Nobody downloaded yet

Accounting Industry in the USA - Essay Example

Comments (0) Cite this document
In the paper “Accounting Industry in the USA” the author focus on the high margin services and the demands of the clients especially in technical areas. For both non-accounting as well as accounting firms outsourcing has become very appealing…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
Accounting Industry in the USA
Read TextPreview

Extract of sample "Accounting Industry in the USA"

Download file to see previous pages Before this, it is used to known as the big five. External Factors affecting the performance of the Industry A business unit does not operate in hollow. It operates in an environment. The business environmental factors can be categorized as micro and macro environmental factors. The micro or internal environmental factors are those that can be controlled, whereas the macro or external environmental factors cannot be controlled by the firm and yet those factors affect the modus operand of a firm immensely. Therefore it is important for companies belonging to any industry monitor the external environmental factors and develop or modify business strategies accordingly. The external environmental factors include Political, Economic, Social and Technological factors or in short PEST (Cowan, 2005). Political Factors The political environment in the US is quite stable. Although the country has been engaged in conflicts in Iraq and Afghanistan; the local political environment has not been hampered by those issues. The Us government - both present and past have welcomed business investments due to which the country has become one of the economic superpowers. However, due to increase in competition, there have been cases of unethical practices. As a result, the government has imposed strict legal measures on companies induced in unethical practices. Accounting professionals have a huge role to play to ensure ethical practices are conducted by the company. Hence from an accounting firm’s perspective, it is important that reporting and mandatory disclosures are carried out ethically to avoid legal punitive actions from the government or any other regulatory bodies (Henry, 2008). Economic Factors The global economy especially Europe and U.S. are looking to get over the economic recession. The economic downturn has forced most of the companies including the major firms to focus on cost minimization. The accounting professionals play a very important role in providing a recommendation to the management to minimize cost without comprising the overall the performance of the firm. Also due to the economic recession, various companies look to outsource the accounting activities to specialist accounting firms. This may cause the companies a few bucks, but all in all, it actually helps the companies to make the business operations a lot smoother as professionals would be looking after the core accounting issues. Social Factors The people of U.S. have always been entrepreneurial in nature and hence this provides a lot of opportunity to the accounting firms as such companies may look for specialists who can help the companies in overall accounting operations. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Accounting Industry in the USA Essay Example | Topics and Well Written Essays - 3250 words”, n.d.)
Retrieved from
(Accounting Industry in the USA Essay Example | Topics and Well Written Essays - 3250 Words)
“Accounting Industry in the USA Essay Example | Topics and Well Written Essays - 3250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Accounting Industry in the USA

The accounting environment in the USA

...accounting topics that will be discussed in this report are: adjusting lower of cost or market inventory on valuation, capitalizing interest on building construction, recording gain or loss on asset disposal, and adjusting goodwill for impairment. Adjusting lower cost of market inventory on valuation The amount of inventory in the warehouse of a company can decrease in value as prices of goods can go down in price due to market fluctuations. A good example of this phenomenon can be visualized in agricultural crops. These crops vary in price on a daily basis as their prices are traded in the open market as commodities. In any type of industry the market of value of inventory can vary and as a consequence...
5 Pages(1250 words)Essay

USA Cost Accounting the manufacturing industry and that its relevance beyond this field in other industries in the public and private sector is only just being realized. The accounting and cost records of most manufacturing firms today will nevertheless reflect the reliance on standard and variable costing, job order costing or process costing. The cost allocations that we are discussing here are applicable mostly to factory overhead charges, or those costs that cannot be directly attributed to direct labor or direct materials, and it has been adopted in manufacturing industries for the last 50 years or more (Matz et al., 1988). So we should never imagine that it has lost its importance...
4 Pages(1000 words)Essay

Current Accounting Standards In The USA

...?DQ2 The current accounting standards in the United s of America are ethically based. Ethics and integrity are two of the values that all accountants uphold at all times when working the profession. The generally accepted accounting principles (GAAP) represent the bible for accountants. Ethics is taken into consideration in accounting in many circumstances. For instance the principle of conservatism states that when in doubt an accountant should always underestimate revenues. Sales forecasting techniques such as the Delphi method should be implemented taking into consideration the principle of conservatism. During the past nine years the...
1 Pages(250 words)Essay

Description of Accounting Industry

...of the Accounting Industry Section March 10, 2006 of the Accounting Industry The Accounting Industry is one of the fastest growing service industries. According to the 2002 census, the accounting industry has a total of 112,223 establishments and receives revenues of $84,604,468 nationally (pg. 3) increasing from 97,512 establishments and $61,117,315 received revenues in 1997 (U.S. Census Bureau). Massachusetts alone contributed to 2,144 of total establishments and $1,778,516 of received revenues (U.S. Census Bureau). Although there was little information about the...
5 Pages(1250 words)Essay

Textile Industry in USA

...appears here] appears here] appears here] appears here] Textile Industry in USA Textile Industry in USA: An Overview The US textile industry has a long history date back to the start of the American Industrial Revolution. In spite of struggle from textile manufacturers in South America and Asia, which have reduced overheads as well as reduced wages, textile industry remains one of the largest, most varied, and most dynamic sections of the U.S. manufacturing sector. The U.S. textile industry of these days has altered significantly over the past couple of decades. It is now highly developed and...
19 Pages(4750 words)Essay

Insurance industry issues: Uk and USA

...Insurance industry issues UK and USA completed Introduction Many individuals face situations where economic loss may be unpredictable both as to amount and time. Risk-averse individuals and firms will be willing to pay a premium to transfer the risk of loss to insurers thus protecting their resources. There are two main classes of insurance business in the United Kingdom and United States: long-term insurance and general insurance. Though, in this report we will discuss issues which are currently of importance to the UK insurance industry and make a comparison between the situations facing insurance in the UK with that facing the insurance market of USA. Motor...
16 Pages(4000 words)Essay

Textile Manufacturing Industry in the USA

...Textile Manufacturing Industry in the USA Introduction Textile manufacturing is an important manufacturing industry which is a major contributor to the global economy. The textile manufacturing industry is a large scale industry in different countries across the globe. The textile manufacturing industry is primarily focused on the production of cloth and yarn followed by the designing and manufacturing of different textiles and their distribution. The different raw materials used in the textile manufacturing industry are generally divided into synthetic products and natural products belonging to the chemical...
4 Pages(1000 words)Essay

Social Accounting System in the USA

...Social Accounting System in the USA Introduction Social accounting can be defined as the process of communicating the environmental and social effects of economic actions of organizations to specific interest groups within a society. Social accounting is also known as social and environmental accounting, social accounting and auditing, corporate social responsibility reporting, corporate social reporting, and non financial accounting or reporting. Global business environment is becoming highly competitive as several organizations in this world are trying to develop and implement unique strategies in business operation...
7 Pages(1750 words)Essay

Healthcare Industry in the USA

...[Teacher’s In comparison to other western countries, the United s needs to improve on many aspects. One of the main sectors where the United States is lacking is the healthcare industry. The expenses and availability of healthcare in the United States are inferior to the services offered in France. The physicians per capita in the United States were much lower than in France and in other developed countries. In U.S the average number of physicians per capita is 2.4 in comparison to the average in OECD countries which is 3.1 (The Worldbank, n.p). The average income in the United States was slightly higher despite the fact that living expenses are cheaper than in France. Specifically, consumer prices were approximately 20%...
2 Pages(500 words)Essay

The Fast-Food Industry in USA

...The Fast-Food Industry in USA Part 1 For over a decade now, Chick-fil-A chain has significantly enjoyed greater monopoly in terms of customer preference over other fierce rivals like McDonald's and Burger King. In 2015 for example, the company scored an 86, obviously, the highest rating ever for a company in the bracket of quick services and consequently claimed the number spot in the industry (Berger, 2015). However, this does not necessarily imply that Chick-fil-A has no genuine competitors. Actually, other fast food chains like McDonald's and Wendy’s have given the company a run for its money in the recent past. Each of these companies have competitive advantages that have kept them...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Accounting Industry in the USA for FREE!

Contact Us