Career and Project Plan on Accounting
Steven Jerrod Young Professor Judy Marshall
Decision Making Tools
March 29, 2014
Steven Jerrod Young
Professor Judy Marshall
Decision Making Tools
Project Plan on Accounting
• Introduction
In laymen’s term’s, accounting is the action or process of keeping financial accounts, but there is much more to being an accountant than just that. An accountant will need to be adept at working with numbers, paying close attention to small details, and reconciling conflicting business reports. Accountant’s tasks include preparing net profit and net loss statements as well as preparing other accounting reports for your company or client, and also analyzing reports of other
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Within the firm, you can work in area such as auditing, taxes and management consulting. A public accountant could also seek a job in industry, where there are careers in companies of all sizes, working in many areas such as financial accounting and reporting, management accounting, and cash management. Within government, a public accountant could forge a path to the federal, state or local level. Non-profit organizations and education also offer many opportunities. (Accounting, Np) “I find it really fulfilling,” says Connie Sullivan of Georgetown HR Block. “As a public accountant, I help people file their taxes. We especially get busy around February and March because a lot of people are filling their taxes around that time, but the rest of the year, I work as a part time photographer, and help with audits,” (Sullivan, …show more content…
Accountants are usually employed at accounting firms, crunching numbers. Many companies need the expertise of a full time accountant, to help with their finances. An accountant may also work for a manufacturing firm, a hospital, insurance companies, and many other large businesses preparing profitability statements, and preparing the payroll.
• Multicultural Aspects
The demographics of an accounting firm typically consist of 44% were women, and 56% were men. According to a study performed by Catalyst.org, of the accountants currently employed at the 5 largest firms in the United States, more women had their Associates and Bachelor’s degree, than men did, but more men had their Doctorate than women. The predominant race in accounting is Caucasian, but the amount of minorities hired in the profession has raised steadily since 2012.
• Becoming Employed
A great way to get a good foothold in the accounting world, is get an internship at an accounting firm. Student internships can enhance your accounting education by giving you more experience in the profession of accounting. Furthermore, by exposing an intern to the accounting practice and the corporate America, internships help you develop professionally before entering the
If you do want to work for an accounting firm they would be public and private firms. A public firm does auditing, taxing, advisory, and consulting services. Examples of public firms would be The Big Four (Deloitte, PwC, Ernst & Young, and KPMG). A
What is a CPA or Certified Public Accountant? CPA are state licensed or certified. They analyze financial data an prepare reports for individuals or organizations in order to describe the financial soundness of the business operations. These reports are used for management decision making. The requirements for a CPA are to has at least a bachelor’s
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...
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.
Majored in accounting during my undergraduate at Michigan State University, I am determined to be an audit professional at a public accounting firm in Toronto upon graduation from MMPA program. To better qualify myself and equip myself with advanced accounting knowledge, I am dedicated to obtaining the CPA designation as well. In the next three to five years, I see myself being promoted from an associate to a manager who will lead a team and direct a project. Working as a manager in a public accounting firm will definitely sharpen my leadership ability and problem-solving skills, which are prerequisites for my long-term career objective. Ten years down the road, I want to work in the finance department of a public company as CFO or controller,
There are many careers that have a focus on accounting. The most common is a general accountant. Primary duties include preparing and analyzing the accounting records for a business or individual. (O*Net Online Accountants, 2016) Additionally, accountants will generally prepare tax filings
In the case of a private accountant the end of climbing the professional pyramid is at becoming the chief financial officer (CFO). Within a company, this is the most prominent position for a person of an accounting background and field. Prior to becoming a CFO, the private accountant must tackle the positions of control such as assistant controller and controlee. At the achievement of becoming a CFO, the accountant would take on the same responsibilities it once held but to a higher level. It is expected to take control of the companies’ entirety of accounting functions. For a private accountant to reach the level of CFO is quite an accomplishment, but this position bestowed by a small, low-key company does not appear as well on paper as the accomplishment of a public accountant who made a name for themselves.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
Accounting is a human activity defined as the systematic and comprehensive recording of financial transactions concerning a business, thus referring to the process of summarising, analysing and reporting these transactions. Accounting rules are set of conventional procedures or practices commonly adopted by prepares of financial statements. Insights from accounting theories help in the process of continual improvement, meaning that relying on rules alone is not enough; failure of large companies like Enron is a distinctive case. Theory is a coherent set of hypothetical, conceptual and pragmatic principles forming the frame of reference for the field of inquiry (Hendriksen (1970, p. 1). Various theories used in accounting include, but not limited to positive, normative, system-oriented, decisive, and theories of regulation; further explanation of them will be made in this essay. No theory could be universally accepted because researches have different perspective of the role of accounting theory. For example, researchers argue that accounting theory should explain and predict accounting related phenomena while others argue that it should predict rather than describe.
Accounting is the action or process of keeping financial accounts. I wanted to major in accounting because I think it will bring a lot of success into to my life and since I am involved in accounting daily, I picked it to be my activity system. In an activity system there are six vital components which are subjects, tools, motives, rules, community, and division of labor. The job opportunities that are available and the information it provides to you as a regular citizen is simply amazing. Every American needs to have some sort of financial stability in their life and that is why accounting is such a great degree to have.
Accountants are in high demand. As long as people need help with taxes, and as long as businesses exist accountants will be needed. According to the Bureau of Labor Statistics, accountants ad auditors or projected to grow by 13% through 2020. Also, as an accountant your are not tied down. While the highest salaries are generally located in largest metropolitan areas, companies everywhere need accountants. If you’re looking to relocate or start a new career in a fancy new city, accountants aren’t necessarily tied down to a specific location. Accountants are needed all over the country. Another final benefit could be that you very much have the opportunity to be paid well. The median annual salary for an accountant in 2012 was $63,550, according to the Bureau of Labor Statistics. In fact, “U.S. News & World Report” says the top 10 percent of accountants earn more than $100,000 per year. Disadvantages are also a must see problem while looking into this career. They include the work-life balance, which summarizes long work days during the months of March and April because of tax return season. Some hours include 80 hours per week. The final disadvantage that really grabs my attention is the challenge of getting certified to be an
I feel that this major is of a great interest to me because its diversity. Both career paths have advantages and disadvantages. Public accountants have greater variety of exposure in working with different clients and industries; also, advancement opportunities may become sooner. On the other hand, private accountants can reach management levels without a CPA license and advancement opportunities may not come as quickly. This overview presented me a better idea of where a degree in accounting could take me. Knowing that I have a variety of opportunities and room for growth give me the confidence I need to Pursuing the degree would definitely open up the doors for me. Similarly, knowing that I have a detail oriented personality is a perfect fit for the world of accounting; I feel confident that my analytical, math and communication skills will help me to become a trustworthy and reliable accountant who help people to become more efficient with their
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.
Modern information system is now popular all over the world, it also change the accounting area. Instead of the old manual analysis, many companies making effort in developing a fitted accounting information system for themselves, as they realize the advantages that the new technology brings in - more efficient and accurate in processing, integrated data, detailed record etc. However, even though there are so many benefits, the functional system also brings challenges, making new requirements to the accountants and auditors. This paper will discuss the impact of technology to the accounting information system, as well as the necessary capability ethics that the accountants should learn in this 21th century.