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The World Of Business Accounting

The World Of Business Accounting. The Four Levels of Accounting. Public CPA Firms Private Any Commercial Businesses Government Financial Law Departments Non-Profit Charity & Volunteer Organizations. “The Big Four” of Public Accounting.

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The World Of Business Accounting

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  1. The World Of Business Accounting

  2. The Four Levels of Accounting • Public • CPA Firms • Private • Any Commercial Businesses • Government • Financial Law Departments • Non-Profit • Charity & Volunteer Organizations

  3. “The Big Four” of Public Accounting • “The Big Four” or the largest international accounting firms around. • KPMG • Deliotte-Touche • Ernst & Young • Price Waterhouse Cooper

  4. “Second Tier” of Public Accounting • National accounting firms • BDO Seidman • Kenneth Leventhal

  5. Other levels of Public Accounting • Regional • Local • Sole Practitioner

  6. Jobs Performed by Public Firms • Tax Filing • Auditing • Computer Information Systems (CIS) • Management Cons • Litigation • Support

  7. Certified Public Accountant (CPA) • The highest title available in the Accounting profession. • A “CPA” designation is worth more the higher the level of accounting it is gained at. • A Public, Big Four “CPA” designation is worth more than a Private “CPA” designation.

  8. Job Titles in Public Firms • Partner • Principle • Manager • Senior Accountant • Staff Accountant • Firms are looking for a 3.0+ GPA at an accredited 4-year college and involvement in college extracurricular programs. • Public Firms Guarantee advancement for good accountants.

  9. Staff Accountant • Starting Level • $38,000 - $50,000 per year • Assists Senior Accountant in research and preparation for audits, projects, and taxes.

  10. Senior Accountant • ≈ 3 years in the firm • $58,000 - $74,000 per year • Responsible for completing audits, tax preparation and filing of forms; directs staff on specific projects.

  11. Manager • ≈ 7 years in the firm • $74,000 - $88,000 per year • possibly up to $133,000 • “CPA” designation required • Supervises staff within area of expertise; has responsibility for coordination and completion of projects.

  12. Principle • ≈ 8 years in the firm • $90,000 - $110,000 per year • “CPA” designation required • Responsible for reconciling balance sheet accounts, preparing informational filings with government agencies. • Involved in researching new accounting standards.

  13. Partner • ≈ 12 years in the firm • Starting as a Junior Partner • $120,000+ per year • “CPA” designation required • Chief Executives of the firm • Recruits new clients; Ultimately responsible for accuracy of all audits, tax forms and reports.

  14. Private Accounting • Private Accounting covers the accounting done by any commercial company from large corporations such as Microsoft, GE, Best Buy, or Wal-mart down to simple small businesses.

  15. Job Titles in Private Accounting • Chief Financial Officer (CFO) • Controller • Assistant Controller • Accounting Manager • Accountant • The education required to work at a starting level is lower than that of Public Firm.

  16. Accountant • ≈ Starting Level • $27,000 - $36,000 per year

  17. Accounting Manager • ≈ 4 - 6 years in the company • $36,000 - $58,000 per year

  18. Assistant Controller • ≈ 6 - 8 years in the company • $60,000 - $100,000 per year

  19. Controller • ≈ 8 - 10 years in the company • $100,000 - $150,000 per year

  20. Chief Financial Officer (CFO) • ≈ 10 - 15 years in the company • $152,000 - $715,000 per year

  21. Benefits of Moving Down Accounting Levels • Movement downward from a higher tier of a Public Firm to a Private company or lower will allow for quicker advancement in the lower levels. • A manager at a Public Firm can jump to controller at a Private company, taking roughly 6 years to reach manager, while starting at accountant at a Private firm and working up to controller can take nearly 8 years.

  22. Government Accounting • Government Accounting consists of agencies which work to maintain national (and international) accounting laws for businesses and individuals and to maintain government finances. • Internal Revenue Service (IRS) • State Board of Equalization • Franchise Tax Board

  23. Benefits of Gov’t Accounting Jobs • Consistent 8 AM to 5 PM Work Schedule • Benefits • Medical • Dental • Vacation

  24. Non-Profit Accounting • Organizations working for charity and community purposes. These are groups which work to help others through raising money, increasing awareness, researching solutions or by providing free or low-cost services to the community. • These groups only maintain assets, capital, and liabilities for the purpose of running the organization, paying the full-time staff, and performing the organizations tasks and goals.

  25. Non-Profit Accounting • Examples of Non-Profit Organizations and Charities • Boy/Girl Scouts • Big Brothers/Big Sisters of America • Feed the Children • Habitat For Humanity • Meals on Wheels • American Red Cross • American Association on Mental Retardation • NAACP • UNICEF • World Wildlife Fund

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