What do accountants do? Well, an accountant is a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources (Bureau of Labor Statistics, 2014). In many jurisdictions, professional accounting bodies maintain standards of practice and evaluations for professionals. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant or Certified Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
In particular the adoption of the International Accounting Standard has made the profession more challenging. Accounting is an extremely complex activity with substantial ethical implications which have changed over the last century. Accountants are increasingly becoming an important part of successful business teams. This is because they understand the language of money and a company's complex financial situation better than any other employees. The job outlook for Accountants and auditors seems promising for those still in college with a major in Finance or Accounting. According to the Bureau of Labor Statistics (2014), there is a projection of 13 percent growth for 2012 to 2022 for the employment of accountants and auditors. There are few issues that will hinder prospective acc...
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...se favors seem minor, they can build up a sense of obligation in the cost accountant's mind that the current analysis should be modified ever so slightly to cast the reviewer in a more favorable light. Another integrity issue involves the use of company assets. There is a temptation for employees to borrow company equipment or even access it for personal use while in the office. When a cost accountant does this, it creates a "gray area" in that person's mind regarding the extent to which assets can be used for other than company-specific purposes. This may lead to the cost accountant's overlooking any similar practices found during various cost accounting reviews if he or she finds that other employees are also borrowing company assets. As a result, accounting reports concerning the levels of control over company assets may not reveal that there is a usage problem.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
The general percentage of women who are pursuing accounting in the world is estimated to be 50 percent. In the United States, women take a lion share in the field of accounting, whereby of all auditors and accountants, they hold a 63 percent (Bruce-Twun, 2013). In the United States, Canada and United Kingdom, the CICA, AICPA and ICAEW, they possess programs targeted at educating as well as supporting individuals and firms pertaining to the development of women in the profession. The efforts deal with sustainability of profession as being a foundational reason to promote the initiatives. Across the world, the accounting firms are hiring more women, with some firms reporting to have 70 percent of their staff being women (Adamy & Overberg, 2016; Goudreau,
Accounting is a way to provide information that” identifies, records and communicates the economic events of an organization”(Weygandt, J., Kimmel, P., & Kieso, D., 2012). In order to ensure that businesses and accountants produce similar financial statements, they are held to generally accepted accounting principles or GAAP standards (Weygandt, et.al. 2012). In addition to GAAP standards, the Sarbanes-Oxley Act of 2002 was passed by Congress to help reduce unethical behavior by large businesses (Weygandt, et. al., 2012). The combination of the two provides reassurance to stakeholders or interested parties that the financial statements are uniform and provide reliable data. This is of the utmost importance for a business to be successful.
ABC LTD COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2012 NOTE 2012 Revenue 2 828,500 Cost of sales 3 (460,000) Gross profit 368,500 Other income 4 2,500 Operating expenses 5 361000 Profit before income tax 10000 Income tax expense (30%) 3,000 Profit for the year 7000 Other comprehensive income change in revaulation surplus 38500 Other comprehensive income for the year, net of tax 38500 Total comprehensive income for the year 45500 ABC LTD STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2012 NOTES 2012 ASSETS Current assets Cash and cash equivalents 6 100500 Trade and other receivables 7 45,200 Inventories 8 87700 Other current assets 9 7000
A country’s accounting system is a reflection of a number of factors that encompass both its past and present. Italy is a great reflection of this as it once stood as a leader in the accounting world, but since that point has become a bit entangled in itself.
Mired in dread by most and oft an exercise in futility, business owners spend agonizing hours tracking and paying obligations, calculating payroll, balancing checkbooks, and soliciting payments from past due accounts. From a place of naiveté, most business owners initially deny delegating these fundamental tasks to a seasoned bookkeeping professional whereby reasoning this method of business operation will improve their bottom line. Furthermore, each year a growing number of business owners find themselves scrambling in a near panic, sometimes successfully, sometimes not, to assimilate records in order to present to a CPA to meet tax deadlines. According to Jason Nazars’ article “16 Surprising Statistics
2-1 D. Given: Current Ratio = 2.2:1; Current Asset = $33,000, Non-current Asset = $55,000; Liabilities = $15,000
* (200-300 words) After obtaining a Bachelor’s degree in Accounting, my goal is to find a position as a Staff Auditor for an accounting firm. To achieve that, I have set out to obtain an Audit and Accounting internship within the next year to acquire valuable professional experience and the possibility of being offered a full-time position. So far, I have applied for an internship at one of the Big Four accounting firms and I’m yet to apply to more local firms. As an alternative to becoming an auditor,
Accounting is often seen as a dense and lifeless field, but is considered by all the life blood of Corporate America. The purpose of accounting is to provide information about an economic substance transaction of a company or organization. Countries around the have become integrated with each other due to transactions involving an exchange between economic substance for a service or good. The parties that have a stake in each transaction must have access to the information necessary for assessing the economic status and performance of the organization that the transaction is progressing through. The hiring process for accounts is rigorous and detailed focus many human
A corporate accountant prepares financial statements for the organization, checks the accuracy of the financial statements to ensure they comply with the GAAP (Generally Accepted Accounting Principles), and makes a budget for the company and ensures they follow the budget. There are a lot
From the first tutorial, ‘Current Conceptions of Accounting’, we had already change our prediction on accounting professional. At the beginning, we through that accounting professional would be more formal and format. From what we have learnt from the first two semesters of accounting, we need to do everything under the current structure, standards, and regulations. Accounting is a tool and skill that help us to achieve our career successful. However, the first tutorial activity, which require us to bring up our view of ‘accounting, accountability, or an accountant’ from a lifestyle magazine. This activity make us found that accounting could be just next to us, not just in the career field, but also could find it anywhere in our life. This activity has open up our mind of accounting
The evolution of auditing is a complicated history that has always been changing through historical events. Auditing always changed to meet the needs of the business environment of that day. Auditing has been around since the beginning of human civilization, focusing mainly, at first, on finding efraud. As the United States grew, the business world grew, and auditing began to play more important roles. In the late 1800’s and early 1900’s, people began to invest money into large corporations. The Stock Market crash of 1929 and various scandals made auditors realize that their roles in society were very important. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. The auditors’ job became more difficult as the accounting principles changed, and became easier with the use of internal controls. These controls introduced the need for testing; not an in-depth detailed audit. Auditing jobs would have to change to meet the changing business world. The invention of computers impacted the auditors’ world by making their job at times easier and at times making their job more difficult. Finally, the auditors’ job of certifying and testing companies’ financial statements is the backbone of the business world.
...an guide an individual down the best financial path. They help one save money, file accurate taxes with the optimal refund, advise and aid in budget planning, forecast and lastly, ensure that you or your business is completely accurate and valid with all that they report. It is crucial that everyone consider the advantages and benefits one can receive from hiring an accountant.
The accountancy profession is rated highly in terms of its demonstration of certain values, attributes and behaviours considered important for supporting public value. A competent professional accountant in business is an invaluable asset to the company. These individuals employ an inquiring mind to their work, founded on the basis of their knowledge of the company’s finances. Using their skills and intimate understanding of the company and the environment in which it operates, professional accountants in business ask challenging questions. Their training in accounting enables them to adopt a pragmatic and objective approach to solving issues.
An accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company's financial operations. The accountant usually have different roles in a company's operations. In a smaller business, an accountant's role may consist of the main financial data collection, input and report generation. Between, the middle to larger sized companies could use the accountant as a consultant and financial interpreter, who may present the company's financial data to people within and outside of the business. In generally, the accountant can also deal with third parties, such as suppliers, customers and financial