Accounting is termed as the systematic record of recording financial transactions, maintaining financial records and communicating financial information of a business firm. The presentation concentrates mainly on the functions of accounting, fields in accounting, career paths in accounting, labor statistics, accounting ethics, etc.

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2. What is Accounting Study ?
Accounting is the systematic record of
recording financial transactions, maintaining
financial records and communicating financial
information of a business firm.
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3. Functions of Accounting
• Budget preparation
• Formulation of financial policy and
planning
• Recording financial transactions
• Summarizing and classifying
financial transactions
• Analyzing financial data
• Supervising employees’
performances
• Cost controlling
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4. Different fields of accounting
Accounting can be divided into
smaller branches or fields
which are closely related to
each other. This distinction in
fields gives us a better
understanding of subject
accounting.
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5. Various fields are:-
• Financial Accounting- It
deals in the systematic
recording of financial
transactions that mainly focuses
on Balance Sheet and Profit and
Loss Account.
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6. • Management Accounting- It deals in
providing data to the internal
management which helps them in
decision making.
• Cost Accounting- It deals with the evaluation and analysis of
manufacturing costs in a business enterprise.
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7. • Tax Accounting- It deals with tax-related matters of a business
firm.
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• Fund Accounting- It deals with
keeping records of the business
firm.

8. • Government Accounting- It deals in the allocation and
utilization of budgets provided by the government.
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• Forensic Accounting- It deals in
calculating damages related to
disputes in legal matters.

9. • Fiduciary Accounting- It deals in
management and evaluation of a third
party’s business.
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10. Career in accounting
A career in accounting implies that you
will be invited to work in almost every
organization there is.
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11. The compensation varies according
to the organization and the job
position. In today’s world, the
stability of financial records is a
key element of a successful
business.
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12. Various career paths
in accounting
• Auditor
• Managerial Accountant
• Financial Accountant
• Governmental Accountant
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13. • Accounting Information Systems
Auditor
• Forensic Accountant
• Tax Accountant
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14. Along with, region and education,
factors like specialty, industry, and
employer also have an effect on an
accountant’s salary.
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Labour statistics in accounting career

15. In 2017, the lowest-paid accountants
earned an average annual salary of
$43,020, and the highest-paid
accountants made $122,220.
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16. Accounting ethics
Ethics in accounting is very essential
these days. Since accountants have
the full access to financial records of
an enterprise, it raises the potential
for manipulation of records or
frauds. Some of the accounting
fundamental principles are:-
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17. • There should be Integrity in
business relationships.
• There should be a lack of biased
behavior and no conflicting interests.
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18. • Everyone should follow
Professional behavior and compliance
with laws and regulations
• Actions that discredit the
profession should be avoided.
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• There should be Confidentiality of agreements.

19. Best paying countries for
accountants
• San Rafael, California
• New York
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• San Jose, California
• Fairbanks, Alaska
• Washington, District Of
Columbia

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