Accounting is a systematic and comprehensive recording of transactions pertaining to a business; it also refers to the summarizing, analyzing and reporting these transactions (Investopedia, N.D.). This statement particularly refers to accounting being the soul and heart of the corporate world, because without accounting there would be no transaction and if without transaction, there would be no business to operate and money to generate. Accounting is based on such practices that would enable the users to be competitive with full honesty and integrity. The Generally Accepted Accounting Principles or GAAP is the basis of the accounting practices observed by accountants all over the world. This rulebook is said to impose regulations and standards on all accounting procedures, so that the transactions will be dealt genuinely and efficiently.
The demand of an accountant is not only felt by the world but by the country as well. Accountants are truly needed in the business industry, that’s why accounting firms are established to provide quality accounting services to the businesses all over the country. According to an iMoney Philippines, accountants belong to the top 5 in demand jobs in the Philippines. This statement also signifies the demand of accounting firms in the country. With this kind of demand, businesses or firms have the urgency to fight for the top spot in order to distinguish their firm to a whole lot of firms that have the same field of profession (Marketing Theory, 2006).
The top 5 accounting firms in the country are continuously fighting over the top spot of being the best accounting firm in the country. According to Audit Hotel Program Rate, the ranking are as follows, SGV & Co, Manabat Delgado Amper & Co, Isl...
... middle of paper ...
...– The Problem with Communication, The CPA Journal, chapter 2, p. 80
Prim offW. Grey R. Tucciarone J. Client-centered professional financial planning overcoming challenges and getting opportunities for the profession. The CPA Journal 2007, chapter 3, pp. 10-14
Stangeland Kristi CPA, Effective website for CPAs: Grow your practice and profits. The CPA Journal 2007, p. 17
Stangeland Kristi. Vital feedback for CPA firms, The CPA Jounal 2007, p. 13
Online Resources
Punongbayan & Araullo – The firm.
http://www.punongbayan_araullo.com/pnawebsite/pnahome.nst/section_docs/cd29312_30_5_03
BDO Alba Romeo & Co.
http://www.bdo.net.ph/
Isla Lipana & Co.
http://www.pwc.com/ph/en.
Manabat Delgado Amper & Company
https://www.deloitte.com/view/en_PH/ph/index.htm
SGV & Co. Philippines|Ernst & Young| Quality in Everything we do. Retrieved from
http://www.sgv.ph/aboutUS
Donal E. Kieso, Wegandt J. Jerry, Warfield D. Terry. (2012). Intermediate Accounting. Hoboken, NJ: Wiley.
Over one million people are employed as accountants, and most can be found in private business and industry. “Nearly 40 percent of all accountants are certified, and about 10 percent are self-employed’(Caruna, 1). In addition to openings resulting from growth, the need to replace accountants who retire or transfer to other occupations will produce thousands of job opening annually in this large occupation. The Occupational Outlook Handbook states that the expansion of accountants is related to: “increasingly complex taxation, growth in both the size and the number of business corporations required to release financial reports to stockholders, a more general use of accounting in the management of business, and outsourcing of a...
VACPA. (2011, September). Budgeting: A Guide for Small Nonprofit Organizations. Virginia Society of Certified Public Accountants. Retrieved from
This case assignment will discuss managerial accounting and different income statements a business owner may use internal to the company. Divided into two parts, part one will discuss and analyze the difference between managerial and financial accounting, the needs for financial information used for internal purposes. Additionally, it will focus on the managerial accounting profession and how its roles have changed in today’s business. Expanding on the profession, it will comment on the Certified Management Accountant (CMA) certification and how it differs from the CPA certification. Part two of this assignment
creating situations where ethical issues such as independence and integrity are questioned making it imperative that the AICPA create guidelines from which the evolving profession must base itself. In the age of deregulation accounting jumped on the boa t, now it is becoming increasingly fashionable to re-regulate, accounting, as a profession must not miss that boat, lest they drown in the result-- government intervention.
While the rest of us have been busy coming up with jokes about how boring accountants can be, the world has changed. From a look at “Gaebler.com”, the author is speaking directly to entrepreneurs for sma...
Finkler, S. A., Purtell, R.M., Calabrese, T.D., & Smith, D.L. (2013). Financial management for public, health, and not-for-profit organizations (4th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
Managerial accounting has changed over the years. Managerial accounting focuses on more than the financial aspect. We will be looking at how managerial accounting affects the business world today. Business also look to the economy, federal taxes, and the financial market so it can make the best decisions for their business.
Public accounting involves services such as auditing and tax-preparation. There are many ways CPA’s’ help businesses and individuals. CPAs help individuals and companies with financial planning, investments, taxes, mergers and acquisitions. Individuals, businesses, financial institutions, nonprofit organizations, and government agencies need CPAs to offer objective advice and assistance in both financial and strategic areas. CPA’s have broad range of duties to choose from, like environmental accounting to forensic accounting. Although opportunities are plentiful and varied for top-notch accounting graduates, many new entrants to the profession consider an entry-level job in public accounting to be an essential first stop on their career path. The reason is simple: a public accounting background is a huge resume-builder that confers instant credibility. Employers often prefer to hire candidates who have public accounting experience and have earned the always-in-demand CPA
The Generally Accepted Accounting Principles (GAAP) is the rules and practices used by different countries to prepare their financial statements. In other words, it is the accounting principles used by countries according to their own set of accounting rules and principles to prepare financial statements to provide financial information of the company to shareholders, and investors in their own country, but globalization of business had emerged the need of single accounting standards. The globalisation has reduced the barriers in business and has resulted in the expansion of business with different countries. Expansion of business has resulted in the need of single accounting standards which could be used in almost all the countries. Previously,
This assignment is dedicated to analyze the development of the accounting profession in Malaysia and evaluate the future direction of Malaysia’s accounting profession. Accounting defines as the process of identifying, recording, measuring and communicating the financial information. It shows the profits or loss for the period, the value of the of a firm’s assets, liabilities and owner equity. Accounting as a profession has a very important role to play in the economic development of any country. Accounting provide information on the resources that available to a firm and the outcome accomplish through their use. Accounting professional are prepared to provide essential guidance to help organizations achieve long-term financial,
Almost all professions are demanded by a society to be ethical, especially the accounting profession. The accounting profession was founded on the notion that proper ethical behaviour is the cornerstone of providing professional services to clients. The collapse of Enron, the largest energy-trading company in the US had jolted the profession out of its complacency and serves a warning that all is not well with the profession. Ethics had aroused significant interest amongst practitioners and academics alike. The message is clear that it is under scrutiny, if accountants want to be relevant, they have to be more diligent and ethical. In recent years, there are many financial scandals in some very big corporations in Malaysia. According to the former Malaysian Institute of Accountants (MIA) President, Abdul Rahim Abdul Hamid, the responsibility of any wrongdoing in any company is on the shoulders of the directors, senior management team as well as the auditors, among others (MIA, 2007). As a result, litigations taken against auditors are increasing in number. For example, there are many financial scandals which include Perwaja Steel, Oilcorp Berhad, Transmile Group Berhad, Megan Media Holdings, Southern Bank and Technology Resources Industries Berhad.
The accounting process refers to reporting, analyzing and summarizing transactions in order to prepare financial statements to the stockholders or creditors in order to help them to invest in an organization.
Subsequent to obtaining the accounting information, managerial accountants will then proceed to use it to plan, evaluate the company performance and also control the business operations. With regards to planning, the managers are required to make decisions concerning the kind of product to introduce into the market, when to introduce the product and where the production should take place. In performance evaluation, individual product lin...
Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today's society, the demand for good accountants for exceeds the supply. As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and collecting sales taxes. Moreover, department stores and other companies now have plants and offices widely scattered throughout the country. A new set of bookkeepers and accountants, is needed at each branch. I know there are many managements supervisory, and junior or senior executive positions are bing filled by people who started as accountants because accountants have the knowledge of methods and finance and comprehension of the fundamentals of business, and acc...