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Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. FinancialAccounting Those in the financialaccounting field are concerned with the aggregation of financial information into external reports.
The information in the general ledger is used to derive financial statements , and may also be the source of some information used for internal management reports. Reporting The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are noted below.
Related Courses Activity-Based CostingCostAccounting Fundamentals CostManagement Guidebook What is Cost Structure? Cost structure refers to the types and relative proportions of fixed costs and variable costs that a business incurs.
Areas of Accounting Specialization There are many sub-fields within accounting in which a person can specialize. For example, there are tax accountants , costaccountants , payroll clerks , billing clerks , general ledger accountants , and collection clerks.
Also, by eliminating irrelevant costs from a decision, management is prevented from focusing on information that might otherwise incorrectly affect its decision.
So if you want to go into public accounting, by all means I recommend that you get a CPA. But if you want to work inside an organization, for example, as a CFO, as a controller, as a senior financialaccountant or senior managementaccountant, then by all means I recommend the CMA. It's really about planning.
IMA Website: [link] About the CMA Certification: [link] For nearly 50 years, the CMA® (Certified ManagementAccountant) certification has been the global benchmark for managementaccountants and financial professionals. Because CMAs can explain the "why" behind numbers, not just the "what." Margaret (01:08): Great.
At that time, the CMA exam was administered with paper and pencil and the field of managementaccounting was not widely known. How did you learn about managementaccounting? Denny had talked about wanting to have more credibility in front of people that were managementaccountants.
Sometimes in the most famous example of, digitization in, the finance and accounting world is the ERP implementation or the system that integrate the entire business, from end, to end. What tools we have in the world? So it's important to have clear match between the capability and the benchmark for comparing ourselves to.
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