I am planning on going into some type of business field when I get out of college. Most likely I am going to be an accountant. There are several different types of accounting jobs. I am interested in being a public accountant.
Accounting is a very important part of any business or individual that must keep financial records and pay taxes. Without the knowledge of accountants, no one individual that is running a business could keep up with the rapidly changing tax laws and regulations. Accountants have to be able to analyze and compare facts and figures quickly. Keeping track of payments and other financial records for individual or institutional clients is an important task. Having good computer skills is essential for accountants. Being comfortable with numbers and communicating with people are also important skills in accounting.
There is often a lot of promotions available in accounting departments in large companies. People who are not prepared to advance will get assigned routine jobs. Good accountants that show a great deal of interest and put a lot of effort into their work should receive promotions quickly.
An accounting degree is not an easy degree to earn. Anyone going into the accounting field should be prepared for many years of hard work in obtaining their college education. Many hours of study each year are also required after going into business for yourself or working for a firm to keep up with the changes in the tax laws and regulations. It takes a lot of hard work to be an accountant, but a good accountant can earn financial rewards and personal satisfaction.
When most people go to college they think of what major would be the most interesting, and most exciting. However there are a few brave souls who want to be bored out of their mind but learn the language of business. For those few the major of accounting calls to them. Those men and women who choose accounting as their major will spend many semesters trying to figure out what the hell the professors are talking about when they go into managing and valuing inventories for companies. This one area of accounting is one of the most important parts to understand, because of the vast amounts of money companies have raped up in inventories. So sit back and get ready to be bored because we are entering the world of accounting.
Inventories are asset items held for sale in the ordinary course of business or good that will be used or consumed in the production of goods to be sold. That sounds very interesting doesn’t it? Well let’s think about that for a second. Companies like Wal-Mart have billions of dollars put into inventories and they need to make sure that it is properly accounted for so they do not become the next ENRON of the world. Wal-Mart gets their inventory in a ready to sell state. That means no extra cost goes into getting it ready to put on the shelf. So when a Wal-Mart accountant takes in invoices of merchandise purchased the price Wal-Mart paid was the amount that goes into their inventory account. However for companies that are manufacturing business, like Boeing, they will have three inventory accounts called, raw materials, work in process, and finished goods. Assigning cost into the inventory account is a little different for manufacturing companies. The cost assigned to good and materials on hand but not yet placed into production is reported as raw materials inventory. Raw materials include things like plastics for sex toys or steel for skyscrapers, did I say sex in an accounting paper? These materials can be followed directly to the end product; hmm I wonder what kind of toy that plastic became?
At any point in a continuous production process some units are not completely processed. The cost of the raw material on which production has been started but not completed, plus the direct labor cost applied specifically to this material