Understanding the Accounting Profession: A Detailed Report

This report provides a comprehensive overview of the accounting profession, encompassing its vital role in business, career paths, and required skills. Part A discusses the importance of accounting in tracking income, expenditures, and providing financial information for decision-making, as well as the various types of accountants and career progression. It also covers the influence of factors like employment growth, staffing structures, and stakeholder interactions. Part B delves into the practical aspects, including the use of accounting information systems, ledger management, auditing procedures, and financial statement creation. The report emphasizes the need for strong analytical skills, knowledge of accounting principles, and technological proficiency, concluding that the accounting profession is crucial for business operations and financial decision-making. The report highlights the importance of accurate financial data and the production of financial statements for various stakeholders. The report also emphasizes the need for transferrable soft skills like communication, teamwork, and leadership.

Accounting profession
PART A & B

Contents
Introduction..............................................................................................................................3
Part A........................................................................................................................................3
Part B.........................................................................................................................................4
Conclusion.................................................................................................................................5

Introduction
Accounting is a profession that carries out accounting tasks like financial statement
analysis and auditing. There are several accountants who are in practice of public accounting
which requires license. Individual states in the US grant a credential known as a Certified
Public Accountant (CPA). Similar titles like "Chartered Accountant" are available in other
nations (Alzubaidi, and Alekseeva, 2021). In Worldwide, the accounting industry supports,
develops, and promotes accountants. They play an important role in preserving accountants'
competence and moral character, both of which are required for strict adherence to standards.
The report covers the reflection on the understanding of accounting profession.
Part A
In a business the accounting has vital role which helps in tracking income and
expenditures along with provides financial information to investors, management and
government that can be used in making of business decisions. The accounting defines
systematic & detail record of financial transactions of business. while thinking of accounting
profession it helps in providing clear picture of financial position. It tells about whether profit
is made what is cash flow, current value of organisation assets and liabilities. The career in
accountancy offers stability as there is always need for skill set. In the accounting profession
there are several types of accountants such as certified public accountant, auditor,
government accountant & investment accountant (Aysan, 2019). To become an accountant, it
requires degree and advanced degree of master of business administration in accounting &
finance. The accountants are respected business professionals which are known for integrity
and ethics and our opinions matters in making business decisions. There are several factors
which influences accounting profession as I can advance my career into various following
area such as financial accounting, management accounting, taxation, auditing etc. the choices
of career path are influenced by intrinsic & extrinsic motivation, third parties and career
exposure. The accounting profession can be influenced by the factors of employment growth
that tells me about how many new jobs has been created. The number of people employed
and skill shortages etc. With this other factor which I will consider for professional practice
such as staffing structures, working conditions, availability of resources and many more.
Being an accountant, I will interact with internal and external stakeholders which can be
managers, investors, suppliers, creditors etc. With this I expect to interact with co-workers,
managers and clients as manager will assign the task & progress is tracked whereas some of

co-workers, have non-accounting background which I require in order to convey accounting
concepts. As a result, I anticipate working with individuals representing a wide range of
countries and genders, and I am required to show open-mindedness and respect for those with
different backgrounds from my own. By working as an accountant, I will contribute in not-
for-profit organisation with this I would like to work in organisation that possess strong
corporate social responsibility (Clatworthy, and Peel, 2021). I will practise corporate
accounting in order to assist businesses in integrating both financial and non-financial
information. Additionally, I'll be able to explain to businesses what financial data means in
terms of non-financial corporate social responsibility. The clients and co-workers anticipate
that I will do my work quickly and accurately in order to uphold positive working
relationships and achieve the best possible customer service results. The co-workers look to
me for leadership, adaptability, and strong teamwork. I must interact with clients in a friendly
yet professional manner when speaking about them. Along with being able to find a solution
to a business issue, I'll also need to be able to effectively convey that answer to non-
accounting laypeople. To be a successful accountant it is required to develop transferrable
soft skills such as communication, teamwork and leadership. A demand for higher
technological skill may also result from the introduction of new technologies like blockchain
and artificial intelligence (Karajovic, Kim, and Laskowski, 2019).
Part B
The accounting profession help me in lot to increase my knowledge and skills as to
become a professional accountant. I also learned about the importance of accounting
information system. I have learned how to properly justify which accounts should be
documented and how to record a transaction in petty cash. On the basis of some bank
statements and vouchers, I have also learned how to update and manage the general ledgers. I
have learned how to conduct transaction tests, cut off tests, and proper transaction recording
in the area of auditing. I also learn how to create an audited financial statement and a
director's report. In accordance to my understanding of accounting profession the functions
related to accounting are performed by accountant which involves accounting records in book
of accounts. It communicates the results of business operations to several parties who stake in
business (Maginnis, 2022). The prime purpose of accounting is ascertained profit and loss
during a particular period as to known financial condition of business. To be an accountant it
is needed to have knowledge of relevant laws and regulations for several positions along with
possessing strong analytical skills as well as ability with computer software such as

spreadsheet programmes as to organise & report financial data. Accountants and auditors
must be familiar with a wide range of financial management and budgeting technologies, as
well as generally accepted accounting principles (GAAP) and accounting procedures,
because they work with financial documents and organise vast data sets efficiently and
accurately.
Conclusion
From above report it is concluded that accounting profession helps in conducting
business operations and in formulating financial business decisions which leads to future
growth. Through various accounting systems financial statements are produced that can be
used by multiple stakeholders as to take economic decisions. It is important to have
accounting profession as to collect accurate financial data.

References
Books and Journals
Alzubaidi, and Alekseeva, 2021. TRANSFORMATION OF THE DIGITAL ECONOMY
AND ITS IMPACT ON THE ACCOUNTING PROFESSION. In Sustainable
economy: realities, analysis and prospects (pp. 14-17).
Aysan, 2019. Future of the Accounting Profession in Turkey. Muhasebe Enstitusu Dergisi-
Journal of Accounting Institute, (61), pp.1-8.
Clatworthy, and Peel, 2021. Reporting accountant appointments and accounting restatements:
Evidence from UK private companies. The British Accounting Review, 53(3),
p.100974.
Karajovic, Kim, and Laskowski, 2019. Thinking outside the block: Projected phases of
blockchain integration in the accounting industry. Australian Accounting
Review, 29(2), pp.319-330.
Maginnis, 2022. Exploring the Variety of Career Opportunities Offered by the Accounting
Profession. The CPA Journal, 92(1/2), pp.75-75.