Basics of Intermediate Accounting
Intermediate Accounting is an advanced level study of accounting covering complex concepts like accounting cycle and accounting equation, debits and credits, double-entry accounting, and T accounts. It is the third step within the field of accounting that you get to study after excelling in accounting basics and learning financial accounting.
Importance of Intermediate Accounting
By choosing to explore intermediate accounting, you’ll learn to develop leadership expertise and strategic thinking. When you’re working with finances, you need to think on your toes and this field will allow you to develop skills to guide organizations with their financial decision-making. By studying intermediate accounting, you’ll develop budgeting, forecasting, and financial reporting skills.
Subfields of Intermediate Accounting
Forensic Accounting
The study investigates inaccuracies and discrepancies related to finances like fraud or embezzlement. The role of forensic accountants is a combination of reporting, accounting, and investigation.
Financial controlling
Handling common activities related to an organization’s account that requires forecasting and immediate decision-making. You’ll have to manage the source of finances, and money trail, and make a quarterly report to keep the accounts balanced.
Auditing
The study of assessing financial reports and detailed evaluation of the validity of that report concerning financial code or conduct. The job role involves examining if businesses comply with regulations regarding finance management and present their finances accurately.
Public Finance Accounting
Public finance accounting oversees and makes sure that government bodies or charities are spending public money properly. You have to work with local government authorities and NGOs to monitor their expenses.
Career Opportunities
Intermediate accounting has significant potential for career progression as it has applications in a wide area of business. Intermediate accounting skills are globally recognized with high pay and valued perks so you can work with organizations or individuals worldwide.
Intermediate Accounting Test Banks at Test Bank IQ
At Test Bank IQ, we provide you with a vast selection of test banks for Intermediate Accounting. These resources are carefully designed from trusted textbooks and contributions from experienced alumni to keep the concept accurate.