03-FinancialAcct10-Ch02 - C Sallariies Salaries areers in...

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Financial Accounting: The Impact on Decision Makers
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Chapter 4 / Exercise 1
Financial Accounting: The Impact on Decision Makers
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areers in Accounting48CSalariesSalariesSalary Potential of AccountantsSelecting a major represents much more than the choice of courses a student takes in col-lege. To a significant degree, the student’s major, along with academic performance, will determine the career paths available upon graduation. Few professionals would recom-mend a specific career choice based solely on salaries. However, as students select their major and map out their career path, it is important that they make informed decisions with respect to the potential financial rewards of the various options. Outlined below is infor-mation on selected salaries for many accounting-related careers. These salaries, current as of 2011, should be viewed only as guidelines. Salaries at all levels can vary significantly between locations. Also, one should add 10 to 15 percent to the listed salary for professional certifications (such as the CPA) or for a graduate degree (Masters of Accounting or MBA).Salaries for Public Accounting, Non-PartnersPositionLarge CPA Firms: Salary RangeStarting Salaries $50,000–$61,250Salary between 1–3 years $56,250–$72,500Manager/Director $83,250–$167,250Small CPA Firms:Starting Salaries $41,500–$50,250Salary between 1–3 years $46,250–$58,250Manager/Director $70,500–$116,500Salaries for Corporate Accounting – Large CorporationsPosition Salary RangeChief Financial Officer/Treasurer $268,000–$395,500Vice President, Finance $212,000–$328,750Director of Finance $140,500–$206,750Director of Accounting $133,500–$183,250Controller $132,750–$175,250Assistant Controller $101,750– $135,750Tax Director $138,250–$224,500Tax Manager $97,750–$136,000Audit Director $152,750–$231,000General Accounting–Manager $73,750–$100,000General Accounting–1-3 years experience $45,750–$59,500General Accounting–starting salary $38,500–$47,750Students interested in a career in accounting and finance can find detailed information for these and many other accounting related careers at Robert Half (.com). Also, accounting professors are generally familiar with starting salaries and job opportunities for accounting graduates, so you may want to address more specific questions about potential careers and salaries with them.
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Financial Accounting: The Impact on Decision Makers
The document you are viewing contains questions related to this textbook.
Chapter 4 / Exercise 1
Financial Accounting: The Impact on Decision Makers
Norton/Porter
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49Recording Business TransactionsLearning ObjectivesAfter studying this chapter, you should be able to:2In Chapter 1, we illustrated the income statement, statement of retained earnings, balance sheet, and statement of cash flows. These statements are the end products of the financial accounting process, which is based on the accounting equation. The financial accounting process quantifies past management decisions. The results of these decisions are communicated to users—management, creditors, and inves-tors—and serve as a basis for making future decisions.The raw data of accounting are the business transactions. We recorded the transac-tions in Chapter 1 as increases or decreases in the assets, liabilities, and stockholders’ equity items of the accounting equation. This procedure showed you how various transactions affected the accounting equation. When working through these sample

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