2 answers
Esther
Student
California City, California
1
Question
Asked
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what is accounting all about?
i want to be successful as an accountant
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2 answers
Michael Torio
Consultant - Data Reporting & Analysis (HQ Finance)
342
Answers
Alpharetta, Georgia
Updated
Michael’s Answer
Hi Esther,
Accounting is the process of recording, summarizing, and reporting business financial transactions of a company or an organization.
While in high school, one will need to focus on science and math classes to prepare for a career in Accounting. Physics and chemistry will be the core science courses. For math, algebra, statistics, geometry and calculus will be needed. Other classes to take will be computer science, economics, business, finance and applied technology. The combination of these concentrations will enable you to focus and refine your analytical skills; complex problem solving; investigative and innovative critical thinking; attention to detail and observation skills; etc.
Other skills that will need to be built upon center around team building, team work and communication. In any work culture, collaboration amongst team members, partner departments and clients occur on a daily basis. A college course in public speaking, communications and English will help with one's communication and writing skills since analysis reports are generated and findings are presented to colleagues and other professionals who deal with Accounting. Another recommendation is to seek the advice from your high school guidance counselor and teachers. They can help guide your educational pathway for Accounting.
A Bachelor of Science Degree in Accounting will take 4 years to complete at a college or university. Upon completion, one has earned the designation of a Public Accountant (PA). From a public accounting firm, a PA will cover services such as audits, consultations and taxes.
After gaining years of accounting experience, the career path of a PA will lead one to pursue the CPA designation. CPA means Certified Public Accountant. In order to achieve this designation, one has to successfully pass the CPA exam as administered by the American Institute of Certified Public Accounts (AICPA). The CPA exam consists of four parts:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Additional testing will be dependent upon the State where the CPA will be practicing. Per year, there will be a minimum of 40 hours of professional training for the maintenance of the CPA license. CPAs usually handle financial matters for clients; preparing and filing tax documents and creating detailed financial analysis reports.
According to U.S. News & World Report, here is a list of the top Accounting Programs in the United States:
https://www.usnews.com/best-colleges/rankings/business-accounting
- University of Texas at Austin
- University of Illinois (Urbana-Champaign)
- Brigham Young University (Provo)
- Indiana University (Bloomington)
- University of Michigan (Ann Arbor)
- University of Notre Dame
- University of Pennsylvania
- New York University
- University of Southern California
- University of Florida
When reviewing colleges and universities, it is best to check the following:
- In-State vs Out of State Tuition
- Internships
- Scholarships
- Career Placement upon graduation
- Course work and offered classes
- Post-Graduate Degrees - Master and Doctoral
There will be a application fee to pay for when submitting college applications. The amount of application fee will depend on the college that you are applying to. If there are questions about the college application process, please reach out to the college's Registrar Office.
College and scholarship applications can start to be submitted during your Junior year and will continue throughout your Senior year in high school. It is best to ask your Academic Advisor/School Counselor on the timeline process as well. College and scholarship applications will have specific deadlines and requirements to meet in order to be submitted for review and consideration.
You may want to start to compile your resume/portfolio since a majority of college and scholarship applications will require academic grade point average (GPA), academic accomplishments, school activities (clubs, sports, etc.), community involvement (volunteer, church, etc.), academic and personal recommendations, etc. There may be essay requirements on why you are a qualified candidate to receive the scholarship and gain entry to the college of your choice, what your future goals are academically and professionally and other questions centering around who you are, your beliefs, etc.
Here are a couple of links for College Scholarships:
https://www.mometrix.com/blog/scholarships-for-college/
https://www.nchchonors.org/students/awards-scholarships/national-scholarships
Also, it will be best to check with the colleges and universities that you will be applying to. You can check with the School/Department of your desired major, the Campus Career Center and the Register's Office for additional information for college scholarships and grants and specific requirements for qualifications.
There should be no limit on the amount of scholarships that one can apply to. It will take time to fill out the scholarship applications and provide all of the necessary required information. Also, there should no fee and no cost to fill out and submit scholarship applications. If there is a fee or cost that is associated with a scholarship application, then please do not send this particular scholarship application in. It will be a scam and money will be lost.
Best wishes for your education and future career as an Accountant!
Accounting is the process of recording, summarizing, and reporting business financial transactions of a company or an organization.
While in high school, one will need to focus on science and math classes to prepare for a career in Accounting. Physics and chemistry will be the core science courses. For math, algebra, statistics, geometry and calculus will be needed. Other classes to take will be computer science, economics, business, finance and applied technology. The combination of these concentrations will enable you to focus and refine your analytical skills; complex problem solving; investigative and innovative critical thinking; attention to detail and observation skills; etc.
Other skills that will need to be built upon center around team building, team work and communication. In any work culture, collaboration amongst team members, partner departments and clients occur on a daily basis. A college course in public speaking, communications and English will help with one's communication and writing skills since analysis reports are generated and findings are presented to colleagues and other professionals who deal with Accounting. Another recommendation is to seek the advice from your high school guidance counselor and teachers. They can help guide your educational pathway for Accounting.
A Bachelor of Science Degree in Accounting will take 4 years to complete at a college or university. Upon completion, one has earned the designation of a Public Accountant (PA). From a public accounting firm, a PA will cover services such as audits, consultations and taxes.
After gaining years of accounting experience, the career path of a PA will lead one to pursue the CPA designation. CPA means Certified Public Accountant. In order to achieve this designation, one has to successfully pass the CPA exam as administered by the American Institute of Certified Public Accounts (AICPA). The CPA exam consists of four parts:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Additional testing will be dependent upon the State where the CPA will be practicing. Per year, there will be a minimum of 40 hours of professional training for the maintenance of the CPA license. CPAs usually handle financial matters for clients; preparing and filing tax documents and creating detailed financial analysis reports.
According to U.S. News & World Report, here is a list of the top Accounting Programs in the United States:
https://www.usnews.com/best-colleges/rankings/business-accounting
- University of Texas at Austin
- University of Illinois (Urbana-Champaign)
- Brigham Young University (Provo)
- Indiana University (Bloomington)
- University of Michigan (Ann Arbor)
- University of Notre Dame
- University of Pennsylvania
- New York University
- University of Southern California
- University of Florida
When reviewing colleges and universities, it is best to check the following:
- In-State vs Out of State Tuition
- Internships
- Scholarships
- Career Placement upon graduation
- Course work and offered classes
- Post-Graduate Degrees - Master and Doctoral
There will be a application fee to pay for when submitting college applications. The amount of application fee will depend on the college that you are applying to. If there are questions about the college application process, please reach out to the college's Registrar Office.
College and scholarship applications can start to be submitted during your Junior year and will continue throughout your Senior year in high school. It is best to ask your Academic Advisor/School Counselor on the timeline process as well. College and scholarship applications will have specific deadlines and requirements to meet in order to be submitted for review and consideration.
You may want to start to compile your resume/portfolio since a majority of college and scholarship applications will require academic grade point average (GPA), academic accomplishments, school activities (clubs, sports, etc.), community involvement (volunteer, church, etc.), academic and personal recommendations, etc. There may be essay requirements on why you are a qualified candidate to receive the scholarship and gain entry to the college of your choice, what your future goals are academically and professionally and other questions centering around who you are, your beliefs, etc.
Here are a couple of links for College Scholarships:
https://www.mometrix.com/blog/scholarships-for-college/
https://www.nchchonors.org/students/awards-scholarships/national-scholarships
Also, it will be best to check with the colleges and universities that you will be applying to. You can check with the School/Department of your desired major, the Campus Career Center and the Register's Office for additional information for college scholarships and grants and specific requirements for qualifications.
There should be no limit on the amount of scholarships that one can apply to. It will take time to fill out the scholarship applications and provide all of the necessary required information. Also, there should no fee and no cost to fill out and submit scholarship applications. If there is a fee or cost that is associated with a scholarship application, then please do not send this particular scholarship application in. It will be a scam and money will be lost.
Best wishes for your education and future career as an Accountant!
Brandon Holderbaum
Finance Senior Manager
2
Answers
Branchburg, New Jersey
Updated
Brandon’s Answer
Hi!
The accounting field involves the systematic recording, analyzing, summarizing, and reporting of financial transactions for businesses and organizations. Overall, the accounting field is diverse and offers numerous career paths, each requiring a strong foundation in financial principles, attention to detail, communication skills, relationship building skills and analytical skills. There are accountants needed everywhere! In the field of accounting you have the ability to work for a multi-billion dollar organization or working for the smallest mom and pop store. Almost every business industry you could imagine has job openings for accountants or you can work for accounting firms supporting a multitude of clients. Here are the main fields in accounting:
Financial Accounting: This branch focuses on the preparation of financial statements, including the balance sheet, income statement, and cash flow statement, which provide a snapshot of an organization's financial health. These documents are used by external stakeholders such as investors, creditors, and regulatory agencies.
Managerial Accounting: Unlike financial accounting, managerial accounting is more internally focused. It provides detailed financial and non-financial information to help managers make informed business decisions. This can include budgeting, forecasting, and various types of financial analysis.
Auditing: Auditors examine financial statements and related data to ensure accuracy and compliance with accounting standards and regulations. Internal auditors work within organizations to assess risk management and internal controls, while external auditors are independent and often work for public accounting firms.
Tax Accounting: This specialization involves preparing tax returns and planning for future tax obligations. Tax accountants need to stay updated on current tax laws and regulations to ensure compliance and to help clients minimize their tax liabilities.
Forensic Accounting: Forensic accountants investigate financial discrepancies and fraud. They often work with law enforcement agencies and may be called upon to provide expert testimony in legal cases.
Government Accounting: This area focuses on accounting for government entities. It includes managing public funds, auditing government agencies, and ensuring compliance with laws and regulations.
Non-Profit Accounting: This specialization deals with the unique financial needs of non-profit organizations, including grant accounting, fund accounting, and donor reporting.
Accounting Information Systems (AIS): This involves the integration of accounting principles with information technology. Professionals in this field work on the design, implementation, and management of accounting software and systems.
Ethics in Accounting: Ethical behavior is crucial in accounting due to the trust placed in financial reporting. Accountants must adhere to a code of conduct and ethical guidelines established by professional bodies.
Professional Certifications: Many accountants pursue certifications to enhance their credentials and career prospects. Common certifications include Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Chartered Financial Analyst (CFA).
The accounting field involves the systematic recording, analyzing, summarizing, and reporting of financial transactions for businesses and organizations. Overall, the accounting field is diverse and offers numerous career paths, each requiring a strong foundation in financial principles, attention to detail, communication skills, relationship building skills and analytical skills. There are accountants needed everywhere! In the field of accounting you have the ability to work for a multi-billion dollar organization or working for the smallest mom and pop store. Almost every business industry you could imagine has job openings for accountants or you can work for accounting firms supporting a multitude of clients. Here are the main fields in accounting:
Financial Accounting: This branch focuses on the preparation of financial statements, including the balance sheet, income statement, and cash flow statement, which provide a snapshot of an organization's financial health. These documents are used by external stakeholders such as investors, creditors, and regulatory agencies.
Managerial Accounting: Unlike financial accounting, managerial accounting is more internally focused. It provides detailed financial and non-financial information to help managers make informed business decisions. This can include budgeting, forecasting, and various types of financial analysis.
Auditing: Auditors examine financial statements and related data to ensure accuracy and compliance with accounting standards and regulations. Internal auditors work within organizations to assess risk management and internal controls, while external auditors are independent and often work for public accounting firms.
Tax Accounting: This specialization involves preparing tax returns and planning for future tax obligations. Tax accountants need to stay updated on current tax laws and regulations to ensure compliance and to help clients minimize their tax liabilities.
Forensic Accounting: Forensic accountants investigate financial discrepancies and fraud. They often work with law enforcement agencies and may be called upon to provide expert testimony in legal cases.
Government Accounting: This area focuses on accounting for government entities. It includes managing public funds, auditing government agencies, and ensuring compliance with laws and regulations.
Non-Profit Accounting: This specialization deals with the unique financial needs of non-profit organizations, including grant accounting, fund accounting, and donor reporting.
Accounting Information Systems (AIS): This involves the integration of accounting principles with information technology. Professionals in this field work on the design, implementation, and management of accounting software and systems.
Ethics in Accounting: Ethical behavior is crucial in accounting due to the trust placed in financial reporting. Accountants must adhere to a code of conduct and ethical guidelines established by professional bodies.
Professional Certifications: Many accountants pursue certifications to enhance their credentials and career prospects. Common certifications include Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Chartered Financial Analyst (CFA).