Importance of Accounting

*From the e-Activity, identify the job aspects, educational requirements, and preeminent accounting fields in which to work. Determine at least two (2) ways that accounting or accountants can have a direct impact on society. Provide specific examples.
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  Over the years I have realized that there is a hugh variety of jobs in the accounting eld. While I was reading chapter 1 of Accounting Principles there was a uote that I thought was interesting! it stated that accounting is one degree with #$% degrees of opportunity. &his 'ade 'e realize that I a' studying in the right eld for 'y future.When choosing your career path in accounting! it is i'portant to deter'ine how driven you are to cli'b the ladder in a co'pany. Without a degree you can start out in 'any entry level positions. (ou 'ay start out with a co'panyin the billing depart'ent and wor) your way up by gaining e*perience. While in the billing depart'ent you will 'ail out invoices to the vendors that owe you e'ployer! for products or services provided by the co'pany.(ou could enter a co'pany in the payroll depart'ent also. When I was hired! by 'y current e'ployer! they started 'e in the billing depart'ent. After si* 'onthsI received a pro'otion into the payroll depart'ent! which at this ti'e I did not have any certications or degrees. In order to further 'y career! and withhopes to increase 'y salary! I too) 'any courses and attended webinars.  &hen! when I beca'e +P, certied! 'y title changed to a Payroll Ad'inistrator instead of a Payroll Assistant. Along with the title change I also received a pay increase. &hat was when I realized that if I wish to 'a)e 'ore 'oney and beco'e 'ore successful! then it is i'portant to earn either an Accounting degree or a -usiness degree.If you earn your ,PA license! then it opens 'any doors for your career. (ou will be reuired to co'plete 1% college credits and pass the ,PA e*a'. As a ,PA you are valuable to analysts! investors and creditors since you can e*a'ine and annualize the nancial state'ents of a co'pany during your auditing process. A ,PA is also able to beco'e a ta* specialist. &a* specialistscan prepare ta* returns! give ta* advice and even represent clients in front of the I/0. When wor)ing in public accounting and private accounting you can 'a)e 1%12 'ore if you have a ,PA license. &here is a 'ajor de'and for accounting educators in universities and in the state and local govern'ents. If you enjoy teaching accounting infor'ation! then this would be a great career path for you. With every co'pany needing accountants! the educators are very i'portant to society. All co'panies need e'ployees with accounting )nowledge so the nancial infor'ation is accurate! which co'tributes to the co'panies success. Accountants 'ust learn the accurate infor'ation fro' the accounting eduacators so that they can use that )nowledge during their careers.   &here is also an accounting eld called +orensic Accounting. As a forensic accountant you would investigate co'panies by using your accounting! auditing and investigative s)ills. &he 'ain goal is to 'a)e sure that co'panies are not co''iting fraud or theft. 3any forensic accountants have +-I! I/0! or so'e )ind of govern'ent e*perience. +orensic accountants have a direct i'pact on society because they insure that co'panies are reporting accurate infor'ation to the I/0. &hey also 'a)e sure the co'panies are reporting true nancial infor'ation to the shareholders and investors. If everyco'pany reported incorrect infor'ation! then it would cause society to su4er.A co'pany that reports false infor'ation causes the' not pay the correct a'ount of ta*es. People in society need to )now the true nancial infor'ation when they choose to invest their 'oney in the co'pany aslo. As an accountant you could 'a)e between 5##!%%56#!%% for corporate accounting and between 571!%%%58$!%%% for public accounting. &he upperlevel 'anage'ent salary can range fro' 567!9%5#87!%%%. &he a'ounts di4er depending on the position! region! e*perience! education! ,PA certication and the co'pany size. As you can see! there is a wide range of positions and salaries available in the accounting eld. &he accounting euation! which is Assets:;iabilities<Owner=s >uity! 'ust always balance. &he assets show what the business owns. ;iabilities are the debits that the co'pany owes. Owner=s euity is the a'ount that belongs to the owner.It is very i'portant to record all business transactions to )eep trac) of the assets! liabilities and the owner=s euity. +irst we 'ust gure out if how the transaction will a4ect the accounts involved. &hen! the transaction 'ust be entered into a journal to show if the transaction debits or credits the account! along with a brief description of the transaction. ?e*t! all of the accounts are )ept in a ledger. &he ledger provides the balances of each account and showsall changes that happen within the account. When we transfer the journal infor'ation into the ledger! which is called posting! the infor'ation should be)ept in chronological order.


Jul 22, 2017
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