ACCOUNTING

KNOWN AS “THE LANGUAGE OF BUSINESS”

Branches of

Accounting

Financial

Managerial

Cost

Auditing

Tax

Fiduciary

Forensic

Accounting System

BRANCHES OF ACCOUNTING

Financial accounting involves recording and classifying business transactions, and preparing and presenting financial statements to be used by internal and external users.

Managerial or management accounting focuses on providing information for use by internal users, the management. This branch deals with the needs of the management rather than strict compliance with generally accepted accounting principles.

Cost accounting is very useful in manufacturing businesses since they have the most complicated costing process.Sometimes considered as a subset of management accounting, cost accounting refers to the recording, presentation, and analysis of manufacturing costs.

Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose.

BRANCHES OF ACCOUNTING

Tax accounting helps clients follow rules set by tax authorities. It includes tax planning and preparation of tax returns.

Accounting systems involves the development, installation, implementation, and monitoring of accounting procedures and systems used in the accounting process. 

Fiduciary accounting involves handling of accounts managed by a person entrusted with the custody and management of property of or for the benefit of another person. 

Forensic accounting involves court and litigation cases, fraud investigation, claims and dispute resolution, and other areas that involve legal matters. This is one of the popular trends in accounting today.

ACCOUNTING SALARY

ADVANTAGES OF BEING AN ACCOUNTANT

SALARIES

At an average $70,130 per year, or $33.72 per hour, accountants earned far more than the mean annual $45,230, or $21.74, made by all workers in the country.

Employment

Accountants can work in any industry that they find interesting, as well as for governmental bodies because all businesses and most governments deal with monetary transactions.

Outlook

With job growth expected at 16 percent from 2010 to 2020, accountants will enjoy slightly better prospects than the average workers, whose opportunities are predicted to increase at 14 percent.

Advancement

Accountants who want to increase their challenges, responsibilities and salaries can find many opportunities for advancement, especially in larger corporations.

FACTS OF BEING AN ACCOUNTANT

Bubble gum was invented in 1928 by accountant Walter Dimer.

Accounting plays a major role in law enforcement. The FBI counts more than 1,400 accountants among its special agents.

Accounting is one of the top 10 safest jobs to have according to Info Corner

The word “accountant” comes from the French word “compter,” which means to count or score. Over time, the “p” was dropped in both spelling and pronunciation.

The state of New York gave its first certified public accountant (CPA) exam in 1896.