The actuality of an Accounting Principles Certification
It cannot be argued that accounting has earned its well-deserved place in the financial and business management field. This is owed to the fact that we cannot manage what we can’t measure. Accounting brings numerous benefits not only to stockholders, but also to investors, creditors, lenders and other organisations. For individuals who are aware of its importance and took the time to learn the insights of accounting and discover the secrets lying beneath the surface it should be a true pleasure to work in this professional environment.
However, just as you could not play a game without knowing its rules, an in-depth knowlege of accounting principles is a prerequisite for any financial analyst or company accountant nowadays. These principles are required to be met when drafting financial statements, for instance. Accounting is an industry renowned for its stability, since there are precise standards that must be followed when presenting financial information. So as long as you master the fundamentals and the accounting principles you could start thinking of building a career in finance and accounting.
If we want to analyze accounting principles, we should start by reviewing the objectives of financial reporting. These refer mainly to providing useful informations to existing and potential creditors and investors for making rational decisions concerning a given company. Taking this into consideration, there is no wonder that accounting principles are essential and they must be taken seriously, since thoroughly prepared financial statements provide the clear image on a company’s liquidity, solvability and future potential. What is more, there was a need for standardizing key principles in accounting for allowing creditors and investors to make comparisons between more companies, regardless of their sector of activity. As a consequence, a few generally accepted accounting principles have been stated as a guide for worldwide financial accounting. These principles, also known as the GAAP, include the rules that accountants must comply with when recording informations and preparing financial statements. The principle of regularity, consistency, sincerity, the permanence of methods and prudence are just a few of the GAAP you should be familiar with in order to get certified in accounting principles. In addition, more and more countries nowadays are using the International Financial Reporting Standards formerly known as IAS, which are accounting standards adopted by the International Accounting Standards Board.
All this being considered, it is clear that regulatory agencies in this field have made great efforts to set a combination of accounting principles to serve as guidelines for professionals embracing such a career. Accounting standards, rules and regulations can be considered the glue that holds the entire accounting activity together. We have already seen that financial statements must be a tool for their user to make business decisions. To reach this objective, the recorded informations must have many characteristics that lead to the accounting principles and standards discussed in this article. Therefore, these informations must be accurate, dependable, verifiable, practical, consistent and comparable.
Apart from these characteristics, there have been operational regulations established to guide accountants through the entire process and knowledge on these rules is equally required if you want to work in the accounting field. Another subject you need to be familiar with is the famous Sarbanes-Oxley Act enacted in 2002 as a reaction to the large corporate frauds that occurred in that period. The act was issued for setting improved requirements for financial reporting.
Accounting Principles Test
There is no doubt that a career in accounting is a true challenge because you must be constantly up-to-date with the latest rules and legislation issued in the field. But once you are committed to it and abide by the rules you can get many satisfactions. However, if you want to enhance your personal brand in this line of work you should get certified. Only by testifying you know the rules of this game will you be given the trust to play it. Online certifications are a great way to achieve this, so you should consider taking an online accounting principles exam. If you prove your knowledge on the subject and pass the accounting principles test you will enhance your career perspectives.
This would happen as long as you choose a reliable provider, so you should put your trust in Brainmeasures.com, the world leader in online certification and employment testing. Brainmeasures will provide you the quality test you need for acquiring the valuable accounting principles certification that will boost your resume and set your career to ascension.
Sample Hard Copy Certificate
Accounting Principles Certification
Other Related Tests and Certifications
- Accounting for Private Not for Profits
- Accounting Principles
- Financial Reporting
- Financial Reporting and the Securities & Exchange Commission
- Regulatory Agencies
- Sarbanes Oxley Act
multiple choice questions.
Each question has between 2 and 5 options out of which 1 or more may be correct.
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