Accounting Role In Accounting

Question 1

In my opinion, the role of accounting is to improve the efficiency and effectiveness of everyday organisational operations and to achieve the organisational goals at the end. Accounting monitors, inspects and overviews an organisation’s performances. Accounting processes include indentifying, gathering, analysing, communicating and reporting financial information to assist users for decision making. Users predict, decide, control and analyse the accounting information based on specific accounting knowledge. In China, accounting can be divided into financial accounting, management accounting and auditing.

Financial accounting records, analyses the past financial events and transactions of an organisation to provide useful information

Theoretical accounting framework and perspectives are the basic guidelines for accounting processes. The Australian Accounting Standard Board has issued the conceptual framework for preparing and presenting general purpose financial statements, which is to keep the consistency in financial reporting. Conceptual framework specified the objectives, qualitative characteristics of the financial reports and also detailed definition, recognition and measurement of accounting elements. The preparation and presentation of financial reports must be under the framework

Accounting jobs tends to be fast paced since all the accounts are recorded in daily basics and timing related to every accounting period. Accountants could be stressful when the time financial year ended and tax seasons. Hence the larger company you work in the longer time you need to work on accounting, especially senior accountants who have more clients and jobs. Accounting professionals have a significant relationship with the professional recognition that an accountant has such as certified public accountants. Accountants who have higher recognitions tend to earn higher wages and have better prospects. Furthermore the more experience you get in an accounting career, the more possibility you will have to be promoted with the good performances. The other disadvantage of working in accounting is that you sometimes have to sit at the desk and stare at a computer for a very long time, which could make you bored. KPMG, Deloitte, PwC and EY are known as the big 4 accounting and auditing companies that almost all the accountants want to work to. However if you want to work in an accounting firms like the big 4, it means you need to give up some parts of your personal life as the difficulty of balancing timing, workload requirement of accounting works and your personal