Accounting career opportunities can be divided into four broad areas or scope of practice: public, private, government, and academic. Let's go over them.
1. Public Accounting
Accountants in public practice are working in accounting firms or individually to provide audit and attestation, tax planning and preparation, and advisory services to their clients.
Accountants in public accounting serve clients on a project or contractual basis.
In CPA firms, new accountants start as accounting or audit staff and work their way up to the junior accountant, senior accountant, supervisor, manager, and partner positions. After gaining enough experience, they may also start a public accounting firm of their own.
2. Private Accounting
In private accounting, also known as practice in commerce and industry, an accountant serves only one company. Accountants in private accounting provide a staff function which supports the company by performing accounting-related tasks.
Positions in private practice include entry-level jobs such as bookkeeper, accounting clerk, financial analyst, internal auditor, and others. From there, new entrants can work their way up the organizational chart and get to key management positions such as Chief Internal Auditor, Controller (Chief Management Accountant or Chief Accounting Officer), and Chief Financial Officer (CFO).
3. Government Accounting
Government agencies also need accountants. These agencies need accounting information to help them plan, budget, forecast, and allocate government funds. State auditors are also employed by the government to ensure the proper use and allocation of the said funds.
4. Accounting Education
This area is made up of accountants who are into teaching, research, and training & development.
Accountants can pursue a career as a faculty member in a school, an author of an accounting book, a researcher, a trainer, or a reviewer.
Note that it is not unusual to work in more than one area. In fact, many accounting professionals engage in more than one scope of practice. One may be providing public accounting services while having a part-time job in teaching. Another may be employed by a multi-national company or by a government agency while also working as a bookkeeping consultant to the public.
Key Takeaways
The areas of accounting practice include:
- Public accounting - provides advisory, audit, and related services to contractual clients
- Commerce and industry - professionals employed in a private company
- Government accounting - professionals working for government agencies
- Education or academe - professors, researchers, authors
Web link
APA format
Areas of accounting practice (2022).
Accountingverse.
//www.accountingverse.com/accounting-basics/areas-of-accounting-practice.html
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Part 1
GENERAL PRINCIPLES
MUTIPLE CHOICE: Choose the correct answer.
1.The process by which the sovereign raises income to defray the expenses
of the government is called[RPCPA]
a.subsidy
b.tariff
c.taxation
d.tribute
Answer: C
2.One of the characteristics of internal revenue tax is that they are
[RPCPA]
a.Criminal in nature
b.Penal in nature
c.Political in nature
d.Generally prospective in application
Answer: D
3.In case of conflict between tax laws and generally accepted accounting
principles (GAAP)[RPCPA]
a.Both tax laws and GAAP shall be enforced.
b.GAAP shall prevail over tax laws.
c.Tax laws shall prevail over GAAP.
d.The issue shall be resolved by the court.
Answer: C
4.Which of the following has no power of taxation? [RPCPA}
a.Provinces
b. Cities
c.Barangays
d.Barrios
Answer: D
5.“Schedular system of income taxation” means [RPCPA]
a.All types of income are added together to arrive at gross income.
b.Separate graduated rates are imposed on different types of income.
c.Capital gains are excluded in determining gross income.
d.Compensation income and business/professional income are added
together in arriving at gross income.
Answer: B
6.Which of the following statements is true?
a.Opinions of legal luminaries are sources of tax laws.