The different fields of accounting include management accounting, government accounting, or auditing, public accounting and internal auditing. Accountants in these fields may be Certified Public Accountants, Certified Management Accountants, Certified Financial Managers, Certified Internal Auditors, Certified Fraud Examiners, Enrolled Agents, Certified Government Financial Managers or Certified Financial Planners.Know More
Management accountants typically work in teams, and they provide the executives of companies with financial advice. They also provide the information that is published in the company's annual reports for shareholders.
Government accountants do accounting work for government agencies, and they may work for local, state or federal departments. In some cases, government accountants work for the Internal Revenue Service, and in that role, they audit businesses and individuals on behalf of the government.
Public accounting is a relatively broad field. It includes accountants who specialize in tax preparation as well as accountants who provide accounting, tax or auditing services for governments, businesses or individuals. Many of the accountants in this field are CPAs, or Certified Public Accountants, but many of them have other certifications instead.
Internal auditors can also be called forensic accountants. Accountants in this field investigate the financial records of companies or other entities in an attempt to find or prevent fraud or inaccuracies.Learn more about Accounting
People need accounting because it keeps a record of cashflow, produces financial reports and monitors business expenses of an organization, according to the Houston Chronicle. Accounting helps owners make vital decisions to help their companies thrive.Full Answer >
Cost accounting is a type of managerial accounting that considers budgets and the cost to produce items. Managers use the results from cost accounting to make decisions that maximize profits while minimizing expenses, according to Reference.com.Full Answer >
Accounting can be classified as both an art and a science. An accounting degree can be awarded as a Bachelor of Arts or a Bachelor of Science degree. Opinions on the classification may vary, but the very nature of accounting classifies it as both.Full Answer >
Accounting allows businesses to calculate their profit and perform analyses. Accounting is important for determining if a company's earnings reports are accurate, making it important for stockholders and regulators.Full Answer >