Associate Degree in Science FAQs
Listed below you will find answers to frequently asked questions about the Accounting program at OCC.
The Associate Degree in Business Administration Degree with a concentration in Accounting offers a cognitive foundation in areas fundamental to business studies such as accounting, economics and mathematics.
Students elect the Associate in Business Administration Degree for various reasons that may include further study toward a bachelor degree or as preparation for CPA certification or MBA programs.
Before taking business courses, students should consult a counselor since the requirements of four-year colleges and universities, both private and public, vary considerably.
The Certificate in General Accounting option is intended for individuals who desire entry-level employment in the field of general accounting. The student may choose to continue and complete an Associate in Business Administration or an Associate in Business Administration with a concentration in Accounting.
While many go on to pursue a Bachelor’s degree, a Master’s degree, and or CPA certification, graduates with an Associate in Business Administration Degree with a concentration in Accounting are also qualified for positions that include accounts receivable clerk, accounts payable clerk, auditing clerk, bank teller, billing clerk, bookkeeper, loan officer, payroll clerk, tax preparer. but without taking the arts and science courses required for an associate degree.
The Certificate in General Accounting option is intended for individuals who desire entry-level employment in the field of general accounting. Areas where a student may find employment include, but are not limited to, accounts receivable clerk, accounts payable clerk, auditing clerk, bank teller, billing clerk, bookkeeper, loan officer, payroll clerk, tax preparer, but without taking the arts and science courses required for an associate degree.
Accounting is the information system that measure business activities, processes the information into reports, and communicates the results to decision makes.
What do businesses such Amazon.com, Walmart, and your local deli have in common? They all need accountants! That is why a degree in accounting opens so many doors upon graduation.
From the bookkeeping clerks and financial analysts that work inside a company to record business activities and process financial reports, to the information system professionals that develop and maintain computer applications used in accounting, to the payroll services, consulting firms, and auditing and tax firms that assist a company from outside, there are so many opportunities for accounting graduates.
Accountants and Auditors generally work either in public, private, or governmental accounting. Public accounting involves services such as auditing and tax preparation. Well-known public accounting firms include Ernst & Young, Deloitte, PwC, and KPMG. Private accounting involves working for a single company such as Amazon.com, Walmart, or Dell. Other accountants work for the federal, state, and local governments. Wherever accountants, work, demand for their services is high. According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is expected to grow 11% from 2014-2024.
Bookkeeping, Accounting, and Auditing Clerks work everywhere! From the largest corporations in the world to the smallest one-man business, they all need accounting clerks. In every accounting firm, corporation (in every industry), federal, state, and local government entity, non-profit organization there is a need for bookkeeping, accounting clerks and auditing clerks. Although according to the U.S. Bureau of Labor Statistics, employment of bookkeeping, accounting, and auditing clerks is expected to decline 8% from 2014-2024, opportunities to enter the occupation should be plentiful.
Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.
Examples of Accountants and Auditors include: Public Accountants, Management Accountants, Government Accountants, Internal Auditors, External Auditors, and Information Technology Auditors.
Accountants and auditors typically do the following:
- Examine financial statements to ensure that they are accurate and comply with laws and regulations
- Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
- Inspect account books and accounting systems for efficiency and use of accepted accounting procedures
- Organize and maintain financial records
- Assess financial operations and make best-practices recommendations to management
- Suggest ways to reduce costs, enhance revenues, and improve profits
In addition to examining and preparing financial documentation, accountants and auditors must explain their findings. This includes preparing written reports and meeting face-to-face with organization managers and individual clients.
Many accountants and auditors specialize, depending on the particular organization that they work for. Some work for organizations that specialize in assurance services (improving the quality or context of information for decision makers) or risk management (determining the probability of a misstatement on financial documentation). Other organizations specialize in specific industries, such as healthcare.
Some workers with a background in accounting and auditing teach in colleges and universities.
*Bureau of Labor Statistics
Bookkeeping, accounting, and auditing clerks produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy.
Bookkeeping, accounting, and auditing clerks typically do the following:
- Use bookkeeping software, online spreadsheets, and databases
- Enter (post) financial transactions into the appropriate computer software
- Receive and record cash, checks, and vouchers
- Put costs (debits) and income (credits) into the software, assigning each to an appropriate account
- Produce reports, such as balance sheets (costs compared with income), income statements, and totals by account
- Check for accuracy in figures, postings, and reports
- Reconcile or note and report any differences they find in the records
The records that bookkeeping, accounting, and auditing clerks work with include expenditures (money spent), receipts (money that comes in), accounts payable (bills to be paid), accounts receivable (invoices, or what other people owe the organization), and profit and loss (a report that shows the organization’s financial health).
Workers in this occupation have a wide range of tasks. Some are full-charge bookkeeping clerks who maintain an entire organization’s books. Others are accounting clerks who handle specific tasks. These clerks use basic mathematics (adding, subtracting) throughout the day.
Bookkeeping, accounting, and auditing clerks use specialized computer accounting software,
spreadsheets, and databases to enter information from receipts or bills. They must
be comfortable using computers to record and calculate data.
*Bureau of Labor Statistics
Accountants and Auditors (Bachelor’s degree): $68,150
According to the U.S. Bureau of Labor Statistics, the median annual wage for accountants and auditors was $68,150 in May 2016. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $42,140, and the highest 10 percent earned more than $120,910.
In May 2016, the median annual wages for accountants and auditors in the top industries in which they worked were as follows:
- Finance and insurance $72,950
- Management of companies and enterprises 70,790
- Manufacturing 69,040
- Accounting, tax preparation, bookkeeping, and payroll services 68,130
- Government 65,820
Bookkeeping, Accounting, and Auditing Clerks (Associate’s degree): $38,390
According to the U.S. Bureau of Labor Statistics, the median annual wage for bookkeeping, accounting, and auditing clerks was $38,390 in May 2016. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $23,880, and the highest 10 percent earned more than $59,630.
In May 2016, the median annual wages for bookkeeping, accounting, and auditing clerks in the top industries in which they worked were as follows:
- Professional, scientific, and technical services $40,140
- Finance and insurance 39,980
- Wholesale trade 38,910
- Healthcare and social assistance 37,760
- Retail trade 33,720
We tend to agree with this blogger’s recent post to describe the challenge of accounting:
“There are stigmas surrounding just about every class or college major out there. For example, those who study art will never be able to find a good job. Or, nursing majors have no social life. For accounting, the most common stereotype in circulation is that it’s incredibly challenging.
Maybe you’re considering a degree in accounting, or you’re studying business but you need to take an accounting class to complete your education. You’re likely wondering, “Is accounting a hard major?” The honest answer is: yes, and no. Certain aspects of accounting can be complex, but ultimately it requires hard work and studying just like other college classes. Not to mention, when you look at the advantages of becoming an accountant, the time and energy you devote to learning are more than worth it.”
Posted on August 30, 2016 by Vista Success