Numbers and More Numbers
A stressful career some people say. Balancing and figures is not the only thing accountants do. The accountant evaluates records drawn up by the bookkeeper and shows the results as losses and gains, economies, or changes in value, so as to reveal the progress or failures of the business and also its future limitations and possibilities. Accountants must also be able to balance a set of financial records and enter it into the system of accounts. "They must be capable of knowing the future of the economic and the legal aspects of a business"(Canik). Accountants must know every sort of transaction on the profit-and-loss statement. They must recognize and know all other factors that enter into the determination of the future of the business or memoranda relating to production, claims Smartpros.com. Also the properties and financial records that represents investments, expenses, receipts and financial changes.
Auditing is also an important branch of accounting.
Accounting has a certain formula that is vital, it is Assets = Liabilities + Owner's Equity, says Sheffield. This formula is like an accounting bible verse. An asset is the owner's checking account balance, supplies for the office, or prepaid insurance. Anything of value that is owned is also considered an asset. The liabilities are often supplies for the office. Any amount that is owed by a business is also a liability. The owner's equity is subtracted from the value of all assets. This field is very challenging. Accountants have to be really good with numbers. (Half)
In 2002, the basic accountant salary was $39,494; it has now gone up (Half). There has also been an increase in accounting programs ever since the 2002 scandals. They have also made the CPA exam extremely difficult according to Smartpros.com.
Stress is an...