The Ins and Outs of Accounting The primary focus of this text is to educate and inform readers about what it is like to live and function in the world of Accounting. Although we deal with numbers every day of our lives we often overlook what all goes into becoming a skilled Accountant. The significance of accounting plays a vast role in the financial health of an organization, its failure and or growth and development, the stock market, and the financial future of our lives. Let’s start with what I like to call the building blocks of higher education. Of course it is mandatory to complete your primary education endeavors with at least a minimum of a high school diploma or its equivalent but then what? Based upon the level of expertise one wishes to pursue in the accounting arena, at least an Associate degree would be needed from any accredited institution to provide one with the opportunity of an entry level position within an organization. To take things a step further, a Bachelor degree allots one the opportunity to operate in an intermediate to upper level. These responsibilities include Financial Reporting Administrator, Financial Management, and a Certified Public Accountant. If you really want to take things up a notch a Master’s degree would allow someone the prospect to operate within upper level and Executive positions. Such duties entail a Controller, Chief Financial Officer, and Chief Executive Officer.
An instrumental concept to succeeding in any field is to understand the different roles and how the various parts relate to each other. Here you will see the flow from an entry level associate all the way to the chief officers in charge. One of the roles of an entry level or Jr. Accountant is to post accurate journal entry transactions which flows onto the organization’s ledger account. Once the information is posted on the ledger account, an