Accounting in the Society – Essay – melissa98SearchEssaysSign upSign inContact usTweetIndex/BusinessAccounting in the SocietyIntroductionAccounting is the skill of identifying, recording, summarising, reporting and analysing the financial business transactions. The skill is used to manipulate and simplify the financial data for the presentations designed to the organizations and individuals of the society. Without the use of accounting chaos will arise and businesses, organizations and industries will all fail to operate due to the lack of apropos knowledge relating to the running commerce.
Throughout this report I will be discussing the roles of accounting, categorising the availability of jobs in the accounting field, comparing the annual salaries of accountants, analysing the advantages and disadvantages of computerised accounting and discussing the importance of source documents.
Roles Of Accounting“The language of business” is what accounting is often called as it provides most of the data and information of which owners, managers and investors need to appraise a company’s financial performance. The main role of accounting is to assist attentive parties, both internal and external, to permit informed business judgments and decisions.
The main functions of accounting are; to provide information for better decision making, assist in discharging accountability and help evaluate performance. Accountants have the responsibility to provide information which is timely correct and accurate and present them to users in a simplified manner. Accountants provide these information in reports which are easy to understand by users outside the accounting profession, reports such as; income statements, balance sheets, statement of cash flows, sales forecasts and ageing analysis of debtors are prepared for businesses. With this information, users are enabled to make informed judgments and decisions in their business.
Jobs Available In Accounting FieldThere are many jobs in the accounting field which one can apply for with the help of an accounting degree. Jobs across Australia ranging from accountants, accounting assistants, accounting clerks, accounting managers, accounts payable clerks, accounts receivable clerks, audits, bookkeepers, budget analysts, business services directors, certified internal auditors, chief financial officers, credit officers, commercial analysts, comptrollers, controllers, payroll clerks, payroll administrators, staff accountants, tax accountants and tax managers are all associated with an accounting degree. Jobs in the accounting field will always be abundant due to the economically growing world, hence new businesses opening and thus arising demands for jobs in the accounting field.
As well as training in accounting, a number of years of experience in Australian law and accounting and experience in Australia assisting and helping companies with issues relating to audit, the Australian Taxation Office helps ensure the accuracy of your application forms. An excellent example of the work done in Australia is the Australian Accounting and Accounting Services Organisation (AASO). It provides legal professional advice on many accounting issues including audits, audits reports, and compliance issues such as the impact of corporate tax changes. In return for providing such a service you give the Australian tax authorities a legal basis and they should expect you to do your homework and be able to do your job. With the right training, an accountant can help you on a range of problems, including:
Filing Form 531
Tax Form F33
Examination Form F34
Credit Report Form F35
Mortgage Survey Form F36
In recent years, the tax authorities have started to have a wider picture of an industry where the ability to be responsible for the management of business matters in accounting takes a significant step towards becoming a global leader in accounting. In the past the tax authorities have taken the stand to take action to ensure compliance with the International Tax Convention for Audit, the new International Accounting Regulations 2013. This legislation allows for the Australian Taxation Office to apply for permits to set up a subsidiary in accounting, which would ensure the services provided were in compliance with this Convention in any given country, allowing the companies involved to pay less tax and providing certainty in managing their operations in international jurisdictions. However the IRS has been concerned over the rise of the accounting industry in Australia which has become more and more of a concern for the tax authorities. In March 2013 an Australian Taxation Office (ATO) report from the Australian Tax Assessment Council (ATAC) recommended this new approach. The ATO reported that it would be “inappropriate”, “likely” and “inappropriate” for the tax authorities in this regard to use the legal structure provided by the Australian Taxation Office (ATO) in any regulatory action for compliance with the Convention. It raised concern that there was “a strong suggestion that a certain number of entities in this country are in breach”. In his view there was a “high level of understanding that this level would be appropriate to provide assurance that tax authorities were not using the legal framework available to it in any regulatory action”.
As well as the ATO report, the ATO then reviewed the various jurisdictions where the ATO was examining audits of Australian companies as well as other cases regarding the tax treatment of Australian companies. In most jurisdictions, auditors and auditors in Australia have expertise in accounting, auditing, accounting and finance and, of course, accounting. This expertise has enabled auditors to better understand the impact of those jurisdictions on the accounting sector and the tax implications of the jurisdictions.
To understand why the ATO recommended an application for some permits to be issued for the formation of a subsidiary in accounting, check out this short overview of the ATO review.
Examination and Licensing Requirements
The Tax Administration takes all the necessary information regarding tax, licence, licensing and reporting requirements required by law for a company in Australia which applies for a licence to operate a tax
SalarySalaries of accountants have dropped dramatically over the past year and only recently have started to rebound and slowly increase, as seen in Figure 1. As of March 2014 the average salary of an accountant is totaled to $83,263 per annum. Different accounting professions come with varied salaries [appendix 1], ranging from the highest paying management subsector with an average of $112, 809 p.a. to the lowest paying accounts payable subsector comprising an average of $55, 318 p.a..
Computerised AccountingComputerised accounting is a computer run software which enables information on financial transactions from internal and external parties of both small and large businesses to be recorded, stored and analysed. Towards the end of each accounting period of a business, financial reports are automatically generated by the computer. The computerised accounting eliminates paper work making it easier, faster and more efficient to collect store and trail all transactions as they occur.
Continue for 3 more pages »Read full documentDownload as (for upgraded members)Citation GeneratorMLA 7CHICAGO(2015, 08). Accounting in the Society. EssaysForStudent.com. Retrieved 08, 2015, from“Accounting in the Society” EssaysForStudent.com. 08 2015. 2015. 08 2015 < "Accounting in the Society." EssaysForStudent.com. EssaysForStudent.com, 08 2015. Web. 08 2015. < "Accounting in the Society." EssaysForStudent.com. 08, 2015. Accessed 08, 2015. Essay Preview By: melissa98 Submitted: August 8, 2015 Essay Length: 893 Words / 4 Pages Paper type: Essay Views: 392 Report this essay Tweet Related Essays Accounting Ethics Accounting Ethics When examining the effect of open marketing on the profession of accounting it is important to view it from three perspectives: the client's, 1,865 Words  |  8 Pages The Colonies by 1763: A New Society? Between the settlement at Jamestown in 1607 and the Treaty of Paris in 1763, the most important change that occurred in the colonies was the 473 Words  |  2 Pages Isolation in Society by American Literature Isolation In Society By American Literature. The individual and his role in society, based on American Literature, is portrayed through many different characters, all sharing 765 Words  |  4 Pages Arizona Accountancy Code of Ethics Arizona Accountancy Code of Ethics University of Phoenix Contemporary Business Law I BUS/421 October 19, 2008 As in any profession, ethics are extremely important, however 1,236 Words  |  5 Pages Similar Topics Accounting Accounting Profession Obligation Society Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter