Learn about the trends in Accounting

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What is Accounting Study ?
Accounting is the systematic record of recording
financial transactions, maintaining financial
records and communicating financial information
of a business firm.
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Functions of Accounting
Budget preparation Formulation of
financial policy and planning Recording
financial transactions Summarizing and
classifying financial transactions Analyzing
financial data Supervising employees
performances Cost controlling
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Different fields of accounting
Accounting can be divided into smaller branches
or fields which are closely related to each
other. This distinction in fields gives us a
better understanding of subject accounting.
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Various fields are-
Financial Accounting- It deals in the
systematic recording of financial transactions
that mainly focuses on Balance Sheet and Profit
and Loss Account.
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Cost Accounting- It deals with the
evaluation and analysis of manufacturing costs in
a business enterprise.
Management Accounting- It deals in
providing data to the internal management which
helps them in decision making.
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Tax Accounting- It deals with tax-related
matters of a business firm.
Fund Accounting- It deals with keeping
records of the business firm.
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Government Accounting- It deals in the
allocation and utilization of budgets provided by
the government.
Forensic Accounting- It deals in calculating
damages related to disputes in legal matters.
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Fiduciary Accounting- It deals in management
and evaluation of a third partys business.
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Career in accounting
A career in accounting implies that you will be
invited to work in almost every organization
there is.
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The compensation varies according to the
organization and the job position. In todays
world, the stability of financial records is a
key element of a successful business.
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Various career paths in accounting
Auditor Managerial Accountant
Financial Accountant Governmental Accountant
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Accounting Information Systems Auditor
Forensic Accountant Tax Accountant
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Labour statistics in accounting career
Along with, region and education, factors like
specialty, industry, and employer also have an
effect on an accountants salary.
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In 2017, the lowest-paid accountants earned an
average annual salary of 43,020, and the
highest-paid accountants made 122,220.
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Accounting ethics
Ethics in accounting is very essential these
days. Since accountants have the full access to
financial records of an enterprise, it raises the
potential for manipulation of records or frauds.
Some of the accounting fundamental principles
are-
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There should be Integrity in business
relationships. There should be a lack of
biased behavior and no conflicting interests.
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There should be Confidentiality of
agreements.
Everyone should follow Professional behavior
and compliance with laws and regulations
Actions that discredit the profession should be
avoided.
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Best paying countries for accountants
San Rafael, California New York
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San Jose, California Fairbanks,
Alaska Washington, District Of Columbia
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