Homework Question on Accounting Majors
- This paper simply asks you to think of yourself as having made the decision to be an accounting major.
- Then you need to make a decision as to what type of accountant you would want to be (and why), i.e. managerial, tax, audit, governmental, forensic, consulting, etc.
- Please no references needed.
Homework Answer on Accounting Majors
The accounting field is wide scoped and contains many fields. By definition, accounting is that systematic way of keeping records of all the financial undertakings of a business enterprise that helps an accountant or a bookkeeper to present the complete financial position of a business. The branches of accounting are not perfect or stand-alone but are intertwined with each other. This means that one or more of the branches are interrelated and overlap each other closely.
Despite this fact, the accounting professionals have a propensity to organize themselves around the various branches and specialties/majors. For an individual to make the best choice from the various majors, knowledge of the different branches is important. Some of the accounting majors that an individual can undertake include financial accounting, managerial accounting, taxation accounting, auditing, governmental accounting, forensic accounting, consulting among others like fiduciary accounting as well as the accounting systems installations. This paper will help to understand the various branches of accounting and determine which type of accountant I want to undertake.
This periodic reporting explains the company’s or enterprises financial position and other operations that are related to the external parties through financial statements. It entails journalizing of business transactions, the preparation of the necessary financial statements and communicating the information on the economic effects transacted to the stakeholders. The financial accounting generally centralizes on five key financial statements that includes the statement of the financial condition (balance sheet), income and expenditure account statement (income statement) or the statement of the financial position, the cash flow statements, changes in equity statements as well as the notes to financial statements.