Accounting is not just about balance sheet and formation of other financial statements. It is an extensive field offering large scope of employment in its various accounting streams. We bring you brief information below for fresh graduates not versed with the choices in the accounting realm. Pick the one that fascinates you the most –
Management accounting comprises of providing aid in the making of management decisions, performance management system and devising planning. In simple words, management accounting is the stipulation of non financial and financial decision making information to managers. It does not involve any accounting standards like financial accounting. It is concerned with the estimation of cost, planning of budget and prediction in the interest of the company.
Forensic Accounting is a kind of accounting that involves scrutinizing the deceitful or fraudulent deeds, disagreement, and lawsuit in a company. It is a blend of Investigative accounting (involves criminal cases) and Litigation support (involves investigation of economic losses). Forensic accountant may have to appear in court sometime as an expert witness and their job is all about reviewing and analyzing the data to be presented in court’s proceeding. They simplify the complex financial transactions and figures to avoid confusion during the court proceedings.
Certified Public Accountant – (CPA)
The job of CPA is different from other types of accountants as they assist in the conduction of newly established business houses, or about to commence business or small business. Their liabilities include financial advice, bookkeeping for their client, keeping records of business and computation of Income tax.
Financial Accounting is about summarising, analyzing and reporting of a business’s financial transactions. It is concerned with preparation of financial statements. Financial statements are prepared for external parties like share holders, banks, government and suppliers. In other words, the main objective of preparation of statements is to give the idea of financial proceedings about company.
Set of standards of financial accounting are mandatory to be followed by the company and varies from nations to nations.
Government accounting implies to the process of managing and maintaining the records of financial transactions like income and expenditure incurred by the government. It is mainly concerned with recording, classifying, analyzing, and communing information to the government.
Government accountant’s job is to prepare reports of investment and funding of their respective government agencies. They are supposed to submit reports to the President.
An audit is a systematic examination of books, records, accounts, vouchers and documents of an organization to examine the link between established standards and declaration. It is of two types, namely internal audit and external which are conducted by internal auditors and external auditors respectively. Internal auditors belong to the company itself whereas external auditors are independent auditors who conducts audit to ascertain the genuine operation inside the business.
Which profession to go for?
Decision about profession should not be taken under influence. Go what your heart says and chose the one that challenges your mind.