Know the job roles of Accountants in Various Fields
Accounting is a weighty subject that showcases a truckload of job opportunities. If you want to see yourself as an accountant in the near future, then scroll down to know much useful information regarding this profile.
“Behind every successful Business, there is a great Accountant.”
The profile of accountants must be very exciting as accounting itself is an amalgamation of a variety of domains.
However, many accounting students are confused with the wide range of accounting disciplines. They will certainly acquire an overall idea about the role of accountants as well as various accounting disciplines by taking accounting assignment help.
Some of the important branches of Accounting are listed below-
What is Tax Accounting?
The government and regulation authorities mainly follow and regulate Tax accounting. The process to note the tax amount paid by the business authorities, companies or individuals is named as ‘Tax Accounting’.
Role of the Tax Accountants
The tax accountants are mainly recruited to collect the tax. Tax accountants ensure that individuals and companies pay the federal and state income tax. Some registered tax agents also provide tax planning advice to help the individuals and business to save money in taxes.
What is Financial Accounting?
Financial accounting is about recording the financial statement that includes Profit/Loss Statement, Balance Sheet as well as Cash Flow Statement etc.
Financial statement mirrors the financial information of the company like operational activities; outflow, profit or loss and inflow of cash and various others.
What are the roles of financial managers?
Finance managers are entrusted with creating a financial statement of any firm or business. The topics which are included in the financial statements are Balance Sheet, Overview of the Company, Cash Flow Statement, Income Statement, Notes, and many others.
In addition to that, it is their duty to accumulate the knowledge of the financial transactions, examine it and showcase it in the form of a financial report.
The main reason to publish the financial report is to notify the stakeholders about the financial condition of the business.
Job Roles of the Fund Accountants
Quite a large number of non-profit organizations that involve NGO’s or Human Welfare Organizations do Fund accounting.
The non-profit organizations recruit fund accountants to note and make records of their revenues and expenditure.
Fund accountants apply their experience and knowledge to record and maintain the financial accounts of the non-profit organization.
They record the earning and spending; prepare the financial statement on a weekly, monthly, quarterly, or annually basis
Accountants in this specific field produce the Net Asset Value (NAV) consistently on a regular basis.
What are the Functions of the Auditors?
The functions of the auditors are analyzing business procedures and verifying financial accounts.
Another duty of the auditors is to take notice of the unlawful malpractices. They have the authority to give the penalty to the businesses or companies and instruct them to follow the ethical practices.
The whole auditing procedure requires two kinds of auditors-
Internal auditors look after the internal environment of the business; whereas the external auditors examine the external environment of any business.
How do the Forensic accountants detect any financial problem?
The professionals of this field of accounting are known as forensic analytics and forensic accountants.
The role of Forensic accountants is crucial because they have to investigate all financial problems. They accumulate the data; prepare the data and analysis it.
Forensic accounts analyze some major critical issues that are stated below-
- Economic Damages Calculation
- Breach of Contract
- Tax Fraud
- Business Valuation
- Securities Fraud
- Money Laundering
What is Cost Accounting?
Cost Accounting deals with the production and manufacturing cost of goods and services. It needs to prepare reports according to the expenditure and the particular cost of goods and products. Hence, cost accounting plays a significant part in taking the financial decisions of a company.
Primary duties of Cost Accountant
Cost accountant determines the actual price for manufacturing a product or providing a service. They prepare financial data. This data helps the companies to identify which services, products or processes are more profitable according to the Bureau of labor Statistics.
Besides, the individual field, the accountants also perform some general activities according to the Accounting Cycle. The students sometimes get puzzled to write all these points in their project. Hence, they seek accounting homework help from a reliable source.
The accounting experts help the students to jot down the primary 8 steps of the Accounting Cycle. Still, they should know the accountant’s activities step by step.
Step1. Identify the money transaction from a document of certain sources like loan agreements, purchase orders, invoices, etc.
Step2. Record the information of financial transaction in the form of the journal entry.
Step3. Post the journal entry in the individual account in ledgers. Traditionally, present the accounts with credits on the right and debits on the left.
Step4. After reporting, make a preliminary trial balance of all the accounts by entering all the debits and credits in each account to notify their balances. Make a total of the right and left side balances and follow that the two columns should be equal.
Step5. Adjust and update the entries that are not recorded through a particular source of documents. For example, depreciation expenses are generated for items like equipment to account for the use of the assets and the loss of its value over the period.
Step6. Make a trial balance of the accounts. The right-hand side (credits) and left-hand side (debits) must be equal in terms of the value.
Step7. Calculate the total amount of the various accounts and represent them in financial statements. The financial statement is prepared for both external and internal use.
Step8. Close the books of the current month by entering the necessary reversing entries to begin fresh in a new period.
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The accounting firms in the USA offer a handsome salary to qualified accountants. You have to score outstanding marks in the semesters to bag that opportunity. Hopefully, this blog gives you an overall idea of what kind of tasks you have to do as an accountant.