Young Voice for world of finance

All accountants know several terms that create the basis for all accounts. This condition is a T-accounts, debits and credits, and double-entry bookkeeping system. Of course, these terms are studied by accounting students worldwide. However, every company, whether investment banks or small businesses will benefit from knowing them. They are easy to understand and be useful in most business situations. Let’s look at the terms of accounting.

T-Accounts

Account transactions and events recorded in the account. Account of individual records of increase and decrease of certain assets, liabilities, or owner’s equity item. Look at the account as a place to record numbers for a specific item or category of transactions. Examples of bills Cash, Receivables, Fixed Assets, Debt, accrued salaries, sales, rental costs, and so on.

A report consists of three parts:

- The title of the bill

- The left side (known as discharge)

- Right (known as credits)

Since the alignment is part of the same bill with the letter T, no T-accounts. You can draw T accounts on a piece of paper and use it to store your notes. However, today, instead of T-accounts to attract accountants use accounting software (ie QuickBooks, Microsoft Accounting, Peachtree, JD Edwards, Oracle and SAP, among others).
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Debit, credit and account balances

Debit Report meaning of the word credit mean left and right. This is abbreviated as Dr for debit and Cr for credit. Debit and credit indicate which side of the T-account numbers are recorded.

The balance is the difference between debit and credit amount. For some types of debit account balance is increased, while for others debit means a decrease in the balance. See below for an overview of what account and a debit to this account:

Assets – Increase
Contra Asset – Reduction
Liability – Low
Equity – reduce
Capital Contribution – Decrease
Revenue – decrease
Fees – Increase
Benefits – Improve

Credit for this type of account at the top means an opposite result.

Double-entry Accounting System
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Industry professionals, recruiters and the professor agreed in their belief in one thing: there is no better way to careers in accounting from the experience to start with a Big 4 public accounting firm. If you read this you are no doubt aware of who these people are:

PricewaterhouseCoopers, Deloitte and Touche, KPMG and Ernst & Young.

While each company has different strengths and weaknesses, they are all equal in the fact that accounting graduates recently by offering world-class. Employee’s first year in these companies gain a level of responsibility is truly remarkable. When I first year I remember thinking about almost every day “I do not believe they let me do.” When I walked into the office of the CEO of our company’s audit, I added a multi-million dollar mistake I found in books from other companies and when I’m traveling the country with my company American Express Card, I kept repeating this in mind:

“I do not believe they let me do”

Real world accounting in hand as you are employed by one of 4 Great. There is an atmosphere of respect for their names: PwC, Ernst & Young, KPMG and D & T. There is friendship and there is pride. This is the true elite in the fields of accounting, and for the business world.

Starting your professional career with one company is a ticket to a career in the fast lane. The experience you get at 4 Big, literally, priceless. Many beginners at these firms recognize that they would be willing to work for nothing: a rewarding experience. Land a job and yourself the following guarantees:

- For the rest of your career your resume will automatically go to the top of the stack
- For the rest of your career, you have access to professional networks that surprising depth
- You can get the industry busting salary, putting your friends on the regional and local businesses to shame
- Your resume includes globally recognized and respected experience
- A chance to travel the world

In a speech in 2004, Martin J. Whitman, billionaire and namesake of the Syracuse University Whitman School of Management, said the best advice he can offer graduates. The answer? “Begin your career with Big 4 Accounting Office of the Public Period ..”

Of course.

Think this all sounds? Of course you do. You may be thinking to yourself – there must be a catch? Unfortunately, no. Benefits of working for Big 4 are widely known and the demand for these positions is higher than ever. This position is highly competitive and often impossible to obtain without the edge. A great GPA and resume are not enough. Read the rest of this entry »