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Misconceptions About Accounting

Busting 5 Popular Misconceptions About Accounting

27 Nov 2022

5 minutes

5026 Views

Accounting is a phenomenal career path that offers great pay, competitive benefits, and job stability. It entails recording transactions, maintaining financial records, performing internal audits, analyzing financial information, and providing advice on taxation matters. Even if economy takes a tumble, the demand for accountants will never fall in the job market. But people often stereotype accountants as boring and fastidious introverts who quietly work behind the scenes recording financial transactions and balancing the books. And, that’s the reason why many prospective students fear in taking up accounting as a career. So, we have decided to debunk a few popular misconceptions about accounting and accountants.

1) Accounting is very boring

Contrary to popular belief, accounting is not dull. Although accounting has never really taken on the panache that some other careers have, it is pivotal to all types of businesses. It is a well-respected study and profession that has a diverse field of work and there are many different aspects of accounting that people don’t know about. Everyone has different passions and interests in life, so if somebody tells you that this field has nothing exciting to offer you, then don’t be discouraged.

2) It is a challenging discipline

From planning business strategy & investments to manufacturing & pricing products and managing budgets, the work of accountants touches every aspect of an organization’s operations. So, the challenges are bound to come in the way. However, problems are beneficial because they force us to dig deep into our real abilities and potentials. Moreover, if you genuinely enjoy this subject, then you won’t find it too hard to cope with the setbacks.

3) You should be pro at math to be an accountant

People believe that accounting is a subject that requires you to solve complex mathematical equations in your head. However, this field usually involves elementary math skills, such as multiplication, division, addition, and subtraction. So, if you are able to do simple arithmetic, then you can handle most of the math accountants use daily. You need some other skills to be a successful accountant, such as analytical skills, effective communication skills, and proficiency in professional writing.

4) Accountancy are tax experts

Accounting involves maintaining an organization’s financial records, protecting its assets, recording transactions, and many other things. Taxes are only one small aspect of this field, and not all accountants are knowledgeable on tax compliance and able to offer tax advice. So, a career in accounting doesn’t mean that you will be doing taxes all your life. There are various other areas, such as financial accounting, management accounting, forensic accounting, auditing taxation, and accounting information systems.

5) This field is only for men

This is the biggest misconception that this particular field is for men only. According to the National Center for Education Statistics, women in the USA are pursuing 52% of bachelor’s degrees and 53% of master’s degrees in accounting. In 1951, there were only 500 female CPAs, but women now make up more than 60% of all accountants and auditors in the United States. That’s an estimated 843,000 female accounting professionals. So, those who say accounting is just for men should check these stats.

Folks, get over these misconceptions and get yourself enrolled in one of the accredited accounting degree programs. If you are already pursuing this course and struggling with your assignments, then don’t hesitate to seek accounting assignment help from our academic experts. We, at Instant Assignment Help, have everything that can cater to your needs. So, don’t wait anymore, and place your order now!

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