General Question

RedDeerGuy1's avatar

What are some examples of high level accounting?

Asked by RedDeerGuy1 (17487points) April 27th, 2017

Like advanced accounting management accounting or higher? Is it difficult to learn? Is it fun?

Observing members: 0 Composing members: 0

4 Answers

zenvelo's avatar

It is fun if you find arcane bookkeeping fun. Otherwise it can be pretty dry.

It is usually a way of structuring financial statements so as to characterize transactions within the specifics of legal definitions to take advantage of loopholes. Because of that, they border on immoral.

An example is setting up shell partnerships with one time entities to avoid accruing certain liabilities on the statements of the parent company. That is what Enron did.

It takes a graduate level understanding of accounting and usually a law degree to succeed.

Tropical_Willie's avatar

Been there; done that.

Got a big bonus.

Financial Vice President came over to my boss to thank him, for being able to move $8,000,000 in active inventory to another category reducing taxes. I was not in Finance.

Aethelwine's avatar

My father started out with the IRS then moved on to Aetna medicare and reimbursements. He enventually moved on to management with Aetna. He made six figures and got to travel to Hawaii, Lake Tahoe, Florida and other beautiful locations for busines. He was able to take my mother and I on several of his trips. He retired fairly comfortably fifteen years ago.

LostInParadise's avatar

The basic idea of accounting is really simple. It is based on double entry bookkeeping, which was created during the Italian Renaissance.

Everything is an account, including sales, and every transaction is a movement from one account to another. One account has its total incremented and the other has its total decremented by the same amount. Everything adds to zero.

The cleverness lies in categorizing the transactions so as to save money in taxes. If you enjoy going through stacks of tax law, then it will be lots of fun. I am guessing this would not be your cup of tea.

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther