Accounting, being as old as the earliest civilizations, is considered one of the most important professions in the development of world cultures. A pioneer of the field was said to have invented the first system of writing. Economists and entrepreneurs have been utilizing this system of record keeping since the rise of the Italian Renaissance. From the bookkeeping system was the main tool of the accountants as they supported and boosted the economic survival of nations up until the Industrial Revolution. Since then, accountants have been playing a big part in developing capital markets for ventures to thrive; this service was unrelenting throughout the surge of capital and businesses in the 20th century. The rise of Capitalism paved the way for Accounting to become a formal profession.
To define Accounting’s early history, archaeologists had to be called to dig up ground and scholars from many fields clustered to demonstrate the importance of Accounting to civilizations of the world. From merchants and scribes long before writing and money, to today’s global information networks, accountants have been present, involved and influential in so many aspects of economics and culture.
Appreciating and considering the past is necessary to comprehending the linkages of Accounting in the present - to contemporary career potentials, financial, tax and accounting systems, and management decision issues. Its history serves as a powerful tool to predict the Accounting of the next generation. As the economy grows, the number of business establishments likewise increases, hence requiring more accountants and auditors to set up record books, prepare taxes, and provide management advice.
Some of the basic tasks of accountants and auditors are to ensure that public records are kept accurate and that taxes paid properly and on time. Professionals of this field analyze and communicate financial information for various entities, both private and public, such as companies, small businesses, individuals, and government.
Graduates of the Accounting program may choose to go into the following domains: public, management, government accounting, and internal auditing.
The task of the internal auditor is to validate the effectiveness of an organization’s processes, control, and overall financial performance. They review company operations – evaluating efficiency and effectiveness of management and control, and its compliance with both corporate and government regulations.
Public accountants are concerned with broad range accounting and auditing aspects in relation to the external environment of an organization. Public accountants, interchangeably referred to as external auditors, act as consultants on areas such as taxation, employee compensation and benefits, design of accounting and data processing systems, feasibility of investments, and control of assets.
Government accountants are basically those involved in government agencies, non-profit organizations, and the like. They maintain, as well as examine, records of organizations belonging to the public sector. Some also take charge of auditing private businesses and individuals whose activities are subject to government policy.
Management accountants are concerned with the accounting and financial aspects of business essential for decision-making. More often than not, management accountants are part of executive teams involved in strategic planning or product development. Among others, budgeting, performance evaluation, cost management, and asset management are basic tasks management accountants perform. Management accountants are also called cost, managerial, industrial, corporate, or private accountants.
Now there are even many options on how to get the degree including on campus and online schools with great accounting programs that prepare you for an accounting career.
Here you can find schools to study Accounting. Choose where you would like to study Accounting:
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