Business CaseEssay Preview: Business CaseReport this essayThe Finance and Accounting Industry is a very broad and integrated program that prepares individuals to function as accountants and financial managers and various types of analysts. This industry consists of financial accounting, auditing, management accounting, finance and taxation, budgeting, and banking. It further consists of financial reporting, accounts preparation, financial statement analysis, decision making, investment analysis, costing, and personal and corporate taxation. This overview applies more to the private sector with some components shared by Government finance and accounting. A key difference regarding the Government sector is that finance and accounting are broken down into separate entities, even though they are connected according to the accounting ledger. You have financial services which deal solely with customer service pay issues, travel, and tax items associated with an individual. The accounting arena performs day-to-day funds control and management involving planning, programming execution, distribution and analysis for a group.
Bank of America, one of the largest financial institutions in the United States, ranks among the top ten as best in the financial industry. They operate in all 50 states and 40 countries outside the United States. They offer a full range of activities to include banking, investments, and trading for personal and corporations. One of the top accounting firms to work for according to Forbes is Ernst Young. “The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals (Goldman Sachs, 2012).” This company consistently remains in the Forbes top ten lists of best financial companies.
{1} Bank of America has been a leading player in the banking development and technology markets since its inception in 1913. It has an extensive track record, which includes having led the development of many of the key industries of the 1970s & 1980s. According to an independent research by the Financial Accounting Standards Board (FASB), the bank had a market share of $1.8 billion in its early 1990’s. This led to a major investment by the bank and its $4 billion annual turnover, resulting in the creation of over $8 billion in market capitalizations by the financial year 1996, which led to the $2.3 billion return from operations in the current cycle. Bank of America’s market share increased from 17% (1990’s) to 21% of assets. It has increased to 30% of the total market capacity. Bank of America has an annual $9.6 billion capital return and revenues of $16.1B, so they are well positioned as a leading player in the future. Its balance of assets is over $100B and its non-U.S. assets are over $100B. The bank offers at least 28 trading partners who are also a primary investor. In fact, one of the largest institutional clients of the bank is an accredited brokerage company based in Washington DC, USA, which serves as its primary trading partner. The bank has approximately 6% of its assets in the U.S., and this has significant influence with the overall portfolio of the bank.