What is Accounting?
According to the Business Dictionary, accounting is "a sytematic process of identifying, recording, measuring, classifying , verifying, summarizing, interpreting, and communicating financial information." Accountants are responsible for creating financial statements that will aid internal individuals such as managers and external individuals such as shareholders, investors, and the public in general. Accounting also encompasses responsibilities such as auditing both individuals and organizations for compliance with GAAP principles and accurately representing their financial status on financial statements. In addition, they may provide taxation advice to public companies and inclusively managerial services.
How to Succeed in Accounting?
In pursuing an accounting degree, you must enjoy working with numbers. Critical thinking skills are necessary to do computations and analyze and interpret numbers for managers and clients. Because accountants are knowledgeable in what the books have to say, it is critical that they have excellent communications skills. Since accountants are constantly being pressured to succumb to unethical practices, it is vital that they are honest and hold high standards of integrity.
Career Opportunities in Accounting?
Some careers opportunities open to individuals in accounting include: accountants, account managers, controllers, auditors, bookkeepers, chief financial officers, budget analysts, fraud accountants, and financial analysts. In addition to that, there are also staff accountants, senior accountants, accounts payable clerks, principals, payroll administrators, tax specialists, forensic accountants, certified public accountants, and IRS agents.
Salary Expectations (United States Average)
- Budget Analyst- $55,000
- Fraud Accountant- $69,000
- Tax Accountant-$53,000
- Internal Auditor-$62,000
- Forensic Accountant-$73,000
- Certified Public Accountant-$62,000
- IRS Agent-$44,000