Accounting Process Flow Charts- Free Related Hints About Cost Accounting

Published: 04th April 2009
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TDO Enterprises fabricates the chassis boxes for computers. It always seemed that there wasn't enough money in the bank to pay the bills. A quick look at the aging of accounts receivable revealed that customers paid on average two weeks after the time stated in the terms of sale.

The Association of Government Accountants grants the Certified Government Financial Manager (CGFM) designation for accountants, auditors, and other government financial workers at the Federal, State, and local levels. Candidates must have a minimum of a bachelor's degree, 24 hours of study in financial management, 2 years of experience in government, and passing scores on a series of three exams. The exams cover topics in governmental environment; governmental accounting, financial reporting, and budgeting; and financial management and control.

Many of the small business managers I know view accounting this way. It's overhead and really doesn't contribute to the bottom line. Or does it? The people who run the accounting system speak in an unintelligible blur of debits and credits. They have been little grasped of the operation that generates the money to pay their salaries.

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To find the annual depreciation cost for your assets, you need to know the initial cost of the assets. You also need to determine how many years you think the assets will retain some value for your business. In the case of the truck, it may only have a useful life of ten years before it wears out and loses all values.

The changing role of accountants and auditors also will spur job growth, although this will be slower than in the past because of changes in the law. Federal legislation now prohibits accountants from providing many types of management and consulting services to clients whose books they audit. However, accountants will still be able to advise clients that are not publicly traded companies and those they do not audit. Also, the increasing popularity of tax preparation firms and computer software will shift accountants away from tax preparation. As computer programs continue to simplify some accounting-related tasks, clerical staff will increasingly handle many routine calculations.

Most accountants and auditors usually work a standard 40-hour week, but much work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season. Most accountant and auditor positions require at least a bachelor's degree in accounting or a related field. Beginning accounting and auditing positions in the Federal Government, for example, usually require 4 years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some employers prefer applicants with a master's degree in accounting, or with a master's degree in business administration with a concentration in accounting. Some universities and colleges are now offering programs to prepare students to work in growing specialty professions such as internal auditing. Many professional associations offer continuing professional education courses, conferences, and seminars.

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