Monday, March 21, 2016

Accountant Glossary

HI it's Junior ! I'm about to teach you a few words that are relate to the world of an Accountant. These words might not means anything to you when you will read them first, but you will see it's really not difficult.
Short term

ordinary due within one year.
.
Cash and cash equvalent
ASSET account on a balance sheet representing paper currency and coins, negotiable money orders and checks, bank balances, and certain short-term government securities.
.
Marketable securities
Stocks and other negotiable instruments which can be easily bought and sold on either listed exchanges or over-the-counter markets.
.
Receivables
Amounts of money due from customers or other DEBTORS.
.
Long term Asset
An ASSET that has the following characteristics: (1) it has a useful life of more than one year; (2) it is acquired for use in the operation of a business; and (3) it is not intended for resale to customers.
.
Asset
An economic resource that is expected to be of benefit in the future. Probable future economic benefits obtained as a result of past transactions or events. Anything of value to which the firm has a legal claim. Any owned tangible or intangible object having economic value useful to the owner.
.
Short term iabilities
All DEBT obligations coming due within one year; show on a balance sheet as CURRENT LIABILITIES.
.
Account payables
A financial record of an individual ACCOUNT PAYABLE in which entries can be made daily.
.
Long term asset
An INVESTMENT that management plans to hold for more than one year.
.
Total liabilities
A DEBT that falls due more than one year in the future or beyond the normal OPERATING CYCLE, or that is to be paid out of noncurrent assets.
.
Equity (Share holders)
Residual INTEREST in the ASSETS of an entity that remains after deducting its LIABILITIES. Also, the amount of a business' total assets less total liabilities. Also, the third section of a BALANCE SHEET, the other two being assets and liabilities.
.
Statement of income
One of the basic FINANCIAL STATEMENTS that is GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) required as part of a complete set of financial statements prepared in conformity with . It categorizes net cash provided or used during a period as operating, investing and financing activities, and reconciles beginning and ending cash and cash equivalents.
.
Revenues (net sales)
Sales of products, merchandise, and services; and earnings from INTEREST, DIVIDEND, rents.
.
Cost of sales
Original price of an ASSET, used in determining CAPITAL GAIN.
.
Gross margin
The difference between NET SALES and COST OF GOODS SOLD.
.
Operating income
The difference between the REVENUES of a business and the related costs and expenses, excluding INCOME derived from a sources other than its regular activities and before income deductions.
.
Interest (Financial expense)
Payment for the use or forbearance of money.
.
Net income
Excess or DEFICIT of total REVENUES and GAINS compared with total expenses and losses for an ACCOUNTING period.
.
Net Loss
The difference between expenses and REVENUES when expenses exceed revenues over a period of time.
.
Securities and Commodities Exchanges
Organized, national EXCHANGES where securities, options, and futures contracts are traded by members for their own accounts and for the accounts of customers.
.
Here is the Source of all the Definition 
http://www.nysscpa.org/professional-resources/accounting-terminology-guide#lettera

One Day in the path of an Accountant

Hi I’m Junior, I live in Montreal, Canada and i studying Accounting Management at College Ahuntsic. I chose this program in the first place because I wasn't completely sure about the career i wanted to take. After my first session I failed most of my lesson and the college fired me for a year . that year made me think about the path i wanted to take, and the job I wanted to get years later. One of my uncle was already an accountant and he told me to go on that way because you do a great job by helping people with their financial issues and numbers. i choose this career because i personally think that i will succeed and will become a great Certified Public Accountant , great as the person that i am. Accountant might be a great job, but most of the work doing is hard work. let's read about it on the paragraph.

Life of an Accountant

          Most of the people dont know what does a professional of accounting. They track payments, financial issues for individual and institutional clients. Some priories the tax implications of the accounts. They must be good in explain because sometimes they have to give bad news some people think that is the bad side of the profession because you don’t get a lot of greetings and more unpleasant situation. Generally, auditors and accountants spend 35 percent of they time on accounting work like analyzing the numbers submit reports or updating accounts and the remain on the road with clients or with other accountants. Personal income tax accountants usually work in a small firm or for themselves tracking client’s financial business and prepare reports to the government on due dates. Corporates tax accountants more challenge because they have more stuff to do on tax season, much more then a personal income tax.

On the Road

Some firms ask for a bachelor’s degree, others need students with computer degrees or work experience with in number-intensives jobs, and others only hire masters’ degree in business candidates. Nowadays, you need to pass the state-licensed certified public accountant exam because most of the companies ask for it. Each state have a different license but you may need a different requirement.  It’s a four-part exam that reunified the PA (Public Accountant), RPA (Registered Public Accountant) and AP (Accounting Practitioner) exams that was required in the different field of career.

Until Today

        In ancient Roman an Greek civilisation, transaction and inventory were already found but accounting became a science in 1494 because Luca Pacioli, a mathematician.
        In the USA, income tax has been mandating after a federal legislation in 1913 and in 1917 the excess profits tax. People who own a small business office or just being a internal auditing or an advisor, your work will grow in a good pace. However, if any tax law pass, accounting professionals will have to adjust their work.

Today

      Accountant newly hired are very supervised and have to follow others with experience so they can learn while working. For those who goes for the CPA exam, only 25 percent pass the exam the first two years.Some accountants leave their works to go gain additional schooling in their field of study.

No More a Rookie

          After a few years in the profession, mobility is a good feature. Their reaching levels and greater responsibility like accounting manager or budget director. Somme accountants start their own office or get hire as internal auditors for a client firms. Some people aiming related fields like banking, asset management or financial analysis. Those who leave the profession complain about the unpredictable hours of the job and the perception of the industry. For others, they get better salary and more hours at work.

More than Accounting


       Practitioners who stay in a corporate firm in their whole career do more then only accounting procedures, they help administration for decisions and strategy. Their salary increase because of the relationship with clients. Accountants have more possibility today, like operations development and budget oversight More accountants prefer to be independent consultants so they can work less in the office and spend more time with family and friends. 


References:

Checked and revised with the help of the Virtual Writing Tutor grammar checker