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Scope of accounting_________________________________________________

Table of contents

1) Introduction....................3

2) Definitions.................... 5

3) Accounting cycle....5

4) Fields of accounting..6

5) Scope of accounting .....7

6) Recent trend, especial in Pakistan..10

International Public Sector Accounting Standards.....10

Institute of Cost and Management Accountants......11

of Pakistan

International Association...12

Institute of Chartered Accountants of Pakistan...12

International Association...13

Pakistan Institute of Public Finance Accountants....14

International Recognition...14

Educational Requirements.15

Association of Chartered Certified Accountants...15

Chartered Certified Accountant (ACCA).. 16

Certified Accounting Technician (CAT)16

Certified Management Accountant.....17

7) Career opportunities for commerce graduates....18

Choosing a Career in Accounting...18

Positives of an Accounting Career..19

Negatives of an Accounting Career.20

Finding the Right Career.20

Places Where Accountants Work21

8) Bibliography..23

Intoduction

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Scope of accounting_________________________________________________The word "Accountant" is derived from the French word "Compter", which

took its origin from the Latin word "Computare". The word was formerly

written in English as "Accomptant", but in process of time the word, which was

always pronounced by dropping the "p", became gradually changed both in

pronunciation and in orthography to its present form."

Accounting is thousands of years old. The earliest accounting records were

found amoungst the ruins of ancient Babylon, Assyria and Sumeria, in the

Middle East which date back more than 7,000 years. The people of that time

relied on primitive accounting methods to record the growth of crops and herds.

Accounting evolved, improving over the years and advancing as business

advanced.

Map of the Middle East showing the Fertile Cresent circa. 3rd millennium BC.

Early accounts served mainly to assist the memory of the business person and

the audience for the account was the proprietoror record keeper alone. Cruder

forms of accounting were inadequate for the problems created by a business

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Scope of accounting_________________________________________________entity involving multiple investors, so double-entry bookkeeping first emerged

in northern Italy in the 14th century, where trading ventures began to require

more capital than a single individual was able to invest. The development of

joint stock companies created wider audiences for accounts, as investors

without firsthand knowledge of their operations relied on accounts to provide

the requisite information. This development resulted in a split of accounting

systems for internal (i.e. management accounting) and external (i.e. financial

accounting) purposes, and subsequently also in accounting and disclosure

regulations and a growing need for independent attestation of external accounts

byauditors.

Today, accounting is called "the language of business" because it is thevehicle for reporting financial information about a business entity to many

different groups of people. Accounting that concentrates on reporting to people

inside the business entity is called management accounting and is used to

provide information to employees, managers, owner-managers and auditors.

Management accounting is concerned primarily with providing a basis for

making management or operating decisions. Accounting that provides

information to people outside the business entity is called financial accounting

and provides information to present and potential shareholders, creditors such

as banks orvendors, financial analysts, economists, and government agencies.

Because these users have different needs, the presentation of financial accounts

is very structured and subject to many more rules than management accounting.

The body of rules that governs financial accounting is called Generally

Accepted Accounting Principles, or GAAP.

Definitions

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Scope of accounting_________________________________________________and not-for-profit organizations. Being increasingly computerized, this work

can rely on random sampling methods. This provides a solid foundation to

future specialist work, as it really enables you to understand how an

organization makes money.

Budget Analysis:

A budget analyst develops and manages an organizations financial plans.

Many jobs exist in government and private industry. Youll require strong

quantitative skills for this work, along with good people skills, because youll

be involved in negotiations.

Financial:

Financial accountants draw information from the general ledgers to prepare

financial statements. They also take part in the businesss important financial

decisions involving mergers and acquisitions, employee benefits planning and

long-term financial projections. This work can very from week to week, so

needs a combined understanding of accounting and finance.

Management Accounting:

Management accountants work in companies and contribute to decisions about

capital budgeting and business analysis. Major activities include cost analysis,

contracts analysis, and participation in efforts to control expenses. Management

accountants are now major contributors to business decisions, working

alongside marketing and financial managers to develop new business.

Tax:

Tax accountants prepare corporate and personal income tax statements. They

also prepare strategies for deferring taxes, when to expense items, how to

approach a merger or acquisition, etc. You need to have a thorough

understanding of economics and the tax code. Many large firms now also look

for legal knowledge.

Scope of accounting

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In every small or big organization there are separate department for accounting.

Accountants are essential part of any organization. Key responsibilities of an

accountant is managing an organization plan, checking of ledgers, preparation

of financial statement and forecasting and budgeting. Any corporate financial

decision is considered incomplete without input from the accountant.

As key decisions of organizations are incomplete without accountant

department input, the scope of accounting degrees are always good.Accountants provide the data required to assess the present and future

economic activities of individuals, businesses, not-for-profit organizations, and

governmental bodies.

Few decades back people do not consider accountant as a career. But in

previous few years it is considered one of the key components of an

organization and their value is increasing rapidly. Accounting is not confided to

one type of organization, accountants are required in every industry like,

manufacturing companies, service industry, government organization and

public accounting firms.

Accounting is very interesting field as you work with numbers. You will never

lose your interest in this field because every year there is amendments in

different provision which keep your interest in this field. Normally people think

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Scope of accounting_________________________________________________that accountants only do account work and maintain records of income and

expenditure which is wrong. Accountants have major prospect of growth in

their field. From book keeping to major company's decision, accountants play

an important role.

Accountants complete many tasks besides preparing financial statements and

recording business transactions. They also calculate computing costs and

efficiency gains for new technologies, participate in the set up for acquisitions

and mergers, and develop IT systems to track financial performance, tax

strategy, and employee benefits management.

As technology advancements take place, accounting is also affected. Now only

degrees are not enough you should know about accounting softwares. This

softwares are specially designed for making company accounting systems

easy. If you know about this softwares and has some expertise in these then it

will be considering your additional quality.

From time to time scope of accounting is increasing. There are many fields of

accounting in which you can do specialization. CPA and CMA are professional

courses of accounting beside masters. Chartered accountants are highly paid

employees in this era. Their starting salaries are very handsome and they earn a

good salary package.

When you first consider an accounting career, perhaps while in your final year

of studies, you may think that this simply means you gain a qualification and

become an accountant. While its true that you can gain a degree in accounting

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Scope of accounting_________________________________________________and become a general accountant, this is just one of the options you can follow.

There are quite simply tens if not hundreds of specialist areas you can pursue,

such as auditing, management policy, information systems, taxation, computer

operations, etc.

If you get a masters degree of accounting then you would get a managerial

level job in any organization. Chartered accountants work in auditing

department generally. Cost and management accountant work in budgeting

department. They all take part in key managerial decisions.

Before going to take admission in college, try to do some searching on this.

Many universities and colleges are conducted these courses. Before jumping to

any conclusion, try to find out the best university and college in which you can

take admission in your interesting field.

Recent trend, especially in Pakistan

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In Pakistan many courses are available. Many institutes are offering courses

related to accounting. For many years accounting subjects have very famous

and need of every organization. Many business men are hiring professional and

experts accountant to run their business effectively in the era of competition.

Because accountants know better and new tactic of business and they are the

analysts of market.

International Public Sector Accounting Standards (IPSAS) are accounting

standards for use by public sector entities around the world in the preparation

of financial statements.

IPSAS are accounting standards for application by national governments,

regional (e.g., state, provincial, territorial) governments, local (e.g., city, town)

governments and related governmental entities (e.g., agencies, boards and

commissions). IPSAS standards are widely used by intergovernmental

organizations. IPSAS do not apply to government business enterprises.

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Scope of accounting_________________________________________________The Government of Pakistan has been planning to meet all the requirements of

the cash basis IPSAS. The compliance with the cash IPSAS is seen as a

transition path towards presenting the full accrual information. World Bank

project supports this change.

In Pakistan many programs and courses (e.g. CIMA, ACCA, CAT, CPA, APA,

ADMA, FIFA, PIPFA, CPA.M.com, B.com, MBA and so on) are being taught

in collage and universities. Many private organizations and institutes are also

involved in serving students with new techniques and information in

accounting. Government of Pakistan, ministry of education have constructed

many institute in Pakistan related to accounting. And many foreign courses

have also introduced to facilitate Pakistan students if they cant go to abroad fortheir better training and education in accounting field. Some of these are given

below:

Institute of Cost and ManagementAccountants of Pakistan

The Institute of Cost and Management Accountants of Pakistan was

established in 1951 and was granted statutory status under the Cost and

Management Accountants Act, 1966 for the regulation of the profession of Cost

and Management Accounting. The President of ICMAP is Hasan Aziz

Bilgrami.The said institute was originally established with the name 'Pakistan

Institute of Industrial Accountants (PIIA)' which was changed to ICMAP in

1976. It is considered as the oldest professionial accountancy institute of

Pakistan.

ICMAP is the sole provider of cost and management accounting education,

training and professional certification in Pakistan. The institute has earned

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Scope of accounting_________________________________________________reputation both nationally and internationally for its high standard in imparting

education and testing. The Institute has been meeting an important national

human resource need through a steady flow of professional management

accountants to occupy leading positions in the corporate world.

ICMAP has over 4000 members, who hold senior positions in trade, commerce,

industry and government in Pakistan as well as abroad. The number of active

registered students is around 15000, which makes ICMAP one of the largest

professional institutions in Pakistan. The institute has its head office in Karachi,

Pakistan

International Association

International Federation of Accountants (IFAC)

International Accounting Standards Board (IASB)

Confederation of Asian and Pacific Accountants (CAPA)

South Asian Federation of Accountants (SAFA)

Institute of CharteredAccountants

of Pakistan

The Institute of Chartered Accountants of Pakistan(ICAP) is a professional

accountancy body in Pakistan. By 5 May, 2008, it has total 4393 members

working in and outside Pakistan. As of January 2009, around 4,500 persons

were registered with the Institute as Chartered Accountants.The institute was

established on July 1, 1961 to regulate the profession of accountancy in

Pakistan. It is a statutory autonomous body established under the Chartered

Accountants Ordinance 1961. With the significant growth in the profession,

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Scope of accounting_________________________________________________the CA Ordinance and Bye-Laws were revised in 1983.The President of ICAP

is Abdul Rahim Suriya.

In view of globalization of the accountancy profession, the Institute is in the

process of updating the Ordinance and Bye-Laws once again.

The course of ICAP involves a blend of theoretical education and practical

training which run concurrently for a period of three years and equips a student

with knowledge, ability, skills and other qualities required of a professional

accountant.

The head office of the institute is in Clifton, Karachi, where it has its own

premises. The institute also has regional offices at Lahore, Islamabad, Multan

and Faisalabad.

International Association

International Federation of Accountants (IFAC)

International Accounting Standards Board (IASB)

Confederation of Asian and Pacific Accountants (CAPA)

South Asian Federation of Accountants (SAFA)

Pakistan Institute of Public Finance

Accountants

Pakistan Institute of Public Finance Accountants (PIPFA) is an autonomous

body recognized mainly in the government sector and established under license

from the Securities and Exchange Commission of Pakistan by the authority

given under section 42 of the Companies Ordinance, 1984.

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Scope of accounting_________________________________________________The body is co-sponsored by the Institute of Chartered Accountants of

Pakistan, the Institute of Cost and Management Accountants of Pakistan and

the Auditor General of Pakistan.

PIPFA was established in 1993. Head office is located in Karachi, Pakistan

and has regional offices Lahore, Islamabad, and Faisalabad. The president of

PIPFA is Muhammad Sharif. PIPFA has more than 2,500 members and a

number of them are members ofICAP and ICMAP.

The institute was established to produce a second tier of accounting

professionals in Pakistan.

International Recognition

PIPFA is the associate member of International Federation of Accountants

(IFAC). Thus, there are three accountancy institutes in Pakistan that have

representation with IFAC, i.e., ICAP,ICMAP and PIPFA.

Educational Requirements

The prerequisite entry requirement is Intermediate examination from a

recognized education board, university orinstitution or any otherqualification

considered equivalent by the Board of Governors or A levels of GeneralCertificate of Education.

Candidates who have passed accountancy courses from ICMAP or ICAP

examinations are eligible for direct membership of the Institute.

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Association of Chartered Certified

Accountants

The Association of Chartered Certified Accountants (ACCA) is a British

accountancybody, founded in [England, UK] (1904), which offers the

Chartered Certified Accountant (Designatory letters ACCA or FCCA)

qualification worldwide. Its Headquarter is in London, [England, UK]. It is oneof the world's largest and fastest-growing accountancy bodies with 131,500

members and 362,000 affiliates and students in 170 countries (as at February

2009). The Institute's headquarters are in London with the principal

administrative office being based in Glasgow. In addition the ACCA has a

network of nearly 80 staffed offices and other centres around the world.

The ACCA is a founding member body of the Consultative Committee of

Accountancy Bodies (CCAB) and the International Federation of Accountants

(IFAC).

The term 'Chartered' in ACCA qualification refers to the Royal Chartergranted

in 1974 by Her Majesty the Queen in the United Kingdom.

Since Chartered Certified Accountant is a legally protected term, individuals

who describe themselves as Chartered Certified Accountants must be members

of ACCA and, if they carry out public practice engagements, must comply with

additional regulations such as holding a practising certificate, being insured

against any possible liability claims and submitting to inspections.

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Scope of accounting_________________________________________________The Association of Authorised Public Accountants (AAPA), one of the British

professional bodies for public accountants, has been a subsidiary of ACCA

since 1996.

The ACCA offers the following qualifications:

Chartered Certified Accountant (ACCA) - Professional Scheme

The Professional Scheme is the primary qualification of the ACCA and,

following completion of up to 14 professional examinations and three years of

supervised, relevant accountancy experience, enables an individual to become a

Chartered Certified Accountant.

Certified Accounting Technician (CAT)

This is an introductory accounting technician qualification. Although CAT can

be obtained as a standalone qualification, it is often the case that individuals

study for CAT as an introduction to accountancy prior to starting the

Professional Scheme. It usually takes 1.5 years to complete the Certified

Accounting Technician exams. However, there is no restriction on the number

of papers that can be attempted in one attempt.

In Pakistan

The ACCA qualification is legally recognised as Qualified Company Secretary

in Pakistan, and there is partial recognition between ACCA and the local

statutory accounting body (Institute of Chartered Accountants of Pakistan).

ACCA affiliates are exempted first four modules (A-D) of the Institute of

Chartered Accountants of Pakistan qualification.

ACCA in Pakistan has seen tremendous growth during the last five years with

thousands of students enrolling every year into ACCA programs. Various local

colleges and universities are also now offering ACCA programs in all major

cities of the country.

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Certified Management Accountant

The designation of Certified Management Accountant (CMA) is a

qualification that can be helpful to any person working in management

accounting or finance departments or fields. It is a great certification to have

because it highlights and legitimizes your abilities and because it can help you

to bring home a higher paycheck. The CMA designation is also helpful for

Certified Public Accountants (CPA) to have as it gives a person a more well-

rounded accounting understanding.

The Institute of Management Accountants (IMA) is the organization that

grants and upholds the Management Accountant certification program.

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Career opportunities for commerce graduates

Choosing a Career in Accounting:

Accounting is a growing field with lots of opportunities, but the lifestyle is not

for everyone. Having a steady job is good, but there are trade-offs to making

money.

When making a career choice, many young people with an affinity for numbers

make a decision to enter accounting. Business schools have bachelor programs

for accountants, and there are openings in businesses, government and auditing

firms.

There's a lot to get out of a job in accounting. Perhaps most important you will

learn how business works. Accounting jobs offers stimulating and challenging

work that is constantly evolving. Because accountants spend a lot of time

looking under the hoods of businesses they really learn the nuts and bolts of

business. It's no surprise that many

successful players in business began their

careers in accounting jobs. It's also no

surprise that most Chief Financial

Officers of large corporations have a

background in accounting. An accountant

is perfectly positioned to become a CFO

because he or she probably has the best

understanding of what drives business

and profits in a company.

It's also worth bearing in mind that accountants are in perennial short supply.

Accounting jobs are plentiful even in the current weak economy and the money

for well trained accountants is good. Taxes, audits, bookkeeping will always

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Scope of accounting_________________________________________________need to be done. With the various financial scandals in recent years, the field

has expanded.

The long hours, hard work and pressure situations make the accounting field

inappropriate for some people. Even those with great mathematical skills may

be ill-suited to the rigor and monotony of the life of accountant.

Positives of an Accounting Career:

The primary reason many end up in accounting is that it is a specific career.

Courses taken in college provide specific training. Many students can walk out

of college and apply the lessons immediately at a job.

In contrast, a major in mathematics or economics does not train the student for

a particular occupation. There is more flexibility, but less security.

Accounting is an indoor job, not a lot of heavy lifting, other than briefcases.

Today, computers play a large role, and accountants need to be able to use

spreadsheets and word processing software.

As a white collar occupation, the pay is good, withstarting salaries above $50,000 in some markets.

Mobility is fairly easy, within a country. Crossing

borders is more difficult since rules vary by

country.

Accounting is not bookkeeping. There is considerable challenge in identifying

issues and solving mathematic problems. There is often interaction with others,

which may include clients, peers or subordinates.

There are many opportunities for advancement, to the highest financial position

in the organization; partner, chief financial officer or treasurer, depending on

the type of company.

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Scope of accounting_________________________________________________Negatives of an Accounting Career:

Accounting is a rigorous profession. Most accountants, especially at the

beginning of their career, are expected to work long hours and weekends. Staff

at auditing firms, particularly, works many hours in their first years, doing

basic accounting reviews on the road, in firms that tolerate their presence at

best.

The expression used at these firms three years, up or out embodies the

experience. Staff either gets used to the hours, or move to other companies or

professions.

The work can be tedious and become monotonous. In a business, there is aregular month end closing process, and no vacations can be taken during this

time, and weekends are expected.

There is a stigma of the bean counter, applied by people in other professions.

The role itself is a matter of monitoring and reporting on others, rather than

creating business. It is not a good fit for an entrepreneurial person, or someone

needing a lot of human interaction.

With the long hours and indoor work accomplished mostly by sitting, it is not a

healthy occupation. Exercise is very important during those few non-work

hours.

Finding the Right Career:

A student should carefully assess their strengths and desires before deciding on

a career. Accounting offers stability and financial rewards, but requires

mathematical ability and a strong work ethic.

Places Where Accountants Work:

Public Accounting Firms:

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Scope of accounting_________________________________________________A group of accountants work in a partnership that provides accounting services

to individuals, businesses and government. A number of major firms are

dominant in this field. A public accounting career will give you a good start in

your career, where you can gain foundation knowledge before moving into a

specialist area.

Government:

Government accountants may work at any level of

government. They prepare budgets, track costs

and analyze government initiatives. Prospects for

advancement are generally good. Bureaucracy and

political arguments are the downsides.

Corporations:

Businesses of all sizes usually

have an accountant or

accounting department that

prepares financial statements,

tracks costs, handles tax

returns, and works on major

transactions. The work is more

dynamic and prospects are

good.

Independent:

Working as a self-employed

accountant means generating your own

business. However, you benefit from

good customer contact, independence,

and if you are proficient good

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Scope of accounting_________________________________________________returns. Conversely, you are in a more vulnerable position when business is not

so good.

Bibliography

Document bibliography

Page 3-4..www.wikipedia.com

Page 5......Meigs & Meigs 9th edition

Page 6 .........www.alec.co.uk

Page 7..www.articlesbase.com/education-articles/

Page 8..www.careers-in-accounting.com/

Page 8-9...www.articlesbase.com/education-articles/

Page 10-11...Ahmar Hassan Ansari

Page 10....www.wikipedia.comPage 11-12...Official Website of ICMAP

Page 12-13...www.icap.org.pk/

Page 13-14...www.pipfa.org.pk/

Page 15-16...www.accaglobal.com/

Page 17www.suite101.com

Page 18-20...www.suite101.com

Page 20-21...www.alec.co.uk

Picture bibliography

Page 3..www.wikipedia.comPage 5..www.wikipedia.com

Page 5..Ahmar Hassan Ansari

Page 7..Official website of NBP

Page 8..Ahmar Hassan Ansari

Page 10....Official website of NBP

Page 11....Official Website of ICMAP

Page 12....www.icap.org.pk/

Page 13www.pipfa.org.pk/

Page 15www.accaglobal.com/Page 17www.suite101.com

Page 18www.careers-in-accounting.com/

Page 18Official website of NBP


Page 20www.careers-in-accounting.com/



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http://www.careers-in-accounting.com/http://www.articlesbase.com/education-articles/http://www.icmap.com.pk/http://www.icap.org.pk/http://www.pipfa.org.pk/http://www.accaglobal.com/http://www.icmap.com.pk/http://www.icap.org.pk/http://www.pipfa.org.pk/http://www.accaglobal.com/http://www.careers-in-accounting.com/http://www.careers-in-accounting.com/http://www.careers-in-accounting.com/http://www.articlesbase.com/education-articles/http://www.icmap.com.pk/http://www.icap.org.pk/http://www.pipfa.org.pk/http://www.accaglobal.com/http://www.icmap.com.pk/http://www.icap.org.pk/http://www.pipfa.org.pk/http://www.accaglobal.com/http://www.careers-in-accounting.com/http://www.careers-in-accounting.com/


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Scope of accounting_________________________________________________Page 21Official website of NBP

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