniformed accounting standards
are required regionally to encourage the capital flow, enhance stakeholders' protection, and increase the comparability and reliability of companies'
financial information (Donnelly, 2007).
1970
and 1980– EU
establishes
the
foundation of Accounting
Harmonisation through company law
The purpose of EU is to construct the common business...show more content...
The comparability will remove the general confusion about the reliability of international financial reports. Van de Tas (1988) pointed up that it would
be beneficial for Stakeholders who are loaded with tremendous business information. Comparability in the international accounting harmonisation will
contribute more relevant information that may promote the productiveness of the financial markets, which will enhance the quality of Fair Value
Accounting figures (Barlev and Haddad, 2007).

As emphasised by Nair and Frank (1970) that the distinctiveness of the accounting practices could constitute barriers to the international publication of
accurate financial data.
Comparability of international and national standards could improve the credibility of the financial information provided by the entities of the public
sector worldwide (Otavova, 2011).
4
2.3 Increase the confidence of stakeholders
In harmonisation, the preparation of financial statements is presented and directed toward a wide range of users with the common financial information.
Therefore, it could reduce the complications for stakeholders in comparisons of the annual reports and cost of capital will ultimately decrease. Schaub
(2005) mentioned that it will increase market efficiency, reduce cost of capital for listed firms, and spur the growth in investment and employment.
It could create intelligible reports for the MNEs on the possibility of acquisitions, mergers or even joint ventures with

Accounting Essay
Accounting There are many different types of accounting. I haven't made the choice of which particular part of the profession I am going to go into. I
am going to focus on financial accountant. The decision to become an accountant is usually not made until college.
However general accounting and bookkeeping classes can be taken in high school. In 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...show more content...
Accounting may not seem like a popular profession, or a very interesting one, but once one looks deep into the separate activities and training of each
specialization, on can see that accounting may appeal to many different types of people for many different reasons.
A unexpected fact I found about accounting is that 90 percent of all CEO's have a background in accounting. There is a good outlook for accounts,
more than 300,000 new jobs in accounting and auditing expected by the year 2005 and a faster than average growth is expected over the next ten
years. Salary and status, increase with time and range widely on location, job experience, and job description. A graduate makes about
28,000 plus overtime. A experienced accountant in a major firm get 30,000 to 40,000. A manager salary ranges from 40,000 to 80,000. A CPA (
Certified Public Accountant) make between 100,000 and 200,000. A CPA need to take extra test giving by the state and has to have two years of
experience in public accounting. Accounting has been mainly white men but last year 57% of new hiring were women.
In the accounting profession, there is very little writing that takes place in a working environment. This aspect of accounting is attractive to me
because I am not a big fan of a lot of writing but as in every profession there is still writing that is done. Before the time of computers all accounting
was done by

Accounting Essay
Accounting
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 theirown
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...show more content...
If they are self–employed then they may work more or less depending on who much work they are willing to take on for the clients.
The employment outlook for accountants who have earned a professional degree through certification or licensure should have the best jobs.
Applicants with a mater's degree in accounting, or a master's degree in business administration with a concentration in accounting, may also have a
stronger advantage in the job field. Employers of many businesses always seek well–rounded applicants with strong interpersonal skills. Competition
with in the fields of accounting will always remain at the top for the most prestigious jobs with the bigger firms. The employment for accountants is
expected to grow about as fast as the average occupations through the year 2006. The need to replace the jobs of people who retire or transfer to other
jobs will continue to grow annually. Also as the company grows the number of businesses established will increase. Do to the increasing companies
and occupations the changing role of accountants will also spur job growth. Accountants will perform less auditing work and less tax work due to
growing competition from tax preparation firms, but they will offer more management and consulting services in response to demand. Accountants will
take a greater role as they develop more modern and flexible accounting systems, and focus more on analyzing operations rather than just

Accrual Basis Accounting Essay example
Accrual Basis Accounting
Accrual accounting is a system of accounting that is based on the accrual principal accounting. This principal requires revenue to be recognized and
recorded when earned. Expenses are to be recorded when they occur. The accrual basis of accounting is used by most companies. Very small
businesses and individuals use cash basis accounting.
The major distinction between the accrual and the cash basis of accounting is when revenue and expenses are recognized. When the cash method is
used, revenue is recorded when money is received. Expenses are recorded only when money is paid. The Accrual method accounts for revenue when
it is earned. Expenses for goods and services are recorded when they are incurred. The...show more content...
Some payroll policies allow for the carry over or roll over some or all unused time that has been accrued into the next year. If the accrual policy does
not have any type of rollover, any accrued time that has been taken is usually lost at the end of the employer's calendar year.
The accrual basis of accounting conforms to the GAAP financial statements preparation provisions for external users. The US GAAP website describes
financial guidelines, provides an understanding of the financial guidelines, and describes management's general flexibility. You must understand the
flexibility in the GAAP standards and relate it to the individual company and its industry. Regulators view earnings quality as high whengenerally
accepted accounting principles are adhered to.
Management typically describes the accounting choices and estimates that are embedded in the company's key critical accounting policies in the
"Management Discussion and Analysis" (MD&A) section of the Form 10–K.
Accrual accounting enables management to exercise its unique understanding of their business to convey important information about its economic
welfare (relevance) and allows management some discretion to manipulate important information about the company's economic welfare (reliability).
Accounting analysis evaluates management's judgment on how it chooses to use accruals.
The company's current accounting policies should be creating accurate accounting estimates. Extreme accruals that

Accounting Essay
Accounting
Introduction
The financial information is a very important matter in a company success. Allow them to see if they have been successful in the past, in the present
and help them to predict a future performance of you company.
The form, the use and the people involve with the financial and accounting information in a company is going to be developed in this report.
Accounting Knowing the status of your company in every single area will allow you to improve your performance and developed strategies with a
solid background for a successful operation. In the financial department of every company different kind of data and report to provide the information
needed is used. Without that information financial manager,...show more content...
You also can find that several transactions depend on accounting methods, judgments and estimates, so similar events may result in differing
measurements of income at the end of a time period
The balance sheet is a summary of a person or organization's assets, liabilities and Ownership equity on a specific date, such as the end of its
financial year. A balance sheet is often described as a snapshot of a company's financial condition and indicates what the firms owns and how theses
assets are financed in the form of liabilities or ownership interest (Williams, Jan R 2008). Intent to answer how much did the firm make or lose and
what is a measure of its worth? (Block, Hirt 2005).
A balance sheet is often presented alongside one for a different point in time (typically the previous year) for comparison.
One of the limitations of the balance sheet is most of the values are stated on an original cost basis, and that could be a problem when plant, equipment
and inventory may now be worth two or three times the original cost or may require many times the original cost for replacement.
Statement of Cash Flows is the amount of cash being received and spent by a business during a defined period of time, sometimes tied to a specific
project. The Cash Flow is often used to know the status or

What Is An Accountant? Essay
What is an accountant? An accountant is a person whose job is to make sure financial accounts are going well with the company. After completing
an accounting internship I thought accounting is an amazing career to go into because you get to experience how companies deal with their money
and how they make their income. Accounting is often viewed as a boring career because all you do is deal with numbers but in reality is an
interesting job to perform if you would like to be a part of the process that makes a company or firm keep functioning. Every business needs an
accounting system, from a simple small store to the largest company, they all need to track expenses and income. Accountants are responsible for many
duties some of which, according to the National Center for O*NET Development are to,
Prepare, examine, or analyze accounting records, financial statements, or other financial reports to assess accuracy, completeness, and conformance to
reporting and procedural standards. They report to management regarding the finances of establishment. They also establish tables of accounts and
assign entries to proper accounts (2011).
Accountants are also responsible for developing, implementing and modifying recordkeeping and accounting systems, they need to be able to use up to
date technology to make their jobs much more sufficient.
Skills
Some of the most important skills accountants must hold are active listening, mathematics reading comprehension and logic. An accountant

Accounting Major Essay
Being an accounting major allows you to be in a program that prepares individuals to practice the profession of accounting and to perform related
business functions. The different job opportunities and learning aspects would include financial accounting, managerial accounting, cost accounting,
budget and tax accounting. As well as knowing the legal aspects of accounting, auditing, reporting procedures, statement analysis, planning and
consulting, business information systems, accounting research methods, professional standards and ethics, and applications to specific for–profit,
public, and non–profit organizations. With the variety of job opportunities, the salary ranges between 45,000–90,000 dollars depending on experience
and career choice.
My career goals and aspirations is to be in management assigning duties to others, motivating them, evaluating their performance, listening to new
ideas and working together as a team is something I look forward to doing in my future career. Personally, I value getting to know new people,
working together...show more content...
Experiencing different departments can always help with understanding which area is the better fit for you and the more you know the more likely
you are to grow rapidly into better positions. Technology is advancing rapidly and so is the job employment. The acronym S.T.E.M. stands for
Science, Technology, Engineering and Mathematics. I strongly believe that you can't go wrong with any major in these fields because it will always
be in demand. Even though it might be rare, having the opportunity to work from home can be a result of having a job in the Technology as well as
the Accounting field. The hours are their if needed and as long as you are always educating yourself on the lately technology the opportunity for a pay
increase and different job opportunities will always be

Accounting Essay
The Financial Accounting Standards Board is board of seven independent members who are accounting professionals that was developed in 1973. This
seven member group is responsible for communicating the standards that are in place for financial accounting and reporting that takes place in the
United States. Generally accepted accounting principles (GAAP) are the standards that are used by the FASB to govern the way in which corporations
prepare their financial reports. This process of utilizing these standards to maintain and report accounting files is the only method that the US
Securities and Exchange Commission will accept. The members include; Michael Crooch, CPA, George Batavick, CPA, Edward Trott, CPA, Leslie
Seidman, CPA, Donald...show more content...
securities regulation with federal, state, and foreign authorities. (US SEC Website) The members include The Public Company Accounting Oversight
Board was created in 2002 by the Sarbanes –Oxley Act and is a non–profit and private sector corporation. The PCAOB was established in reaction to
the increased number of corporations reporting changes to their past financial statements. The US Securities and Exchange Commission appoints of
four members to the board. Two members must be certified public accounts and each member serves a term of five years. Much like the SEC board,
the members terms are staggered and the headquarters in located in Washington DC. Their mission is "to oversee the auditors of public companies in
order to protect the interest of investors and further the public interest in the preparation of informative, fair and independent audit reports." (PCAOB
website) The Act of 2002 gave the PCAOB four major responsibilities; registration of accounting firms that audit public companies that are trading in
US Securities markets,

Bank Accounting Essay
gaining importance that most of the bank's income is earned from its non–core activities which are treasury operations, corporate services and so on.
So we try to assess the quality of income in terms of income generated by core income activities like income from lending, advances etc.
The factors considered by the supervisory and regulatory authorities to assess the quality of assets are
To evaluate the undistributed profits and reserves, retained earnings, profits, and their authentication whether an adequate capital are generated through
this channel or not.
To determine the quality sources of earnings and incomes, budgeting policies and Management Information Systems (MIS).
Ratings Criteria for Earnings:–
A rating of A+ or 1...show more content...
1.5.5 Liquidity Management: –As we all know that the liquidity ratio states the level or limit up to which a bank is able of satisfying its respective
liabilities. Banks generate money by mobilizing short–term savings of the people converting into deposits at lower interest rate, and then lending these
funds in long–term loans at higher rates of interest, so it is quite risky for banks to mismatch their lending interest rate. Liquidity is measured by the
level of earnings, the fifth component of CAMEL Framework is liquidity (stability of customer, whether loans and deposits are well matched and
overall liquidity position), and it is an important element for both good and bad banks. All banks are highly concerned for their liquidity risk; i.e.,
the problem which arise due to the bank failure in meeting its current financial obligations (e.g., depositors) because of inadequate current assets
such as cash and quickly cash type marketable securities, Specifically at the time of economic recession and to avoid these type of problems every
bank tries to analysis its liquidity position regularly and make arrangements to avoid such problem..Laruccia and Revoltella (2000) found that banks
with low net loans to assets ratio (good liquidity position) tend to obtain better BFSRs assigned by Moody's. Poon and Firth (2005) and Pasiouras et
al. (2006)

Essay on The History of Accounting
The origin of accounting primarily consists of the establishment of human society and commerce. The idea of accounting is an old practice that has
been dated since the Mesopotamia era. During this era, trade between tribes around Mesopotamia required records to be kept on stone and clay
tablets. This took place at least 3600BC, where in those times, the 'scribes' who possessed a knowledge of writing also served as bookkeepers.
Overall, accounting has made significant contributions over the past five and a half thousand years. The first samples of what we called "writing"
were believed to be actual records of transactions from more than 5,000 years ago. Many scholars considered that accounting systems were in use
which had...show more content...
Merchants and property owners used accounting not just for their businesses; They also used it for getting in touch with God, their environmental
settings and family members. Francesco Datini, a famous Italian merchant wrote "In the Name of God and Profit" in his ledger books. Merchants like
Datini (and later Benjamin Franklin) kept moral account books, too, for tallying their sins and good acts the way they tallied income and expenditure.
If we wanted to know how to make our country and companies more accountable, we should study the Dutch. In 1602, the foundation of modern
capitalism was invented which was the first publicly traded company and official stock market in Amsterdam (the Dutch East India Company). It was
their older and well–maintained culture of accountability that kept these institutions stable for a century. The double–entry accounting eventually
spread to the Netherlands during the early 1500s which has made the accounting education the country's main focus. Their managers, eventually, gained
trust from The Dutch for maintaining good books and logging in regular interest payments, and paying off their state debts in the meantime. Every
level of Dutch society practiced double–entry accounting based on the advantages and pitfalls that were at the fore of the public's conscious. The
Dutch not only had basic financial management skills, they were also acutely aware of the idea of balanced books, audits

Accounting Essay
As we progress in our study about accounting every new chapter introduces relevant information while consequently building on the data introduced in
the previous chapters. This lesson expands further on the accounting cycle by explaining how to adjust and update accounts at the end of the period.
Therefore, we learn a new concept which is also referred to as adjusting the books. I am quite convinced that there are numerous people who are
familiar with that term, nevertheless, in accounting when we talk about adjusting the books, we mean special journal entries, called "adjusting entries".
Before explaining further about adjusting entries I would like to mention that in accounting we distinguish two ways of recording transactions and
...show more content...
And here it is when accrual basis accounting becomes quite useful, as this type of accounting requires the business to review its records and make
sure that if there were additional revenues or expenses during the period, those are accurately recorded. A great example our textbook brings up is
the recording of the office supplies used and currently on hand. Although we recorded office supplies when those were purchased, but said
supplies surely will be used and maybe even depleted by the end of the period. For that reason, these changes need to be reflected in our
accounting and adjusted to reflect the correct balance. We distinguish between two types of adjusting entries and those are prepaid and accruals. I
would like to utilize Horngren's accounting in explaining in detail about each adjusting entry because the book explains that "In a prepaid
adjustment, the cash payment occurs before an expense is incurred or the cash receipt occurs before the revenue is earned." (Nobles, Mattison, &
Matsumura, 2014, p.139)" While the textbook also elaborates that "An accrual records an expense before the cash is paid or it records the revenue
before cash is received." (Nobles, Mattison, & Matsumura, 2014, p.139) The first adjusting entry mentioned above, prepaid can be further broken
down to prepaid expenses and unearned revenues, while accruals can be broken down to accrued expenses and accrued revenues. When we talk about

History of Accounting Essay
History of Accounting
The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report
you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will
learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double–entry bookkeeping
processes. You will learn how things were done before the birth of the double–entry bookkeeping process. You will learn about Luca Pacioli and the
Summa. You will also learn about modern accounting and ACAUS.
In attempting to explain why double entry bookkeeping...show more content...
The Assyrian, Chaldaean–Babylonian and Sumerian civilizations were flourishing in the Mesopotamian Valley, producing some of the oldest known
records of commerce. In this area between the Tigris and Euphrates Rivers, now mostly within the borders of Iraq, periodic flooding made the valley
an especially rich area for agriculture. When farmers started to prosper, service businesses and small industries developed in the communities in and
around the Mesopotamian Valley. The cities of Babylon and Nineveh became the centers for regional commerce, and Babylonian became the language
of business and politics throughout the Near East. There was more than one banking firm in Mesopotamia, employing standard measures of gold and
silver, and extending credit in some transactions. During this time period (which lasted until 500 BC), Sumeria was a theocracy whose rulers held
most land and animals in trust for their religious beliefs, giving drive to their record–keeping efforts. Furthermore, the legal codes, which emerged,
penalized the failure to memorialize transactions. The renowned Code of Hammurabi, handed down during the first dynasty of Babylonia (2285 – 2242
BC), for example, required that an agent selling goods for a merchant give the merchant a price quotation under seal or face invalidation of a
questioned agreement . It is also believed that most transactions were recorded and subscribed by the parties during this period. The closest thing they
had to an

Accounting Career Essay

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