Requirement-1:
Management accountants:
Management accountants are the professionals who are engaged in decision making process for business operations and assists in the preparation of financial reports in order to execute effective planning and controlling function within the organisation.
To-identify: person you picture, when you think of an accountant.
Requirement-2:
Management accountants:
Management accountants are the professionals who are engaged in decision making process for business operations and assists in the preparation of financial reports in order to execute effective planning and controlling function within the organisation.
To-identify: from where did the mental picture of accountant’s work come.
Requirement-3:
Management accounting:
Management accounting or cost accounting is the process of analysing business costs and operations to prepare internal
To-identify: Skills that employers value highly.
Requirement-4:
Public Accounting:
Public accounting is the form of accounting performed by public accountants which produces the attest report that is confined to the professional standards. For example consultancy services, preparation of tax returns.
To-identify: whether accountants stay in public accounting.
Requirement-5:
Average salaries of Accountants:
Average salaries of accountants depend upon the skill level of accountants and it will differ according to the experience of his or her job, Location of the Company, size of the organisation and responsibilities assigned.
To-identify: comparison of accounting major’s salaries with non-accounting majors.
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Managerial Accounting (5th Edition)
- Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardWhich of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing backgroundarrow_forwardExplain how having more than one of the accounting credentials would be beneficial to an accounting career.arrow_forward
- answer these questions: step 1; Why do managers/accountants need to behave ethically? Explain. Step 2: Describe thestrengths and weaknesses of an accountant for icecream business. would they be good accountants?step 3:Compare and contrast manual accounting with computerized accounting, How are theydifferent?arrow_forwardSHORT ANSWER Why is it important that a small business manager understand accounting if the company has a trained accountant on its staff? From another perspective, why is it valuable that you as a student understand accounting if you don't plan to be an accountanarrow_forwardExplain: Understanding the intentions of accounting students to pursue career as a professional accountant.arrow_forward
- Below are possible career opportunities for those earning a degree in accounting. Indicate whether the statement related to each career is true or false.(True/False) Someone earning a degree in accounting could pursue the following career:1. ________ Auditor2. ________ Tax preparer3. ________ Business consultant4. ________ Financial planner5. ________ Forensic investigator6. ________ Tax planner7. ________ Financial analyst8. ________ Information technology developer9. ________ Investment banker10. ________ Tax lawyer11. ________ FBI agent12. ________ Information risk managerarrow_forwardDiscuss the role of ethics in accounting. What ethical considerations do accountants need to keep in mind while performing their duties? What are some common ethical dilemmas that accountants face, and how should they address them?arrow_forwardAccountants have important roles in virtually any business, organization or government agency that handles money. Companies that aren’t large enough to hire in-house accounting staff often hire accountants as outside contractors. Accountants also work for financial advisory firms, for banks, or as tax advisers. Based on the statement above, explain the reasons why company need to prepare an account.arrow_forward
- Assume that you are already a certified public accountant and has an accounting firm. you will introduce yourself to a client and you have all the services thay public accounting can offer. Explain to your client why he/she would need your services. Hi! I am _______ (yourname) a Certified Public Accountant and I owned _____________ (name of your accounting firm). I offer external auditing wherein I __________________________________________________________________________________________________________________________________________. I am also expert in Tax preparation and planning. I can help you to ________________________________________________________________________________________________________________________________________________________________________. Oh, before I forgot I have a lot of experience in Management advisory services I can give you a lot of effective advices such as…arrow_forwardUse the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardDescribe the responsibilities of a financial analyst. Write five to seven bullet points outlining the responsibilities of a financial analyst. Write in complete sentences. Use an example to discuss the importance of analyzing and managing finances to help make business decisions. How do these responsibilities help inform management decisions? What would happen if management didn’t have this information? Consider the bullet points you outlined in the previous section. Then write a brief paragraph that answers the following questions. Use examples to support your claims. Explain how to use accounting principles to analyze a business’s financial health. Give examples to support your claims. What accounting information do financial analysts use? What would happen if that information was not available or was not accurate? Write a brief paragraph that explains how financial analysts use accounting principles to analyze a business’s financial health. In your paragraph, also answer…arrow_forward
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