Question

prepare a one-page report on becoming an Accountant. Give at least four examples of activities involved in such a career that call for problem solving. Explain which problem solving is structured and which is unstructured.

Answer 1

The accountant is a per who is qualified and trained for bookkeeping, auditing, preparation and analysis of accounts. The accountant also prepares financial statements and annual reports for decision making and planning and also advice for investment decisions. An accountant determines the health of the organization or individual bu using the financial statements and applying the skills in maths, accounts and finance. they analyse profit and loss. Following are some duties that accountant has to perform-

a) prepare the financial statement for the annual year.

b) Prepare and review the budget, revenue, expenses and other documents.

c) Resolving accounting discrepancies.

d) Identifying payroll requirement, maintaining payroll data and process it on monthly basis.

e) Interact with internal as well as the external auditor to complete the audit.

f) Develop and maintain manual filing system, computer software system and financial data bases.

g) Preparing profit and loss statement, monthly closing and cost accounting report on monthly basis.

Examples of activities involved in such a career that calls for problem-solving are as follows-

1. Investment accounting-

The account not only prepares the financial statement, they are responsible for advising the organization for the effective investment opportunities. They prepare a portfolio for the investment plan for mutual funds, equity share, real estate and guide the organization to invest in all these to ensure maximum revenue generation that will be helping the organization for further growth. This decision is a very crucial decision for any organization as it involves huge risk, so before investing the account has to analyse each and every aspect and then prepare a proper report on whether to incest or not.

2. Fiduciary accounting-

THis accounting process is used the administration or trustee, in this accountant has to prepare the accounts in under jurisdiction of laws. This accounting helps the administrator or the trustee to analyse that the funds are being used properly or not. Because at this stage that is very important as trustees are also accountable to the person who has donated or invested in that organization.

3. Government accounting-.

This type of accounting is used at the non-profit organization at any level of government organization. In this process, double entry bookkeeping process is used, which is the conventional method of accounting. This accounting is not used to understand or determine the profit or loss, but it focuses on the proper allocation of funds so that the government can run properly. So it helps in solving the problems faced by government institution by providing the better knowledge and scope of advancement.

4. Forensic accounting-

In this process, the accounting is done according to the standard of laws and it should be suitable for use in the court of law.For example- for an insurance company, it is very important to have proper accounting records of to whom they have provided claim and what basis. These accountants are also responsible to audit the organization financial statement and check if any fraud is done or not.

Structured problems are the problem which can be solved by following some specific instruction and can solve them. For example- when we go to a car mechanic or service station they connect the computer to the vehicle and check what all things are working and what is not. ANd based upon the result they work on the car, this is an example of a structured problem which is solved by a systematic set of instruction.

Unstructured problems are the problems which are unstructured in nature, these are difficult to solve as there is no set of instructions that can help solving these type of problems. These can only be solved by experienced managers as it requires past experience learning and knowledge to solve the problem.