Public Accounting Essay

There are two types of accounting practices are public and private these two types are very distinct. I’m going to explain how these both practices work, the different jobs that both practices offer and finally the differences between the two. First I’m going to give the definition of both practices. Public Accounting is viewed as firms that serve clients such as businesses manufacturers, service companies, etc.), individuals, nonprofits and governments. Private Accounting refers to one person of a firm serves only one exclusive person, typically a corporation.

The profession of accounting is a one that is highly regulated, due to the knowledge and power each accountant possesses. Although an accountants duties differ from one position to the next, the main sectors that accountants pursue are auditing or taxation. Auditing is ensuring the public that the information listed on the financial statements of public companies is free of material misstatements. While taxation is helping people or companies file their tax returns to the federal government or offering tax advice. In the world of auditing, you either follow the Public Company Accounting Oversight Board (PCAOB), for public company audits, or the American Institute of Certified Public Accountants (AICPA), for other entities

The second type of employee is an investor/fund level accountant. These employees are usually acquired to the company from public accounting firms. They are responsible for much more advanced accounting and work closely with the firm’s financial statements. Investor level accountants are more likely to have their CPA. They also deal with much more complex deadlines, which accounts for their more complex hours.

The Report describes a proposal for the group of 20 of doctors with regard to the creating a hospital. Due to the 500,000 population of the city $100 million dollars would actually be a great start. Because the facility would be located 30 miles from the downtown area it would allow the facility to attract patients without being crowded. On the downside this affects its financial position and market condition because of distance. A lot of patients are not able to get to the doctor due to the high gas prices. Using various strategies, such as looking into ways to connect with public transportation to deal with this problem and gain

During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company’s

b. With blemishes on the accounting profession the size of the Enron, Worldcom, and Freddie Mac scandals, among many others, who wouldn’t think that accountants were all ‘crooked’

The CPA's traditional environment focused on auditing, accounting services, tax, and management services. Some of these services in taxation and management can be competently rendered by others. Only CPAs (and other public accountants where permitted by law) are licensed to examine financial statements and express opinions for which they are

The governing of the behavior of Certified Public Accountants (CPA) is done by the American Institute of Certified Public Accountant (AICPA). The largest professional association for the CPAs is the AICPA. The purpose of the AICPA is to equip CPAs to fulfill their duties to the public sector.

A distinguishing mark of a profession is acceptance of its responsibility to the public. The accounting profession 's public consists of clients, credit grantors, governments, employers, investors, the business

One great problem that has been realized to have entered into the accounting industry is that a lot of accounting firms only give help to their clients whenever they feel so. Unfortunately, this has far much bigger negative results to businesses. A lot of the businesses go through a stressful experience and sometimes it is adverse. We have a great understanding that our clients choose us because of our great effort to ensure that we help them most when in need.

Managerial accounting underlines on future choices and it is not an obligatory practice. It gives data to the association's insiders in connection with performance assessment, inspiration, course and control. The opportuneness of report is a noteworthy prerequisite and accentuation are set on the significance of things in choice making (Needles, Powers and Crosson, 2010). Administrative bookkeeping gives a report on clients, items, workers and divisions. Also, it is not an absolute necessity for administrative bookkeeping to take the proper accounting rules.

They require to make many various reports such as assets and liabilities, loss and profit, or other financial documents. Some other tasks they may do is to design accounting systems, financial forms, and instruction manuals for the firm’s accounting and bookkeeping workers to use. They give advice to the companies upon the investment, tax strategies, and risk management. They sometimes can train some other lesser skilled employees. Public accountants work for pubic accounting companies. They usually work for the offices, and they would use the computers as the reference and calculations.

In the accounting world, one’s qualifications, expertise, and reputations are extremely important aspects and should all be taken into consideration when choosing a firm.

A specialized accountant’s main duty is to “analyze, interpret, summarize, and present complex financial and business related issues in a manner that is both understandable and properly supported.” (Business Courier) They are commonly engaged in public practices, or in insurance companies, banks, police departments and other government agencies.

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.