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Careers in Accounting
Transcript of Careers in Accounting
Consulting Bookkeeping/General Ledger Work
Forensic Accounting What can you do with accounting? Bookkeeping is the basis of accounting
A bookkeeper keeps track of all transactions of a business
A bookkeeper keeps the ledgers of a company balanced
Records handled by a bookkeeper include payroll, company ledgers, bank statements, and paperwork pertaining to real estate and investments Bookkeeping/General Ledger Work Prepare taxes for individuals, small businesses, non-profit organizations, and corporations
Tax Planning and Consulting
Work in the tax department for a particular company
Compliance type tax work for the government including working for the Internal Revenue Service (IRS) Tax Work Provide information to those who direct and control an organization
Use costs to determine the organization’s setting of selling prices, inventory values, and income levels
Create budgets to forecast future expenses and revenues
Analyze performance by comparing budgets with actual results Managerial Accounting
Work in Law Enforcement including the FBI and Secret Service
Work in Law- in both civil and criminal cases
Work in Fraud Investigation Forensic Accounting A CPA is a license that shows a mastery of accounting
Obtained after passing a 4 part computer-exam and earning experience in the public accounting field What is a CPA? Obtain a Bachelor of Business Administration in Accounting with 120 hours (4-year degree) to sit for the CPA Exam
Obtain an additional 30 hours in accounting courses Through a MACC program (or other graduate program)
Together the exam and the 150 hours makes you eligible for the CPA license Educational Requirements The title itself gives you respect and recognition
More Money- CPA’s generally make more than 10% more than non-CPA’s
The CPA credential is a great way to open doors to high level jobs
Job security- A shortage in the marketplace means you will always have a job What a CPA credential could mean to you
The accounting profession is always expanding and job growth is on the rise
Salaries stay consistent over time
Job security is crucial in today’s world and accounting can provide it for you Why Accounting? Accounting is a primary component in business and therefore it will always be needed
See the want ads and online job postings to see the variety of opportunities available in the accounting field Accounting Job Market Accountants are some of the highest paid workers in business today
Entry level accountant salaries starting out:
Small Firms Medium Firms Large Firms
General Accountant: $35,686 $37,500 $39,750
Tax Accountant: $42,500 $45,250 $51,500
Bookkeeper: $37,500 $37,500 $37,500
Auditor: $42,500 $45,250 $51,500 Accounting Salaries Question:
Parrott, Inc. purchased $1,000 of equipment on account.
What is the correct journal entry to record this transaction? Answer:
Accounts Payable 1,000