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A Guide On Different Fields Of Accounting

The field of accounting actually encompasses different industries and fields and the main duties that the accountants fulfill here are to process, analyze and maintain the financial records. To perform these jobs, the accountants need bachelor’s degree and after that they can enjoy the following career opportunities.

  1. Public accounting: The majority of the public accountants become certified public accountants after completing an exam after graduation. The CPAs are capable of filing accounting reports and therefore they mostly work for the public accounting companies. In these companies, these accountants provide financial planning services and tax returns.
  2. Financial accounting: Financial accounting mainly includes recording and classifying business transactions and therefore preparing and offering financial statements that therefore can be used by both external and internal users. While preparing the financial statements, strict compliance with the GAAP or Generally Accepted Accounting Principles is observed.
  3. Management accounting: Also named as corporate accounting, management accounting is basically an internal process in different types of companies. Small organizations usually have clerks or corporate controllers to deal with the daily jobs like accounts payable while bigger companies employ accounting staff members to deal with the accounting jobs.
  4. Cost accounting: In some situations, cost accounting is considered as a division of management accounting, but it is actually the process of presenting, recording and analyzing the manufacturing costs. The method of cost accounting is really effective in the manufacturing businesses as this method includes the most complicated process of costing. Besides, it is the role of cost accountant Burlington to analyze the standards and actual costs to assist the managers to decide future actions about the operations of the company.
  5. Government accounting: These jobs are mostly available in different levels starting from the federal government to the municipalities and most are quite similar to their counterparts available in the private sector. Tax auditors at the state level review the corporate tax returns for accuracy and legal compliance. On the contrary, forensic accountants inspect the financial fraud allegations, trace transactions and analyze records.
  6. Auditing: This is one method of accounting, which crosses all the boundaries of the accounting jobs. These days, a number of accountants work in auditing and they review the records of corporations and financial statements. Besides, it is the duty of the internal auditors to scrutinize the company’s financial health, search for the signs of fraud and streamline the financial methods to operate a company successfully.

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