Accounting as a Profession - Essay Example

Accounting is a profession with large scope in international market and a major in accounting is a mandatory study for the prospective career. In Accounting major the students study many aspects which can enhance their writing skill and knowledge about accounting principles and business practices. The accounting students during their study are motivated to read material regarding accounting, business and tax. The accounting profession is a challenging job and need more commitment and responsibility from the professional. Accounting professional need to research in the accounting field and need to update knowledge consistently to prove to be an efficient professional Accounting Major Accounting major is a study concerned with the measurement, analysis, evaluation and reporting of information including computerized information which assists the managerial in organizing of the resources of business entities and government organization. The accounting major comprises of both theory and practice to prepare students for analysis and reporting regarding the economic activity of business organizations and communication of that information to managerial heads. In major, the students acquire skill in managerial accounting, accounting system, budgeting, internal contrails, financial analysis, taxation, internal and external auditing, financial reporting and international accounting. The major prepares the student for a range of careers in accounting in business of profit, non – profit and also for government firms. With a major in accounting a person will be able to work efficiently with interdisciplinary professionals and diverse stakeholders. They can interact with financial and non – financial audiences in a concise and clear manner by taking appropriate decision with reliability, relevancy and accusation. They can research on financial matters and analyze business data by applying management and accounting principles and understand the standards that apply to business reports. He a proficiently use current technology and analytical tools to work on business functions work integrally with team and facilitate on decision making. This major helps in taking critical thinking problem solving and validate processes, and analyzing financial data and apply current and emerging ethical standards. However the major in accounting has many requisites and the student who satisfy them can get an admission for the same. The reading done in accounting would be basically conceptual framework of accounting. The financial accounting standards regarding basic principles of accounting and business nature will be studied. The students may be reading materials and texts related to accounting practice and standards. They would read more of article related to accounting and auditing. The reading will be also related to business law and practices. The politics and business information system are all readings which the student will be reading through their study. The reading can be concerned with financial accounting, professional ethics and standards and its application to profit and non – profit organization. They would be reading technology related materials and texts. They would be reading many business magazines and publications released by accounting association. The students would be also reading materials on business communication and laws and they would study law too. They would be studying materials on financial statements about general ledger application. The study of macro economics, principles of marketing, finance, management and cost accounting will be prominent. The text book on international accounting, advance accounting and computer knowledge is relevant to accounting major. The student will ales learn English economics, math and history of accounting. Also the students will read subject related to human resource management and current affairs. The course of Major in Accounting is related to many subjects so a student will be asked to read materials or text connected to management, history of accounting, professional ethics and law. The major in accounting will prompt a student to perform writing related to many aspects as they in future may need to communicate with clients and co – workers effectively. This may be work related and the person needs to have clarity and accuracy in writing. The students may be asked to compose memos, letter and written financial statements. The writing in accounting is not restricted to descriptive work but also may comprise of analytical and argumentative pieces. The students may be asked in an argumentative way applying the concepts and strategies related to accounting. The letters may be of various styles which will be directed at clients. The memos will be circulated within an organization and students will be trained to write them. The accounting class will be mostly related to writing of financial statements like ledger, profit and loss statement and balance sheet. Research papers will also be a part of the accounting major curriculum. As per (Evan,2011,pg.9-124 ) “Communication skills in writing, such as preparing working documents and in oral communication such as active listening and active participation in meetings, one-to-one communication are important for accounting graduates entering the profession”. The writing of the curriculum will be concentrating on grammar, language, spelling, coherence, verbal presentation, inductive reasoning and deductive reasoning and paragraph development. They would be also writing on inventory accounting and cost accounting. So writing in Accounting major is of wide range and the main aim is to enhance the writing skill and verbal communication ability of the student on a professional ground. Reading in the field of accounting is more account related and they would be also studying law related subjects. The accounting professional is needed to look in matters which are beyond taxes, financial planning, analysis and forecasting, decision support and internal controls. They need to understand the corporate strategy. According to ( Tucker,2014) “Your awareness of revised tax codes and new auditing guidelines can help you stand out from other accountants in the same field. Read professional and trade journals, both in print and online, to stay abreast of new developments and regulations in accounting” The accounting field professionals need to know various facts relating to accounts and need to update their knowledge with publications which talk on this subject. The news of the accounting field and business need to be studied by accounting field professionals. Also the accounting professionals need to read financial statement for the auditing purpose. In accounting field, writing skills are really important as they need to correspond with many people inside and outside the organization. The accountants may have to apply concepts and principles of accounting to their writing and they must have to communicate to the peers, clients and superiors in the form of letter, e – mails, memo and reports. The accounting professional also need to format financial statement and other accounting statements. They may also have to make financial presentation and research work for the organization they are working for. They also need to attend seminars and conferences and need to write matters in the event. Research in Accounting Field In accounting field the professional are in need of doing research which is mostly related to financial matters. In research of financial nature large data and statistics are analyzed and studied. They need to apply many research methodologies and literature review for this purpose. In research they have to study economic events and need to summarize, analyze, verify and report on financial reports. Their research area may include areas like auditing and assurance, tax, management, corporate governance, forensic, financial and information systems. Economic is the dominant discipline in accounting research followed by sociology, psychology. As per(Chaker,2011,pg.193-200 ) “The role of the practitioner is to seek out academic research results that add value to the businesses of clients or to the practice itself and its business performance, or to the enhanced credibility and longevity of the profession of which the practitioner is a part”. In such a case, the accounting officials need to work on many scholarly article and books compiled by experts in this field. Research is an intensive work and the professionals have to invest more time, energy and intelligence on this activity. The accounting professionals need to contemplate on many accounting principles and financial statement to achieve their conclusion and results. Research is an integral part of professional in accounting field. As per ( CIMA,2011,pg.1-16) “In many countries, management accounting researchers are not necessarily considered as interesting partners in developing accounting practices or business practices in organizations”. The interview with an accounting professional or a scholar in the field will reveal the nature of job in the profession, the challenges in the field, the skills and abilities needed. As per ( IFAC,2013,pg 1-230) “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest”. Interview one 1.What are the skills needed in an accounting profession? He should be customer – oriented and need to be a team player and solution – oriented. These are basic qualities needed in a professional 2. How you achieve your targets as an accounting manager? The targets are achieved by concentrating on goals and striving hard to achieve them. The communication skill is used aptly to delegate task among the staff. 3. What is the best environment for a firm? The environment of a firm should have staff that are supportive and co – operative. There should be good communication among employees and the staff should be goal – oriented. 4. How do you align professional and personal life to one common goal? Being a family with the employees of and allowing the compensation plans to keep them happy and also by giving adequate time to family members the balance is maintained 5. What motivates you to achieve your goals? The feeling of gaining recognition and self – confidence and financial rewards are a motivation to achieve my goals 6. The challenges in accounting field? The reviewing and study of financial statements is a risk affair and to keep the accuracy of financial transaction records are a challenge also the concentration needed in the job as it includes money transaction are challenges faced in this profession. Summary This interview is conducted with an accounting manager .He was asked about the basic qualities needed in an accounting manager. The accounting manager has identified the skills need in accounting profession as customer – orientation, solution – orientation and team playing skill. The accounting manager achieves his goals in his profession by concentration; striving and communication .He stated that delegating the job to the staff in right manner can ease his task. He thinks an accounting firm should have co – operative and communication efficient staff. He balances work and family by treating his employees with consideration and giving time to family. He thinks his need for recognition along with his self -confidence motivates him to achieve his goals. He believes reviewing the financial statements, studying them and the focuses needed in the profession are the challenge factors he faces. The interview suggests that accounting profession is a goal – oriented profession which requires hard work and communication among staff. Interview two – Accounting Graduate What was your motivation to pursue Accounting graduation? I have been always dreaming to have a career in accounting field and my uncle is a successful accounting manager .So I got motivated a lot from him and my passion for the subject. What were your challenges during the graduation study? One of the challenges was that I had to invest lot of time for reading texts and preparing financial statement. Sometimes I find it a stressful experience to work with numbers. What is your favorite part in accounting studies? I am really interested in working on financial statement and the part where I have to balance the account. What is your major weakness and strength in the study? I am good with theory and can memorize facts real fast. I am also good with financial statements. My weakness is I cannot concentrate on other subjects. What was your experience as an Accountant graduate? The experience was a mixed feeling as some time I had lot of excitement and curiosity as towards my learning process. But at times I was challenged to do some project which was risky and time taking. Some time there was pressure during exam time and at times it was complete fun. What are your future plans? I am planning to go for chartered accountancy and want to pursue higher studies from a renowned university. What do you think is the problem faced by accounting students in the country? The problem the students who graduate face is that they cannot find good campus recruitment options. Where would you be in ten years of time? I would be possible be an internal auditor for a corporate firm. Summary This interview was conducted with an accounting graduate. The student explained that his motivation to pursue accounting major was his passion for the profession and his Uncle’s successful achievements in the accounting career. However, he felt that the study was challenging for him as he had to invest much time in reading materials related to the subject and also had to give extra attention to numeric calculations while working on financial statements. But he likes working on financial statements. During the study, he has identified his strengths and weaknesses. He thinks his strength is in memorizing theories and working on financial statements but he cannot concentrate on other subjects in the curriculum. He has mixed feeling about the study period as he was under pressure during project and exams but he had fun during his course. His future plan is to pursue chartered accountancy and become an auditor in ten years time. In the field of accounting the publication which have importance are Journals of Accountancy or Journal of Forensic Accounting is an AICPA journals which focus on new developments in accounting field. It is important that the professionals stay updated with the new industry trends especially in matters relating to tax filing, auditing, and accounting standards. These journals are old and renowned and had been around since 1905 and almost possess 40,000 subscribers. These are accessible in prints and online and can easily be read by the professional according to convenience. The Journal of Forensic Accounting is another important reading which can help on transactions and reporting related information. Another one is the Journal of Emerging Technology in accounting which gives information regarding artificial intelligence and change in the landscape of accounting. Another, publication which is important for accounting field is the International Journal of Accounting Information Systems, which gives research-based articles on the impact of technology in the accounting practice. The accounting professional has the need to keep information on the public sector and financial matters. Another journal called Accounting Review is published six times a year by American Accounting Association is directed towards education, accounting practice and research. Some important organization is American Accounting Association, The Association of Accountants, European Accounting Association, Association of Chartered Accountant and American Institute of Certified Public Accountants. Work Cited Chaker, M. N. (2011). What Accountancy Skills Are Acquired at College? International Journal of Business and Social Science, 2(18), 193-200. CIMA, . (2011). Interventionist management. Tampere University of Technology, 6(1), 1-16. Evans, E. (2011). Bridging the Gap between Academic. The Institute of Chartered Accountants in Australia, 9-124. IFAC, . (2013). Code of Ethics for Professional Accountants. Hong Kong Institute of Certified Public Accountants, 16(8), 1-230. Tucker, K. (2014). How to Become Competitive in the Accounting Field. In http://work.chron.com. Retrieved March 25, 2014, from http://work.chron.com/become-competitive-accounting-field-14277.html Read More