Careers In Accounting: Job Options/Major Fields in Accounting ( Part 1)
Generally, we can say that there are fourA major fields of accounting which are as follows:
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Public accounting
- Management accounting
- Government Accounting and
- Internal Auditing.
Public Accountants: |
Perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals.
Examples of the areas of expertise where Public accountants play: · Tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns;
· The design of accounting and data-processing systems, and the selection of controls to safeguard assets;
· Audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported;
· For those relatively large public accounting firm like the Big Four, one of the section includes the specialization in forensic accounting, investigating and interpreting white-collar crimes such as securities fraud and embezzlement;
· Insolvency and bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals.
Many of the Public Accountants are Certified Public Accountants (CPAs), where they generally have their own businesses or work for public accounting firms. |
Management Accountants
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Can also be called Cost/Managerial accountants
· Budgeting, performance evaluation and cost management;
· Involve in strategic planning or the development of new products.
Within accounting departments, management accountants may work in various areas which include financial analysis, planning and budgeting, and cost accounting.
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Government Accountants and Auditors
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Works in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation.
Accountants employed by Federal, State, and local governments guarantee that revenues are received and expenditures are made in accordance with laws and regulations.
Those employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.
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Internal auditors |
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