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Financial accounting is the reporting of the financial information about a particular organization or company to the external stakeholders or potential stakeholder that include, investors, suppliers and regulators, the report is mostly in the form of financial statements. Management accounting mostly focuses on measurement analyzing, and reporting of financial information for internal use in decision making by the management.
Bookkeeping which is also done by accountants, is the process of recording all the financial transactions of an organization that will be used to provide summaries that are usually presented in final reports of most of these financial reports. Most of the time the processes of accounting are done by accounting organizations that are not usually part of an organization. They come in as external auditor to assess the efficiency with which a particular company is managing finances.
One of the most basic motivations towards one undertaking a particular major in college is the interest and conformity with the requirements of that particular degree. In my case, accounting has been my major area of interest for the fact that it offers diverse opportunities to learn the business market and how it operates. At the same time, one has to ensure that he or she understands the basic requirement in terms of personal attributes for optimal performance. For instance, while working as an accountant, one has to be good at mathematics, detail oriented and organized. Most of the time, the workload given to an accountant is manageable and one can be able to meet the targets easily. However, as Bragg (34) affirms, it needs some degree of organization to enable one to carry on tasks within stipulated time and with maximum attention.
Moreover, accounting deals with mathematics when coming up with the reports, therefore before one decides to take on the career, they have to be certain that they
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Since the philosophy of a particular age is the logical extension and the result of the previous age, the philosophy of Kant, an Enlightenment thinker, can be said to be a product of the changes that came about in the field of philosophy during the centuries between him and Aristotle.
As an accountant if I had a chance of working for one of these three boards I would choose the Financial Accounting Standards Board (FASB). My entire accounting training has been based on GAAP and the regulations and principles that were developed by the FASB during the last four decades.
The operations of public accountants are stipulated by state law and must meet the set codes. On the other hand, private accounting refers to the act of a salaried individual accountant being employed by a specific firm to handle its accounting functions (Warren 6).
Ownership of the enterprises was being exclusively based with the Government and taxes and profits did not make too much of difference and accounting was being considered to be a vital constituent of the total control system. However, several of the inherent flaws which were prevalent with the system relating to the differential forms of taxation structure made industries to suffer greatly due to the unfair means of competition among them which brought about a compulsion on them to bypass the rules so as to stay afloat thereby resulting in reduced levels of efficiency.
According to the report a change in markets of China, Japan or India directly impacts the markets of United States and the UK or frauds in United States can directly cause market turbulence in the entire world due to large amount of global business. Continental Europe primarily due to inflated financial reporting to showcase aggressive earnings management.
other things, effective communication skills and effective relationship strategies along with a host of other learning outcomes helps the individual and society as a whole. Without education we cannot, as a community, nation or world progress in a positive, mutually beneficial
Nonetheless, many students usually have a change in mind as they discover more about the career or field that they chose or when they learn about new areas that appear more lucrative. This paper explores why I changed my major and illuminates
These accounting standards are also important to regulators, reporters and the taxpayers. All parties with vested interests should be preview to the information generated as a result of the application of these standards.These standards