The Importance Of Accounting Essay

This essay has a total of 2499 words and 11 pages.

The Importance Of Accounting


The Importance Of Accounting In Our Modern Society
Accounting is a very important term to our modern society. It is the career for men and
women who at the start have their eyes set on top positions in industry, management,
government, and general business. Accounting is a basic need of every businessmen, from
the operator of a filling station to the government of the United States. It's so
important to our society. None of the business organization can operate without is. They
are there-somewhere-in every business. In small business, people use pen, ink and skill
keep teh records. In large business, modern accounting machines are used to operate. Men
and women are directing these machines in the accounting process. Wise businessmen enter
business must have some accounting knowledge.

Accounting is a vital element of business. It records the way a business has grown and,
after analyzing figures, suggests the way it should go in the future. Furtunes are gambled
on the advice of accountants.

If your friend has ever operated a business and you saw him placing figures in ledgers,
then you saw him doing bookkeeping. If you have worked at a service station or supermarket
and have seen books with large sheets lined in green and red lying on the manager's table
or desk, you saw books of accounting.

Accounting is one of the fastest growing fields in the United States It expands each time
a new store, a factory, a filling station, or a school goes up, whether in a large city or
a small town. In today's society, the demand for good accountants for exceeds the supply.
As our country has expanded, business and industry have become more and more complex, so
control here is very important. And control depends on a great deal of the bookkeepers and
accountants who can analyze figues and advise management on what should be done. They are
using more scientific ways changing money, figuring change, and collecting sales taxes.
Moreover, department stores and other companies now have plants and offices widely
scattered throughout the country. A new set of bookkeepers and accountants, is needed at
each branch. I know there are many managements supervisory, and junior or senior executive
positions are bing filled by people who started as accountants because accountants have
the knowledge of methods and finance and comprehension of the fundamentals of business,
and accounting is the foundation of sound business.

The two kinds of accountants, public accountants and private accountants serve different
important functions in business organization. Business enterprises, government agencies,
and nonprofit institutions, such as universities and churches more are more likely use
public accountant. They offer their services to the general public on a fee basis in much
the same way as do lawyers, doctors, and dentists. In addition, the larger firms have
professional accountants on their staff who work for a salary, but are also considered
public accountants. The two important areas, auditing and tax services are also the job
for public accountants.

In a single business enterprise or nonprofit organization, the main job for private
accounts in to handle the finanacial records. Manufacturing or other concerns are also
need accountants, in that situation, they are often called industrial accountants. In
addition, accountants are employeed by all branches of federal state, and local
government, including government-owned corporations. Accountants in private and government
work customarily specialize in the performance of a single type of accounting service,
they may do any of the types of accounting service just described above. They also tend to
become specialists in a narrow field of employment such as a particular branch of
manufacturing, public utilities, or transportation.

Except public accountants and private accountants, there are some other general category
of accountants who are taking important parts in business organizations. They are
managerial accountants, controller, cost accountant, government accountant, internal
accountant and teaching accountant. Each of the accountant serves different function in
business organization.

A company needs well-organized management. Managerial accountant is a kind of person hired
by a company and trained to be a manager one day. The managerial accountant, needs to
learn all aspects of the company—people, products, plants, and equipments. They
should know how to handle management responsibility, and administrative skills.

A company needs somebody to record its financial operating datas, and measure performance,
and it needs somebody to interpret results of operations, and to plan and make
recommendations for actions. Controller is this kind person of the company and is
responsible for the records of the company's operation. His or her job is not only deal
with finances, but also deal with people, products, equipments and material. In addition,
he or she also needs to concern about sales and profit of the company. Like the president
or vicepresident, controller has opportunities to exercise imagination and judgement and
to make rewarding contribution to the company.

A corporation may exist many different items in managactures, and those items go hundreds
of various sized and priced componenets. The sales office will have to know the production
cost of each item in order ot arrive at a sales price that will contain a profit for the
company. A cost accountant works on it. He studies the items one by one, figures the cost
of every parts of the products, and then arrives at the production cost of each item.

Organizations of federal, state, or municipal government also need accountants to help
their business. Government accountants come to do a variety of financial management work.
They may deal with auditing, designing and maintaining. They may do budgeting and
administrative duties requiring the use of accounting information.

A modern business organization needs internal accountant to see whether the assets of a
business are properly protected and accounted for, that current trasactions are completely
recorded, or the company's waste and loss whether to be saved or not.

High schools, colleges or universities are also need accounting professors to teach
students accounting techniques. Teaching accountants, who know a great deal about
accounting and has had some practical experience in dealing with persons and businesses,
ready to pass along their knowledge and experiences to students and future accountants. In
small schools, teachers have other duties besides their work in the classrooms. They serve
as school secretaries, bookkeepers, statistical clerks, and managers in lunchrooms. In
addition to the accounts mentioned above, you may also find tax accountant, a systems and
control accountant, a budget accountant, or an auditor.

Working people need to pay taxes. Tax is so important to our society. It's a main
financial imcome of the government. People have to pay different kinds of tax according to
their imcome. For example, they need to pay imcome tax, social security tax, state
unemployment tax, federal excise tax, state and local sales and miscellantous taxes,
property taxes, and federal and state taxes on corportation imcomes. As an accountant, one
of the job he needs to do is to hepl people to pay taxes. Taxes and accounting are
intervined. In dividual tax liabilities are arrived at by an accounting process. Large
corporations that pay taxes in the hundreds of thousands of dollars, hire many
accountants. Thus, accountant is tightly related to the tax adminatration.

Accountants use skills in tax matters to help prepare people yearly report. According to
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