Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Accounting concepts one words
Accounting concepts one words
Chapter 2 conceptual framework underlying financial accounting
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Accounting concepts one words
Accounting the Dream Job Ryan L. Linebaugh Angelo State University Abstract 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 …show more content…
They use critical thinking skills to determine ways to make the organization more financially efficient. Their analytical skills help them develop ways to reduce costs, increase revenues, improve profits and eliminate waste. Accounts also carefully evaluate financial performance and investigate financial investments such as stacks, bonds, and real estate. Communication Skills Accountants need excellent communication skills. They may interact with a variety of people ranging from managers and directors to members of the accounting staff. Accountants must be able to clearly converse or correspond to ask questions and discuss issues or discrepancies. In addition, they offer advice and make recommendations regarding the best financial business decisions. Discernment Skills An attention to detail is an essential qualification for successful accounting. The ability to notice on error, discrepancy or inconsistency can often lead to discovering other inaccuracies. On the other hand, missing a small detail can affect the reliability of the organizations financial records and may cause the company to be audited. In addition accountants should be detail oriented to ensure that financial records conform to laws and regulations
Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information...
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 stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
Managerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems.
Each person has a different idea of what it means to be successful. After talking to my family and some friends, I know that I have several strengths and weaknesses. I know that I will face some opportunities and threats. Also, I know that I will have competitors. In this competitive business world, understanding what is truly valuable to me is a major step towards achieving my goal. My strengths are my languages, technology skills, education, work ethic and the ability to follow directions. My weaknesses are communication skill, lack of U.S culture and working experience. Increasing job demand, globalization and accountant role expanding are three major opportunities in accounting field. Information technology, uncertainty of recession and starting salary are 3 major threats to my financial success. I will face all the accounting major competitors from the Midwest.
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.
Every day, many people question my passion for pursuing accounting as a profession and the first answer I think of is that I am good with numbers. However, advancing in the field has made me realize that my passion is not only based on figures. Growing up as a kid, I was privileged to have a piggy account where I would save as little as fifty cents per week. Since my parents rewarded me in monetary value as a positive reinforcement in cases of good behaviour, I was motivated to maintain good manners so long as my savings increased. As time went by, I realized I had saved way “too much” money for a little child. The challenge came in the management of the funds because I was focused on spending more on pleasurable activities. However, the guidance of my parents enabled me to prioritize on the more important things and save more. I took interest in managing may own account as a child and even pursued accounting courses in high school. The interest grew deeper because I gained more insight on the facts about accounting and the career. Also, I believed that it is career that one would be self-employed thereby avoiding the dilemmas of lacking jobs after graduating. For instance, one would easily start their own business and manage their finances comfortably.
Accounting has been described as the language of business and every successful CEO knows how important it is for successful business leadership. Strong knowledge in accounting will help every CEO to understand much quicker business problems and opportunities that arise from the analysis of financial documents. A good base in accounting will also allow the CEO to communicate more effectively with the finance staff about company investments. It is never late to master the knowledge in accounting and every CEO should make sure that he or she is up to date with the accounting rules and updates.
The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how things were done before the birth of the double-entry bookkeeping process. You will learn about Luca Pacioli and the Summa. You will also learn about modern accounting and ACAUS.
My first goal is to continue my education by earning a Master’s degree in Accounting right after completing my bachelor’s degree. The MSU’s Accounting program attracts me for both its reputation and its career opportunities available for international students. It is my responsibility as a future accountant to be really familiar and proficient at the tools accountants use regularly. Achieving my master’s degree will also help me achieving my second goal of becoming a CPA by meeting the requirement of curriculum. Thus, I am professionally and academically motivated to earn a Master’s degree of Accounting at the Broad Business College.
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 reason I decided to pursue a career in accounting is because I have always been interested in the business world and accounting is considered a basic tool of business. I have worked for small and large business firms; also in private and public sectors which helped me develop a strong linking with the industry as a whole and solidified my interest in accounting.
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.
The function of accounting information system transforms from simple storage to a supportive tool of decision-making, producing high quality information and detailed analysis, bringing about real economic benefits. However, it also challenges the skills and ethics of modern accountants, putting forward the new demand for the professionals who use the accounting information system. As a result, two capabilities are recognized to be essential for the professionals. One is the competency, it lists out a pattern of knowledge used in the job as well as be aware of the link between information systems and decision-making. On the other hand is the ability of analyzing and diagnosing, which is good at problem solving. Another challenge is about ethical issue, requiring integrity and confidentiality as a professional quality of an accountant. To conclude, the accounting information system integrating the information, analyzing and supporting decision-making will become more important in the forming of a company’s strategy. Understanding the structure of accounting information system would lead to a competitive advantage over competitors in the