Accountancy FAQ

• Is accounting difficult?
  Accounting can be a very challenging major and takes years of serious commitment to complete. With difficult classes, intense curriculums, and very little free time, many students find that accounting may not be right for them and decide to leave the field.
• What do you study in accounting?
  A degree in accounting provides you with a foundational knowledge of accounting principles and theories. It is during this time that you would learn the fundamentals, such as Generally Accepted Accounting Principles. Additionally, you will take courses like auditing and accounting information systems.
• Are accountants happy?
  Accountants are one of the least happy careers. After ongoing surveys with millions of people asking them how satisfied they are with their careers. Accountants rate their career happiness 2.6 out of 5 stars which puts them in the bottom 6% of careers.
• Are accountants good at maths?
  Although accountants do handle a lot of numbers in the course of their professional duties, the majority of the math they perform themselves is basic and calculators plus spreadsheet forulas are used. Accountants need to be comfortable working with numbers so that they can examine and interpret figures in the data they gather.
• What are types of accounting?
  The main accounting methods are cash accounting and accrual accounting. Cash accounting records revenues and expenses when they are received and paid. Accrual accounting records revenues and expenses when they occur.
• Is accounting a boring job?
  Accounting is stereotypically a dull and boring career for people who are good with numbers. While those who are left-brainers and mathletes do often gravitate toward accounting, there are a lot of people who don't give it the chance it deserves.
• Are accountants rich?
  Getting well off and building wealth in accounting or as a CPA is possible. Based on the Bureau of Labor Statistics data and Journal of Accountancy, they do earn highly.
• What accountants do all day?
  Accountants spend the majority of the work day analyzing, collecting, compiling, and evaluating financial data. Accountants also prepare a variety of reports and financial statements, from daily cash flow statements for small companies to annual financial reports for large organizations.
• Is accounting full of math?
  Accounting isn't hard-core math. It's basic addition, subtraction, multiplication, and division. Possibly some light, entry-level algebra, but that's it. You don't have to understand calculus. Accounting software is often used.
• Is accounting a good job?
  Accountants make a pretty good living, and they have a lot of job security. Internal accountants create processes to find and eliminate financial waste and fraud. Management accountants record and analyze financial information.
• What are the 3 branches of accounting?
  Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting.
• What are the types of accounts?
  Accounting Categories and Their Role There are five main types of accounts in accounting, namely assets, liabilities, equity, revenue and expenses. Their role is to define how your company's money is spent or received. Each category can be further broken down into several categories.
• What are the common mistakes in accounting?
  Some common data entry blunders include: Entering items in the wrong account. Transposing numbers. Leaving out or adding a digit or a decimal place.
• How many years does it take to be an accountant?
  How long does it take to become an accountant? For most accounting jobs, you'll need a bachelor's degree, which usually takes four years to complete. Once you're out of school, you can take on an entry-level position like staff accountant, tax staff, or junior internal auditor.
• What you need to be an accountant?
  Although not required, most accountants attend college and earn a bachelor's degree. However, a bachelor's degree in accounting or a related field is considered the minimum education requirement for those who plan to become a CPA. Many CPAs also continue their post-secondary education and earn a master's degree.

Accounting

You business is judged by the transparency of you accounts. You if your accounts are all laid out in a clear manner without tax evasions and loans then the net worth of you business goes up automatically. Hence it is imperative to hire a very good set of accountants. Most of the major companies take help from accounting consultancy firms. Hence the business of such accountancy firms is also growing rapidly. The process of accounting is highly specialized and requires highly trained personnel. Therefore accountants are in demand all over the world and they play a vital role in global economy.

New Accounting policies Taken by India

In a step to drive out corruption from the country, the government of India recently undertook several pointers in order that the companies maintain a proper accounts book and if it has subsidiaries in different fields, it is necessary that the accounts of these subsidiaries be included in the balance sheet of the mother company as well. This was done in light of the events leading up to the Rs 176,000 crore telecom scam that highlighted how companies used loopholes in the policy of the government and floated companies as a front to acquire business. But with the policies and new methods of accounting, there is every hope that it will be able to stem corruption somewhat.

Accounting Scandals

Every now and then a financial scandal comes into limelight. More often than not the person instrumental in bringing off the misappropriation of funds is the accountant. No financial scandal can ever be possible if the accountant is not taken in to confidence. Hence the accountants of major companies are always under the scrutiny. It is also common that the accountant is made the scapegoat if the scandal is somehow exposed. Hence it is very important for a business firm to have a very honest accountant whose background is thoroughly checked before handing him over the important task to managing the accounts.

American Businesses and Black Money

In the United States of America recently, there was a law passed for the proper maintenance of accounts by business concerns. This was seen as an attempt by the Obama government to control the flow of black money that is being siphoned by foreign industrialists as well as criminals to American firms in order to keep their balance sheets in check. But these firms in America are using this money to run their businesses without properly accounting for the source of the capital and as a result, the administration hopes that this new circular will limit the use of illegal sources of income for these business concerns.

Accounting Made Easy

Previously, accounting was done manually. But, with development of science and technology, various accounting softwares are available in the market. In a business farm, it is very essential to manage the account. Proper accounting helps to track the business. The loss and profit of the business must be tracked regularly, in order to prosper the particular business. Previously maintaining accounts of the company was a boring and lengthy job. But, now the computer softwares have reduced the labour of the accountant. All they need is to learn the manual of the respective software. In 21st century, computer learning is must for every individual. The accounting software reduces the labour and can perform work in a very short time span. Tally is one of the popular accounting software.

Forensic accounting

An interesting field of forensics has branched out and this one relates to the monetary system. Whit the heavy rise in the system of monetary transactions these days there has to be regulative body that would keep a tab on the inflow and the out flow of money. This branch is called forensic accounting.
The primary function of this structure is to regulate the engagements that results in some sort of dispute or litigation on the basis of hard factual references or through anticipation. The people employed under it are called forensic auditors or forensic accountants and their job is to give expert evidences on the date of the trail pertaining to the case of forgery or fraud.