ACCOUNTING
WHAT IS ACCOUNTING?
Accounting is the system that measures business activities, processes that
information into reports, and communicates the results to decision-makers. For this
reason it is called "the language of business. What grammar is to English composition,
accounting is to business. There is much more to accounting than bookkeeping.
Bookkeeping is the procedural element (much as arithmetic is a procedural element of
mathematics). Accounting is much more than procedures – it is a process that begins
and ends with decision-making. Accounting is an important function of a successful
business because it provides vital information that enables managers in production,
marketing, and personnel to make informed decisions.
WHAT COURSES DO YOU NEED TO TAKE?
Many universities and colleges offering a business degree also will offer an
accounting emphasis. In addition to the required core curriculum of the university,
which usually includes liberal arts, math, and science courses, the business
department will have other requirements. The core business curriculum consists of
courses in statistics, business law, finance, information systems, management,
marketing, and basic accounting courses. Some universities also offer five-year
professional accounting programs. The following accounting courses usually are
required for the accounting emphasis, in addition to the accounting courses required
in the business core:
- Accounting Systems and Data Processing
- Auditing
- Income Tax Accounting
- Intermediate Cost Accounting
- Intermediate Financial - Accounting I
- Intermediate Financial - Accounting II
Accounting students often specialize in a particular topic area of accounting.
Examples of these specializations and recommended courses include:
- Financial Accounting and Auditing
Advanced Financial Accounting
Advanced Income Tax Accounting
- Managerial Accounting and Systems
Managerial Accounting Problems and Cases
Accounting for Government and Nonprofit Organizations
There are several fields of professional accountancy at the intermediate, advanced, and
graduate levels. These courses provide preparation for practice in one or more of the following
fields:
- Accounting and Management Control Systems
- Auditing
- Banking and Finance
- Financial Accounting
- Managerial Accounting
- Nonprofit Accounting
- Tax Accounting
- Teaching and Research
In all of these fields, a thorough knowledge of the social, legal, economic, and
political environment is needed. Courses in English composition, speech, ethics, and
logic are good choices. Also, courses in statistics and information systems beyond
the required business core requirements are recommended.
WHAT CAN YOU DO WITH A DEGREE IN ACCOUNTING?
Accountants work in almost every industry and sector of society, including government,
business and nonprofit organizations. With accounting there are many directions you
can go. Specifically, you could be a cost, managerial, or systems and procedures
accountant. Tax, budget, and forecast accountants and auditors also are needed.
An accounting degree can be used in a number of other careers. For example, in the
insurance industry, with some additional training, you could be an actuary or an
underwriter. You could work in the banking industry as an administrator. In financial
services, people with accounting degrees are needed as financial analysts, planners,
and stockbrokers. In many industries, cost estimators and compensation analysts have
an accounting background.
A master's degree in business administration (MBA) helps in certain careers, such as
business and public administration. By passing a professional exam, you could become a
Certified Public Accountant (CPA).