Using your own personal experiences and knowledge please discuss the following question: Do you believe that accounting is critical to our economic system? Why is it an integral part of our economic system Explain. Support your answers with at least one practical example. Why did you choose accounting as your major? If it is not your major, explain your reason for your selection of your major What is a CPA? What service can a CPA provide that a non CPA accountant cannot regardless of how many other qualifications he/she has including a doctorate in accounting? What are some of the specializations in the accounting field? Discuss one or more of them. Which one are you considering if you are an Accounting major? Post a job description detailing the responsibilities and requirements on any accounting position that requires a minimum of a Bachelor\'s degree. Was there anything about that job description that surprised you (pleasant or unpleasant) Your responses must be numbered according to each question above. You do not need to reproduce the question. You must meet a minimum length of 750 words (excluding citations, the job description and my questions) and must be posted as response to my thread in this forum with the same subject line as above followed by your last name. Use any acceptable form of citation. There is an automatic 5 point deduction for submissions with no citations or citations in poor format. Please do not use attachments when posting your work. Solution Do you believe that accounting is critical to our economic system? Why is it an integral part of our economic system Explain. Support your answers with at least one practical example. Yes, I believe accounting is very critical to our economic system. Accounting plays an essential role in economic development. High-quality corporate reporting is key to improving transparency, facilitating the mobilization of domestic and international investment, creating a sound investment environment and fostering investor confidence, thus promoting financial stability. A strong and internationally comparable reporting system facilitates international flows of financial resources while at the same time helping to reduce corruption and mismanagement of resources. It also strengthens international competitiveness of enterprises in attracting external financing and taking advantage of international market opportunities. Good quality financial infrastructure is essential to the development of emerging economies as it provides investors with an acceptably high level of assurance. Unless resources invested in putting the plumbing in place can be accounted for, what will stop the roads going nowhere, the energy disappearing, and the communications breaking down? It could be very interesting and maybe surprising if we clearly understand that how accountants can help to improve and growth economies in all over the world. Traditionally, researches have said that accountants were hands of liberalism and.

1. Using your own personal experiences and knowledge please discuss the following question: Do
you believe that accounting is critical to our economic system? Why is it an integral part of our
economic system Explain. Support your answers with at least one practical example. Why did
you choose accounting as your major? If it is not your major, explain your reason for your
selection of your major What is a CPA? What service can a CPA provide that a non CPA
accountant cannot regardless of how many other qualifications he/she has including a doctorate
in accounting? What are some of the specializations in the accounting field? Discuss one or more
of them. Which one are you considering if you are an Accounting major? Post a job description
detailing the responsibilities and requirements on any accounting position that requires a
minimum of a Bachelor's degree. Was there anything about that job description that surprised
you (pleasant or unpleasant) Your responses must be numbered according to each question
above. You do not need to reproduce the question. You must meet a minimum length of 750
words (excluding citations, the job description and my questions) and must be posted as response
to my thread in this forum with the same subject line as above followed by your last name. Use
any acceptable form of citation. There is an automatic 5 point deduction for submissions with no
citations or citations in poor format. Please do not use attachments when posting your work.
Solution
Do you believe that accounting is critical to our economic system? Why is it an integral part of
our economic system Explain. Support your answers with at least one practical example.
Yes, I believe accounting is very critical to our economic system. Accounting plays an essential
role in economic development. High-quality corporate reporting is key to improving
transparency, facilitating the mobilization of domestic and international investment, creating a
sound investment environment and fostering investor confidence, thus promoting financial
stability. A strong and internationally comparable reporting system facilitates international flows
of financial resources while at the same time helping to reduce corruption and mismanagement
of resources. It also strengthens international competitiveness of enterprises in attracting external
financing and taking advantage of international market opportunities.
Good quality financial infrastructure is essential to the development of emerging economies as it
provides investors with an acceptably high level of assurance. Unless resources invested in
putting the plumbing in place can be accounted for, what will stop the roads going nowhere, the
energy disappearing, and the communications breaking down?
It could be very interesting and maybe surprising if we clearly understand that how accountants
can help to improve and growth economies in all over the world. Traditionally, researches have

2. said that accountants were hands of liberalism and liberal economies. It is true, but is not all of
the facts. In each economic system, accountants have very important roles; either liberal or free
market or any other systems.
In the financial system funds flow from those who have surplus funds to those who have a
shortage of funds, either by direct, market-based financing or by indirect, bank-based finance.
The former British Prime Minister William Gladstone expressed the importance of finance for
the economy in 1858 as follows: "Finance is, as it were, the stomach of the country, from which
all the other organs take their tone."
Accountants provide many useful information that assist businesses for better performance. We
all heard this sentence: “knowledge is power”; then, achieving proper data and information is
very important for people, businesses, organizations and Economy as a whole. Financial
reporting, assurance services, collecting data, internal and external audit, and many more useful
things that accountants have a great role on them can demonstrate capacities of accountants and
their notable characteristics.
However, accountants have 5 critical roles. I mentioned them in the below titles.
The Asia–Pacific crisis in 1997/8 gave huge impetus to the spread of international financial
reporting standards as international investors demanded more transparency in company reports
and easily comparable data. These countries largely had the accountancy infrastructure to
introduce them. While the US implemented Sarbanes– Oxley and Europe introduced reform
through the Eighth Directive as a response to this and other crises, notably the corporate scandals
in the US in the early 2000s, it was not clear what action should be taken by the rest of the world.
The World Bank introduced Reports on the Observance of Standards and Codes (ROSCs) for
audit and accounting, which take into account the different levels of development and varying
priorities in different countries and regions. Produced as a joint initiative with the International
Monetary Fund, the reports assess the strengths and weaknesses of existing frameworks and
accounting practices, including the degree of compliance with and enforcement of national
regulatory systems.
In the wake of various financial crises continued efforts are being made towards improving the
quality of corporate reporting as an important part of measures towards strengthening the
international financial architecture. In this regard the implementation and application of
internationally recognized standards, codes and good practices in the area of corporate reporting
has been strongly encouraged as a reflection of the increasing pace of globalization and
international economic integration. However, the effective adoption and implementation of such
standards and codes remains a challenge for many developing countries and economies in
transition as they lack some of the critical elements of corporate reporting infrastructure – from
weaknesses in their legal and regulatory frameworks, to lack of human capacity and relevant

3. support institutions. In the face of these challenges there is a need for a coherent approach to
building capacity in this area, as well as for tools to measure and benchmark progress and
identify priorities for further actions.
Why did you choose accounting as your major? If it is not your major, explain your reason for
your selection of your major.
I choose accounting as my major because of the following reasons:-
An accounting major, whether he or she earns an associate, a bachelor's degree or a more
advanced degree has a variety of career options from which to choose after graduation.
This field of study includes financial accounting—the reporting of an organization's financial
information—and managerial accounting—the use of that data to measure the entity's
performance and inform decisions about future plans and controls. An accounting major learns
how companies' and other organizations' financial records are prepared and maintained. He or
she studies taxation, auditing, and financial reporting.
American Institute of Certified Public Accountants (AICPA) summarized it best in its newly
issued pamphlet: "Accounting: The One Degree with 360 Degrees of Possibilities": "You may
already have an idea about what you want to do for a career. Then again, maybe you're not so
sure. Either way, there's one degree that gives you the education to succeed at just about
anything in the business world. It's an accounting degree. Accounting opens doors in every kind
of business coast to coast. It can give you the foundation you need to go on and become a CPA.
It can prepare you to become a partner in an accounting firm, to pursue a career in finance or
corporate management, to work in government, or even to become an entrepreneur. In fact, no
matter what you decide to do, having an accounting background can open doors wide."
What is a CPA?
A certified public accountant, or CPA, is a person who has passed the very difficult CPA Exam
and has been licensed by one of the 50 U.S. states (or one of five other jurisdictions). The CPA's
license is renewed if the state's requirements continue to be met including continuing
professional education credits.
Many certified public accountants work in the field ofpublic accountingin CPA firms ranging
from a sole practitioner to a large international CPA firm. However, many certified public
accountants leave public accounting while others never enter public accounting. These CPAs can
be found working asaccountantsin manufacturing, financial services,not-for-profit organizations,
health care, government agencies, education, and so on.
To become a CPA and practice public accounting, there are generally four basic requirements:
Experience. One year general experience which includes any type of service or advice involving
the use of accounting, attest, compilation, management advisory, financial advisory, tax or

4. consulting skills. For those wishing to sign attest reports, the experience shall include 500 hours
of attest.
4 Satisfying state requirements for education and experience, successful candidates are
awarded the CPA certificate by a state. A new CPA must then pay a fee to obtain a state license
to practice. All states have reciprocity laws, allowing a CPA moving to another state to obtain a
new license from that state without having to take the uniform CPA exam again.
What service can a CPA provide that a non CPA accountant cannot regardless of how many
other qualifications he/she has including a doctorate in accounting?
Only a CPA can prepare an audited financial statement. This process requires the CPA to
methodically examine and test the financial records of a company. A report is then issued by the
auditing accountants stating whether they found the information contained in the financial
statements to be presented fairly, in all material respects.
In addition, only a CPA can prepare a reviewed financial statement. The review process is less
involved than an audit but some testing is done to verify information. The CPA issues a report
describing the scope of the review, its limitations, and findings.