November 27, 2009, Newsletter Issue #106: Accounting Field Defined

Tip of the Week

Financial accounting involves the financial transactions of a company. Cost accounting (managerial accounting) involves job costs, cost analysis, and costs involved in making a profit (to put it very simply). Cost accounting is considered a specialized form of accounting. Tax accounting is another specialized form of accounting. It is involved with the tax consequences of transactions upon a company (very simply put again). Accounting job descriptions vary according to type of accounting, entity, and position. Positions in financial accounting consist reconciling accounts to the financial statements; preparing opening, adjusting, and closing entries; preparing financial statements. Most financial accounting personnel report to the Department Head. If you have questions that are industry specific a staffing agency like AccountPros is a great resource.

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