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Accounting Degrees



Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including 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 performance, tax strategy, and health care benefits management.

Types of Accounting:

- Financial accounting.

- Auditing.

- Managerial / cost accounting.

- Tax accounting.

- Governmental accounting.

Accounting Core components:

- Introduction to Financial statements.

- Introduction to Federal Taxation.

- Principles of Auditing.

- Analysis of Financial Statements/Ratio Analysis.

- Accounting Information Systems.

Example of an accounting specialization: Financial Accounting

- Record financial data for companies.

- Prepare company reports to comply with corporate reporting requirements;

- Examine the influence of accounting standards on the theory and practice of accounting.

- Discuss and analyse the development of the theory and methodology used by accounting theorists;

- Critically examine the accounting regulatory process;

- Describe and critically analyse a framework of accounting concepts; and

- Identify and discuss some specific contemporary issues in financial accounting.

Financial business
Financial business (or business accounting) is the field of business concerned with the preparation of business statements for selection makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and another stakeholders. The basic requirement for business business is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.

Financial business is utilised to prepare business aggregation for people outside the methodicalness or not participating in the day to day streaming of the company. Management business provides business aggregation to help managers attain decisions to manage the business.

In short, Financial Accounting is the process of summarizing business data condemned from an organization's business records and publishing in the form of period (or more frequent) reports for the benefit of people outside the organization.

Financial business is governed by both topical and international business standards.


Audit
The generalized definition of an inspect is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to wage an assessment of a system's internal control. The content of an inspect is to express an instrument on the person / organization/system (etc) in question, under evaluation based on work done on a test basis. Due to practical constraints, an inspect seeks to wage only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be genuine and fair when they are free of material misstatements - a concept influenced by both quantitative and qualitative factors.

Audit is a vital part of Accounting. Traditionally, audits were mainly related with gaining aggregation about financial systems and the financial records of a company or a business (see financial audit). However, recent auditing has begun to include other aggregation about the system, much as aggregation about section risks, aggregation systems action (beyond financial systems), and environmental performance. As a result, there are now professions conducting section audits, IS audits, and environmental audits.

In financial accounting, an inspect is an independent assessment of the impartiality by which a company's financial statements are presented by its management. It is performed by competent, independent and objective person(s) known as auditors or accountants, who then supply an auditor's report based on the results of the audit.

Such systems must follow to generally accepted standards set by governance bodies regulating businesses; these standards simply wage assurance for third parties or external users that much statements present a company's financial information and results of operations \"fairly.\"

The Definition for Auditing and Assurance Standard (AAS) 1 by ICAI \"Auditing is the independent examination of financial aggregation of some entity, whether profit oriented or not, and irrespective of its filler or legal form, when much an examination is conducted with a view ti expressing an instrument thereon\"

Cost accounting
Cost business has long been used to help managers understand the costs of running a business. Modern cost business originated during the industrialized revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions.

In the early industrialized age, most of the costs incurred by a business were what modern accountants call \"variable costs\" because they varied directly with the amount of production. Money was spent on labor, raw materials, noesis to run a factory, etc. in direct proportion to production. Managers could simply amount the uncertain costs for a creation and use this as a rough guide for decision-making processes.

Some costs tend to remain the same even during laboring periods, unlike uncertain costs which rise and fall with volume of work. Over time, the importance of these \"fixed costs\" has become more essential to managers. Examples of immobile costs include the depreciation of plant and equipment, and the cost of departments such as maintenance, tooling, production control, purchasing, quality control, storage and handling, plant supervision and engineering. In the early twentieth century, these costs were of little importance to most businesses. However, in the twenty-first century, these costs are often more essential than the uncertain cost of a product, and allocating them to a broad arrange of products can lead to bad selection making. Managers must understand immobile costs in order to make decisions about products and pricing.

For example: A consort produced railway coaches and had only one product. To make each coach, the consort needed to purchase $60 of raw materials and components, and pay 6 laborers $40 each. Therefore, amount uncertain cost for each railcar was $300. Knowing that making a railcar required spending $300, managers knew they couldn't sell below that price without losing money on each coach. Any price above $300 became a effort to the immobile costs of the company. If the immobile costs were, say, $1000 per month for rent, insurance and owner's salary, the consort could therefore sell 5 coaches per month for a amount of $3000 (priced at $600 each), or 10 coaches for a amount of $4500 (priced at $450 each), and make a profit of $500 in both cases.

Management
Management in all business and manlike organisation activity is the act of getting people together to accomplish desired goals and objectives. Management comprises planning, organizing, staffing, leading or directing, and controlling an methodicalness (a group of one or more people or entities) or effort for the determine of accomplishing a goal. Resourcing encompasses the deployment and touching of manlike resources, financial resources, technological resources, and natural resources.

Management can also refer to the person or people who perform the act(s) of management.

Tax accounting
Basic rules of Tax accounting
The Internal Revenue Code governs the application of tax accounting. Section 446 sets the basic rules for tax accounting. Tax business under country 446(a) emphasizes consistency for a tax business method with references to the applied business business to determine the proper method. So the taxpayer must choose a tax business method using their business business method as a reference point.

Types of tax business methods
Main article: Comparison of Cash Method and Accrual Method of accounting

Proper business methods are found in country 446(c)(1) to (4) which permits cash, accrual, and another methods approved by the IRS including combinations.

After choosing a tax business method, under country 446(b) the Secretary of the Treasury has wide discretion to re-compute the dutiable income of the taxpayer by dynamical the business method to be used by the taxpayer in visit to understandably reflect the taxpayer's income.

If the taxpayer engages in more than one business then it may use a different method for each business according to country 446(d)

Outside of USA, the profit for tax purposes is the accounting profit defined by aggregation (coined the constituent \"book profit\" by the 18th century scholar Sean Freidel), with such added adjustments to book profit as are prescribed by tax law. In other words, aggregation determines the taxable profits except where a tax rule determines otherwise. Such adjustments typically include depreciation and expenses which for policy reasons are not allowable for tax purposes, such as entertaining costs and fines.

Governmental Accounting
The governmental business grouping uses the historic grouping of fund accounting. A set of separate, self-balancing accounts are responsible for managing resources that are assigned to specific purposes based on regulations and limitations. The governmental business grouping has a different focus for measuring business than private sector accounting. Rather than measuring the flow of economic resources, governmental business measures the flow of business resources. Instead of recognizing revenue when they are attained and expenses when they are incurred, revenue is recognized when there is money available to liquidate liabilities within the underway business period, and expenses are recognized when there is a pipage on underway resources. Governmental business statements must be accompanied by required supplementary information (RSI). The RSI is a comparison of the actualised expenses compared to the example budget created at the beginning of the fiscal year for the Government's General Fund and all major Special Revenue Funds.

Financial statements
Financial statements (or business reports) are formal records of the business activities of a business, person, or other entity. In British English, including United Kingdom company law, business statements are often referred to as accounts, though the term business statements is also used, particularly by accountants.

Financial statements provide an overview of a business or person's business condition in both short and long term. All the relevant business information of a business enterprise, presented in a structured manner and in a form easy to understand, are called the business statements. There are four basic business statements:

1. Balance sheet: also referred to as statement of business position or condition, reports on a company's assets, liabilities, and Ownership equity at a given point in time.
2. Income statement: also referred to as Profit and Loss statement (or a \"P&L\"), reports on a company's income, expenses, and profits over a period of time.Profit & Loss account provide information on the activeness of the enterprise. These include sale and the different expenses incurred during the processing state.
3. Statement of retained earnings: explains the changes in a company's retained earnings over the reporting period.
4. Statement of cash flows: reports on a company's cash flow activities, particularly its operating, investing and financing activities.

For large corporations, these statements are often complex and haw include an extensive set of notes to the business statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to business statements are considered an integral part of the business statements.

Purpose of playing statements

\"The objective of playing statements is to provide information about the playing position, performance and changes in playing position of an enterprise that is useful to a wide arrange of users in making economic decisions.\" Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities and equity are directly related to an organization's playing position. Reported income and expenses are directly related to an organization's playing performance.

Financial statements are intended to be understandable by readers who have \"a reasonable knowledge of playing and economic activities and accounting and who are selection to think the information diligently.\" Financial statements may be utilised by users for different purposes:

* Owners and managers require playing statements to make important playing decisions that affect its continued operations. Financial analysis is then performed on these statements to provide direction with a more detailed understanding of the figures. These statements are also utilised as part of management's annual report to the stockholders.

* Employees also requirement these reports in making collective bargaining agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, content and rankings.

* Prospective investors make use of playing statements to assess the viability of investing in a business. Financial analyses are often utilised by investors and are prepared by professionals (financial analysts), thus providing them with the basis for making investment decisions.

* Financial institutions (banks and other lending companies) use them to decide whether to grant a company with fresh working capital or extend debt securities (such as a long-term bank loan or debentures) to finance expansion and other significant expenditures.

* Government entities (tax authorities) requirement playing statements to ascertain the propriety and accuracy of taxes and other duties declared and paid by a company.

* Vendors who extend credit to a playing require playing statements to assess the creditworthiness of the business.

* Media and the general public are also interested in playing statements for a difference of reasons.

Taxation in the United States

Taxation in the United States is a Byzantine system which haw involve payment to at least four different levels of polity and many methods of taxation. United States levy includes local government, possibly including one or more of municipal, township, district and county governments. It also includes regional entities such as school and utility, and transit districts as substantially as including state and federal government.

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Accounting Degrees Article by Svetlana Lozovenko
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