Description of Accounting Industry Essay Example | Topics and Well Written Essays - 1250 words

Description of Accounting Industry - Essay Example The accounting Industry is a very important service industry and has a strong growth potential. The Accounting Industry has grown steadily in the past five to ten years and is "expected to grow faster than average for all occupations through the year 2014 (U.S. Department of Labor Bureau of Labor Statistics)." The growth of the economy will increase new businesses will increase the need for accountants to handle the financial affairs of those businesses. Employees in the accounting industry set to retirees or changing careers will also increase jobs in this industry. One major trend that will increase jobs in the Accounting Industry is due to accounting scandals. Accounting scandals have lead to changes in laws and regulations, which in turn will increase the number of jobs in the industry. "In response to accounting scandals, new federal legislation restricts the non-auditing services that public accountants can provide to clients. If an accounting firm audits clients' financial statements, that same firm cannot provide advice in other accounting areas such as legal matters, investment banking, and human resources (U.S. Department of Labor Bureau of Labor Statistics)." These regulations are to help prevent scandals and fraud in the accounting industry. ... Department of Labor Bureau of Labor Statistics). A large cause of the growth of this industry is the services provided by the industry. The Accounting Industry provides a variety of services to individuals and companies who retain monetary gains either from sale of goods and services or from receipt of wages. Almost everyone in the country has finances and monetary gain. The increase in individual and even business wealth causes an increased need for financial advisors, insurance providers, tax preparation and advice services, and other accounting services. There are four major fields of the accounting industry in which the provided services can be broken down. The first field is the Public Accountants, which include the Certified Public Accountants. Public Accountants provide auditing, accounting, tax, and consulting services for corporations, governments, nonprofit organizations, and individuals (U.S. Department of Labor Bureau of Labor Statistics). Public Accountants concentrate in one specific field of accounting for example, Tax Accounting or Financial Analysis. Another major field of accountants are the Manag ement accountants, which include cost, managerial, industrial, corporate, and private (U.S. Department of Labor Bureau of Labor Statistics). These accountants record and analyze financial information for corporations in order to provide accurate information in which the company can make accurate business decisions based on financial data (U.S. Department of Labor Bureau of Labor Statistics). A major responsibility in this field is to "prepare financial reports for the stockholders, creditors, tax authorities, and regulatory agencies (U.S. Department of Labor Bureau of Labor Statistics)." The third field is the Government Accountants and Auditors and

Commerce Education Essay Example | Topics and Well Written Essays - 1000 words

Commerce Education - Essay Example I think that Commerce assist form the foundations youthful people need to make sound decisions on monetary, commerce, legal and service issues because it supply practical knowledge, skills, sympathetic and values. Having information regarding these concepts and how to apply them is helpful for young adults to study early. "With changing times, the need to give young people a grip on money management has increased... More than a third of school students' work, and two-thirds of 15 to 19-year-olds earn up to $200 a week. Not all know how to handle that income" (Russell, 2004; Age). Furthermore, Commerce offers students with "and understanding of the relations between consumers, trade and governments in the in general economy" (Board of Studies, NSW, 2003). These are subjects that they may not unavoidably think regarding, even though they previously earning and spending currency. If we analyzed then we come to know that Consumer Affairs Victoria (CAV) conducted investigation last year to find out how customer education is taught in Australia and abroad in order to assist design a program to get better financial literacy amongst teenagers. "Young Australians stand for a $4 billion a year profitable market. Through more spending power then preceding generations, youthful children and adolescents are increasingly the target group for different forms of marketing practices and commercial pressures" (CAV, 2004). It is significant that adolescent adults are conscious of their rights and farm duties as consumers because they are previously purchasing products such as mobile phones and cars that frequently comprise multifaceted contracts. A key finding from the research was that lots of students do not take delivery of consumer education at school. I feel that Commerce education is generally delivering the right kind of educational experiences for the current generation. I do although agree that young adults would most definitely benefit if the curriculum added a more in-depth unit on financial literacy and consumer education. We are living in a constantly changing world and society must provide our children with education that will prepare them for a life of revelation. No doubt, this literature suggests that in the prospect "the curriculum will be justified in terms of its capacity to help children acquire skills for work and life" (Collins, 2002, pg 45). So the financial system and society of the future have to be taken into account when developing commerce prospectus. The main concepts urbanized in the Economy and society thread include: Civics and communal organization, Citizenship, Economic organization and decision-making, Employment,