Accounting is a system by which financial information is identified, recorded, analysed, summarized and reported for use by decision makers. Simply put, accounting is the language of business. An accounting system tracks all the financial activities of an organization (be it the large Fortune 500 company, a small independent book publisher, a non-profit theater or a government agency), showing them when and where they flew all the money from the organization and from the commitments made. This aids in decision making by allowing managers to evaluate organizational performance, indicating the risks and financial benefits of choosing one strategy over another, and highlighting current weaknesses and opportunities. Accountants are responsible for four key functions: Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Accounting: which helps to supervise and manage the financial records and operations of an organization to ensure that they follow all the regulations of an organization, industry. Auditing: helps ensure that adequate internal controls are in place to mitigate the organization's financial risks, that governance processes are effective and efficient, and that organizational goals and objectives are achieved, as well as determining whether an organization's financial activities organization are accurately reported in its financial statements to regulators and investors. Assurance: Defined by the American Institute of Certified Public Accountants as “independent professional services that improve the quality of information or its context for business or individual decision makers.” Taxes: Preparing tax returns that help corporations, other organizations, and other individuals; Taxes also help you develop strategies to reduce the amount of taxes you pay; and examining the tax implications of various business practices. Despite the variety and dynamic nature of the field, accounting has always had a branding problem. The name Accounting itself sticks in the public mind as a boring career burdened by math geeks who love crunching and playing with numbers. In fact, accounting is often ranked as one of the most desirable professions available, including one of the top 25 jobs in 2016 by U.S. News & World Report. In 2016, CareerCast.com ranked the “accountant” career among the 50 best jobs in terms of work environment, income, employment prospects, physical demands and low stress level. Salaries are also high for accountants. In 2015, accountants and auditors earned a median salary of $67,190, earnings much higher than the national average ($48,320) for all careers, according to the U.S. Department of Labor. Opportunities exist in accounting at every career level, although accountants and auditors are prime movers in this field. Apart from this sector, accounting also has a variety of other core specializations in their course, which continues to grow as government regulations increase, business opportunities expand etc. They include: Please note: This is just an example. Get a custom paper from our expert writers now. Get Custom Essays Consulting/Consulting Services Business Process Outsourcing Business Risk Management Business Environment Expert Witness Feasibility Health Information Forensics Technology Insolvency International Litigation Accounting Management Consulting Mergers and Acquisitions Personal Financial Planning Restructuring Planning.