CHAPTER I THE PROBLEM AND ITS BACKGROUND Introduction Accountancy is an ideal career for incoming college students. Mathematical in nature and involves comprehensive calculations as well. You need to analyze the financial data of an organization for the entire year and then perform the calculations accordingly. The University of the East is well known in Accountancy Graduates because of high passing rate on CPA Board Exam. During the enrollment in UE Caloocan for first semester in 2011, many of the incoming freshmen were enrolling for BSA, because of the job opportunities awaits them when they become a CPA. Accounting students in UE Caloocan are trained. They have a good …show more content…
To parents who may use this study to guide their children in improving their academic performance. Definition of Terms The following terms were commonly used throughout the research study. The definition was based on the books and journals that were being used for the research study. 1. Accountancy - is the process of communicating financial information about a business entity to users such as shareholders and managers. 2. Financial Statement- a written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. 3. Business Math- is mathematics used by commercial enterprises for record and manages business operations. 4. CPA Board Exam- (Certified Public Accountant) designation is a valuable credential that attests to your in-depth knowledge of accounting principles and practices, including applicable laws and regulations. CHAPTER 2 REVIEW OF RELATED LITERATURE AND STUDIES This chapter included relevant sources of information from local literature and study to foreign literature and studies and which tackle the existing activities that promote good study habits. This will be a guide to the research about the said topic presented in the next
Therefore, if you are studying accounting in college you should have an idea of kind of accounting field you wish to enter. There is a quote that said, “CPA is always an accountant, but not all accountants are CPA.” Hence, there are a number of accountants who never pass the CPA exam and though they can perform a variety of accountancy task, they are not allowed to perform certain tasks that only a CPA can do. Hence, no matter if you are, a certified accountant or not you there will be a place for you in the accounting field. The larger companies will go out and hire a CPA (Certified Public Accountant) in order to maintain some form ethics within the company. However, the small businesses might hire an accountant to perform duties as a managerial accounting, cost accounting, and financial accounting.
The purpose of the Uniform CPA Examination is to provide reasonable assurance to Boards of Accountancy that those who pass the CPA Examination possess a competence level of skills and knowledge necessary for licensure in protection of public interest. The Exam is governed by American Institute of CPAs (AICPA). The Exam has four sections:
(Ohara, 2007) Most financial statements are made public for the benefit of stakeholders and potential investors. The bottom-line is that financial statements are the main source for analyzing how well a company is operating. The income (or profit and loss) statement is simply a report card of how much activity (revenue) was performed in the period, how profitable that activity was (gross profit/loss), and what it cost the contractor to run the business (overhead). (Murphy, 2006)
Financial statements are commonly called balance sheets, income statement, statement of owner’s equity, or statement of cash flows.
Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial
I studied accountancy at NDSU and learnt a great deal about the specific rules and practices of accounting in areas such as auditing, as well as looking in greater depth at management accounting and its relationship to broader aspects of leadership. Through my college education I have built up a comprehensive understanding of concepts such as good corporate governance, investments, valuation theory, asset pricing, market microstructure, capital structure and dividend
Accounting is analyzing financial information and creating reports to decide or sustain record of assets, liabilities, profit and loss, tax liability, or other activities related to finance in an organization. Accountants make sure financial records are correct and taxes paid are paid and on time. Accountants need to have a bachelor’s degree in accounting or a related filed. Certification in a specific field helps the possibility of a finding a job. Most accountants decide to become Certified Public Accountants also known as CPAs. Employment for accountants is predicted to grow 13% between the years of 2012 and 2022. As the economy grows, companies will need accountants to prepare and analyze financial records. There is a projection for 54420
Financial statement measures the financial performance, liquidity and strength of the firm, it is important
Today, accountants are subject to the same global economic changes that are impacting professional in every sector. With the deconstruction of global barriers, a whole new host of economic realities must drive accounting decisions, requiring knowledge of the economic practices not just in a domestic country of operation but also in a partner state or states. This combines with pointed domestic pressures emerging from political systems such as that in the United States.
Students wishing to become business administration professionals have to participate in undergraduate or MBA programs to get according degrees. Also when it comes to accounting, a subdivision of business studies, students usually need to take several years of authorized examinations in order to become Certified Public Accountant, shortened as CPA.
- Accounting Education- Its Current State and Criticisms……………….5 - Incorporating Critical Thinking Skills into Accounting
There are four main fields of accounting and auditing listed by the Bureau of Labor Statistics: "public accounting, management accounting, government accounting, and internal auditing." CPAs are not limited to a narrow list of activities, in fact public accountants typically work with a "broad range of accounting, auditing, tax, and consulting
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.
Following the undergraduate degree, an accounting student would choose an exclusive area to specialize in and work towards a completion of an additional year in university to finalize the 150 credit hours required in accounting to be eligible to sit for the Certified Public Accounting board exam. The 150 credit hours are needed to obtain the required body of knowledge and to develop the skills and abilities needed to be a successful CPA. After the theory portion of the educational experience is completed, the most important aspect becomes practical experience. Practical experience is what drives the market. The American Institute of Certified Public Accountants requires that either a one tier or two tier systems is required to obtain the CPA designation. This requires that relevant work experience is needed to become certified. This hands on experience helps to position a potential certified public accountant for a long and successful career. This professional curriculum is very detailed and requires a lot of individual steps entailed to reach the point of designation. If it were made into a professional school these segregated steps combined together would not only help to make things simpler, but it would allow the accounting profession to be similar to the curriculums of medicine, pharmacy and law. With an undergraduate degree, graduate theory and practice for four
A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. In British English including United Kingdom company law a financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants.