All about Accounting

and CPA's

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Start At Bottom and Scroll up.

I could not figure out how to flip it!

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Podcasts/accounting today 22

Table of contents

Intro to accounting - 1

  Basic accountant - 2,3,4

Cpa versus accountant’ - 5, 6, 7

  Cpa advantages - 8

different types of Accountants - 9

 8 basic steps of accounting-  10

Work environment-  11

Mistakes accountants make-  12

Cyber security- 13,14

  Cpa test/ how hard accounting really is? 15,16

Skills you should know/ journal entry example- 17,18

Wells Fargo Fraud case- 19

Is Being a CPA worth it today? 20

Interesting facts- 21

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Podcast growth trends

In this podcasts it talks about how accountants today are having trouble working with their clients and the accountants are not giving the time to get to know them and work with them the way they should. That is what is wrong with the growth of the trends. They are not growing in the way they should be.

https://www.accountingtoday.com/podcast/growth-trends-in-accounting?feed=00000158-df0a-df11-adff-df0fc14f0000

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3 interesting Accounting facts

1. Accounting has been around for millennia

2. Accountants play an important role in the Oscars.

3. BubbleGum was made by an accountant.

https://www.boox.co.uk/10-facts-accountants-bet-didnt-know/

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Is being a CPA in today’s society worth it?

Becoming an accountant is definitely a good job to have but if you want to become a CPA it takes a lot more effort. It’s hard to make progress in a CPA firm with out being passing the certified test. But although, becoming a CPA in today’s society is worth it if you have the work ethic for it. The CPA exam you have to study a lot for if not then you will not succeed in this. But as Dean says,  “A CPA license doesn’t make you a better accountant. You become a better accountant by having knowledge and the wisdom to apply that knowledge.”

https://www.saintleo.edu/earning-a-cpa-license-is-it-worth-it

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Wells Fargo Fraud case

As you may know from a previous blog accounting number one problem is cyber security. In this case the there were a bunch of fraud accounts and Wells fargo did not know how to handle them. So Wells Fargo was put under fire and ended up owning one billion dollars.

https://www.businessinsider.com/fraud-financial-scandals-notable-and-expensive-2018-4#wells-fargo-1

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This is a basic journal entry to give you an idea of something a accountant does.

https://www.beginner-bookkeeping.com/accounting-journal-entries.html

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Couple skills you should know or learn

In case you didn’t know or wanted to know what a main skill for accounting is math, but not math like calculus more towards basic algebra. Where you use basic equations, ratios, percentages, and more. When majoring in accounting you will need different types of business and management classes. You also will learn tax law. Overall, these are the basics skills you will learn when getting a degree in accounting.

​https://www.topaccountingdegrees.org/faq/what-types-of-math-skills-will-i-need-for-an-accounting-degree/

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How hard the CPA exam really is?

The specific exam is very hard exam as Jason Galaif, states “if it were easy anyone would do it” It is designed to be difficult because the title of being a CPA means a lot. As of 2017 they have increased the difficulty with the action of the Evaluation and Analysis. On the bright side you are allowed to take this test as many times as you want.

https://crushthecpaexam.com/why-is-the-cpa-exam-so-difficult/

https://www.ais-cpa.com/retake-failed-cpa-exam-section/

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Certified Public Accountant Exam (CPA test)

The CPA test or Aka certified accountant test is a test you will have to pass in order to become a CPA. It includes four sections Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR) and Regulation (REG).  In order to get this certificate you must pass these sections in eighteen months and earn at least a 75 on each sections.

https://www.aicpa.org/becomeacpa/cpaexam.html

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Cyber Liability

Another main issue in the accounting or CPA field is that there are cyber liability claims values are increasing. Due to this accounting firms are falling for the threats. Falling for these types of threats can result in data breaches and payments to accounts that are not real.

https://www.accountingweb.com/community/blogs/williamthompson/cyber-liability-claihttps://www.accountantforums.com/threads/what-is-an-accountants-work-environment-like.142304/ms-values-are-increasing

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CyberSecurity

This Article explains that Accountants and CPA ’s have issues with identity theft and the article states that 15 million dollars was stolen from 13.1 million individuals in 2016. 90 percent of it mainly has an impact on little owned businesses. There are two main ways to fight against this and that is prevention and recovery.  It is possible to stop this from happening.

​https://www.cpajournal.com/2018/01/25/icymi-identity-theft/

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Main Mistakes made by an Accountant

Accountants make mistakes all the time these are some of the biggest mistakes they have

Not billing what their worth

Not understanding the industry

Does not know what a trusts advisor looks like

Not being proactive

Not branding themselves

https://www.accountingtoday.com/opinion/the-8-biggest-mistakes-accountants-make

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Work Environment

The typical work environment for a accountant is a office. Sometimes you will have your own individual space to work in or you will work in an office that has several people in it. Depending on where you work.

https://www.accountantforums.com/threads/what-is-an-accountants-work-environment-like.142304/

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These are the basic steps to accounting cycle when this cycle ends is when a whole new accounting period will start.

In the link below it will give you what each step represents and what they do during the steps.

https://www.dummies.com/business/accounting/the-eight-steps-of-the-accounting-cycle/

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Different Types of Accountants

As you might know there are several types of accountants and I am here to tell you all of them!

Auditors-  examine the accounting records.

Forensic accountants-investigate skills that are used to assist the court in legal matters

Public accountants- an accountant who works for a accounting firm or private practice.

Tax professional- An accountant trained in the field of taxation

Financial advisor- they provide investment advice and financial planning services to individuals.

Consultants- expertise in preparing financial reports and statements.

https://accountants.uslegal.com/different-types-of-accountants/

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What CPA’s do and the advantages?

If you decide that you wanna be high up in the study of accounting being a CPA is the way to go. They have many advantages and benefits that could make your life way easier. First of all you will make twice the amount that a basic accountant makes. Second of all you have more job opportunities and more options. Also, you have more trust and respect because CPA's earn the admiration of everyone around them and people rely on them.

https://www.gleim.com/cpa-review/blog/becoming-a-cpa/