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Career Field


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Career Field

  1. 1. Career Field of Accounting Yan Gong
  2. 2. What is Accounting? Accounting is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants.
  3. 3. Categories of Accounting • Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting. • Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers. • Management accounting focuses on the measurement, analysis and reporting of information for internal use by management. • An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. • U.S. tax accounting refers to accounting for tax purposes in the United States.
  4. 4. Accounting information system (AIS) • An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. • a computer-based method for tracking accounting activity in conjunction with information technology resources. • The most widely adopted accounting information systems are auditing and financial reporting modules.
  5. 5. Accounting Organizations in the World • Generally accepted accounting principles (GAAP): the standard framework of guidelines for financial accounting used in any given jurisdiction. • Financial Accounting Standards Board (FASB): a private, non- profit organization market regulator[1] whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest. • International Financial Reporting Standards (IFRS): a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
  6. 6. The Accounting Program at Maryville University