Professor Dr. Susan K. Lightweis
ACC100 – Accounting 1
August 18, 2016
The purpose of my paper is to provide a bases for a topical discussion regarding accountancy as a profession, and to discuss the various lucrative career opportunities that are available; for those who are qualified, educated and understands the meaning behind the term “the language of business”. The term “the language of business” is an accounting term that is used to, refer to the fundamentals elements of accounting. In laymen’s terms the accounting is a process of study, which includes understanding how to track, analyze and interpret a business finances.
Now in order to understand how to analyze a business’s financial statements, you must understand the basic formula of accounting. Once you have master this formula (and its many variations) Assets = Liabilities + Shareholders' Equity, you can then accurately interpret and analyze every aspect of, a business’s financial statement. Now although there are many lucrative career opportunities in the accounting profession, there are different pay rates for each position. For example if you wanted to pursue a career in the field of public accounting, you can make between $60 and $125k a year.
Public accounting is an area of accounting the specifically deals with providing tax auditing and consulting services, to their clients. A career in this field usually includes having to deal with a lot of pressure, long work weeks and a lot of travel. For those who may be considering an entry level position in this career field, the minimal requirements are CPA and 150 hours of college education. The CPA examination has four parts auditing, regulation, financial accounting and reporting and business environment and concepts. The annual salary for an entry level position in public accounting, remains the same for the first regardless if you have a CPA; the annual salary is $68k....