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Learn about the trends in Accounting

Accounting is termed as the systematic record of recording financial transactions, maintaining financial records and communicating financial information of a business firm. The presentation concentrates mainly on the functions of accounting, fields in accounting, career paths in accounting, labor statistics, accounting ethics, etc.

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Learn about the trends in Accounting

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  1. www.homeworkjoy.com

  2. What is Accounting Study ? Accounting is the systematic record of recording financial transactions, maintaining financial records and communicating financial information of a business firm. www.homeworkjoy.com

  3. Functions of Accounting • Budget preparation • Formulation of financial policy and planning • Recording financial transactions • Summarizing and classifying financial transactions • Analyzing financial data • Supervising employees’ performances • Cost controlling www.homeworkjoy.com

  4. Different fields of accounting Accounting can be divided into smaller branches or fields which are closely related to each other. This distinction in fields gives us a better understanding of subject accounting. www.homeworkjoy.com

  5. Various fields are:- • Financial Accounting- It deals in the systematic recording of financial transactions that mainly focuses on Balance Sheet and Profit and Loss Account. www.homeworkjoy.com

  6. • Cost Accounting- It deals with the evaluation and analysis of manufacturing costs in a business enterprise. • Management Accounting- It deals in providing data to the internal management which helps them in decision making. www.homeworkjoy.com

  7. • Tax Accounting- It deals with tax-related matters of a business firm. • Fund Accounting- It deals with keeping records of the business firm. www.homeworkjoy.com

  8. • Government Accounting- It deals in the allocation and utilization of budgets provided by the government. • Forensic Accounting- It deals in calculating damages related to disputes in legal matters. www.homeworkjoy.com

  9. • Fiduciary Accounting- It deals in management and evaluation of a third party’s business. www.homeworkjoy.com

  10. Career in accounting A career in accounting implies that you will be invited to work in almost every organization there is. www.homeworkjoy.com

  11. The compensation varies according to the organization and the job position. In today’s world, the stability of financial records is a key element of a successful business. www.homeworkjoy.com

  12. Various career paths in accounting • Auditor • Managerial Accountant • Financial Accountant • Governmental Accountant www.homeworkjoy.com

  13. • Accounting Information Systems Auditor • Forensic Accountant • Tax Accountant www.homeworkjoy.com

  14. Labour statistics in accounting career Along with, region and education, factors like specialty, industry, and employer also have an effect on an accountant’s salary. www.homeworkjoy.com

  15. In 2017, the lowest-paid accountants earned an average annual salary of $43,020, and the highest-paid accountants made $122,220. www.homeworkjoy.com

  16. Accounting ethics Ethics in accounting is very essential these days. Since accountants have the full access to financial records of an enterprise, it raises the potential for manipulation of records or frauds. Some of the accounting fundamental principles are:- www.homeworkjoy.com

  17. • There should be Integrity in business relationships. • There should be a lack of biased behavior and no conflicting interests. www.homeworkjoy.com

  18. • There should be Confidentiality of agreements. • Everyone should follow Professional behavior and compliance with laws and regulations • Actions that discredit the profession should be avoided. www.homeworkjoy.com

  19. Best paying countries for accountants • San Rafael, California • New York www.homeworkjoy.com

  20. • San Jose, California • Fairbanks, Alaska • Washington, District Of Columbia www.homeworkjoy.com

  21. www.homeworkjoy.com

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