Accounting And The Accounting System

1111 WordsApr 26, 20175 Pages
“There is no business like show business, but there are several business like accounting.” – David Letterman (AZ Quotes) Accounting is the systematic and comprehensive recording of a financial transaction pertaining to a business. It also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities. Accounting is one of the main key function for any business. This paper talks about the history of accounting, the pros and cons of accounting, how to prepare for accounting field. Accounting can be dated to be over thousands of years old back to the ancient civilization. The development of accounting can be traced to the ancient Mesopotamia. It is also closely related to the…show more content…
There are 3 different career path within the accounting field. The government management public accountant, and the government accountant. The government accountant makes sure that all money is spent and received by local, state or federal agencies are used lawfully. You might be involved with a business that is subjected to taxation or government regulations. Management accountants’ responsibility is to prepare financial information for internal use at the company. Preparing budgets is a part of their jobs, some may be involved with assets management (real estate, stocks, and bonds). Public accountant work with individuals and corporations to help manage their finances. You might release balance sheets to potential investors or consult with the private client to help them make an investment. Most people after graduating from their undergrad will go get a certifications CPA. It adds a value career advancement and can provide numerous benefits. People who get these certifications receive starting salaries up to 10% above the market average. Specialization is very important in the accounting industry. You don’t need to be a CPA, but most companies will hire somebody who has the CPA over somebody who doesn’t. the biggest difference between not having a CPA would be salary. Without a CPA advancement opportunities become limited. After graduation, you may have to choose whether you want to work at a private or public firm.

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