PRESENTATION

What is Accounting?

Accounting is a science that is used to analyze and manipulate financial data for businesses and the public. While that may seem like a simple concept, accountants do so much more. Accounting in the US is a huge new discipline for international students looking to find a rewarding, challenging and, of course, well paid profession. Accounting is arguably the most vital aspect of any business or company. The accountant makes sure that the finances of a company are correct, and balances the company’s books. Accountants can find stolen money or money that has gone missing within the company; they can advise on business funds for potential growth; most importantly, they have a firsthand look into the future of a company.

The Importance of Accounting

So why is accounting important? Everyone, every company, every entity, every small business, group, or website has an accounting need. It is for this reason that accounting is often called the most versatile degree for international students. To study accounting in the US is to set yourself on a strong career path. Students will have the ability to follow whatever path they choose. Majors in accounting can work as accountants, consultants, partners, CEOS, government agencies, and entrepreneurs. Most colleges and universities identify accounting as their most versatile and best degree because it affords students the opportunity to go in whatever career direction they so choose. The skills taught in accounting can prepare an international student for any role, including positions outside of finance or accounting. Accounting is really the language of business.

Accounting obtains the information necessary to make important financial decisions at a high level. Company executives will look at several different financial reports to see what is going right for the company, what needs work, and if they are on track to make a profit. Using this information, executives will decide what areas to put emphasis on in the future and where to allocate extra money in their budget. Accountants also audit and give oversight to internal issues like fraud and unauthorized spending, and are skilled in saving companies money while also staying in compliance with federal regulations.



Time Management is Key

With some very intense coursework, students will find that their free time is limited. Studying accounting requires a large time commitment and as courses progress the workload required will only grow. International students need to keep a set schedule in order to be effective and efficient with their time. Students should set aside times for homework or studying each night and plan around their classes. The library will be a haven for many accounting students who are looking for a quiet place to study. Outside of studying and courses, students should set apart some time for themselves to unwind from the tough coursework.

What is the consistency principle?

The consistency principle requires accountants to be consistent from one accounting period to another in applying accounting principles, methods, practices, and procedures. In other words, the readers of a company's financial statements can presume that the same rules and measurements were followed in all of the years being reported. If a change is made to a more preferred accounting method, the effects of the change must be clearly disclosed.

The Financial Accounting Standards Board refers to consistency as one of the characteristics or qualities that makes accounting information useful.