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accounting

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by

jiewen shi

on 1 May 2010

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Transcript of accounting

Q&A

Accounting Friends from different majors
Accounting is Boring Negative comments
An accountant is having a hard time sleeping and goes to see his doctor.
"Doctor, I just can't get to sleep at night."
"Have you tried counting sheep?"
"That's the problem - I make a mistake and then spent three hours trying to find it."
True or False? Principles of Accounting Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is potentially reported to a variety of different types of interested parties. These include business managers, owners, creditors, governmental unites, financial analysts and even employees. The real world of accounting more professional they are, the more they enjoy accounting Accountancy

http://www.accountancy.com.pk/ "why accounts are so boring and dry..." INTERVIEW! Tony Greig Your Future At Deloitte "I am not an accountant but a family friend has been one all his life and he is a multi-millionaire. If you enjoy it, it's a bonus - you have fun and make good money. Go for it and ignore those guys who don't enjoy their jobs!" read a whole bunch of accounting related books accounting:) what branch of accounting you prefer to specialize in General accounting
Financial analysis
Taxation
Audit
Consulting Major Accounting Firms Most of the Fortune 500 companies and many public companies are audited by the "Big Four" accounting firms, that is, the ones ranking in the top four in the country in revenues and professional staff. They are:
Deloitte
Ernst & Young
KPMG
PricewaterhouseCoopers 1. Why people misunderstand accounting?
Accounting is rules driven and numerical. As a result the concepts are either understood or not so makes the intro accounting course seem difficult. The actual practice is conceptual and decision orientated but requires the basic concepts (bookkeeping) be understood first. The way university courses are structured (silo by area) leads students to think they can get by with less accounting, however the one area graduates in Management wish they had done more of in college is accounting.

2. Why accounting plays an important role in business?(like Financial Department in a corporation)
Large organizations are difficult to grasp in their entirety. Accounting is necessary to reduce the vast amount of data into key relationships in order to assess performance and allocate scarce resources, new investment capital etc. Anyone in a Management role will utilise a significant amount of accounting data in their careers. They better they understand how the accounting data is put together, the limitations of the accounting data, etc, the better decisions they will make as managers.

3. Do you have any suggestion for students who are suffering from accounting?
Suffering? Do lots of problems to develop an understanding of the relationships between the underlying transactions and the financial statements that summarise these transactions. Do not learn by memorization, the working of problems is to develop an understanding of the concepts underlying the accounting process and procedures. Jokes 囧 "I think that the impression of Accountants being boring is being created by old generation accountants who has to prepare manual books of accounts and reports (definitely a boring work) but now computers has solved this problem and role of accountant is more towards strategy building and help management make critical decision that I believe is a really interesting and challenging work and have a pleasant effect on accountants personality. So, I believe the impression of Accountants being boring will change soon."
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