{"id":3240,"date":"2023-02-19T16:12:10","date_gmt":"2023-02-19T16:12:10","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-16-1-what-is-accounting\/"},"modified":"2025-05-28T14:23:58","modified_gmt":"2025-05-28T14:23:58","slug":"apply-it-16-1-what-is-accounting","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-16-1-what-is-accounting\/","title":{"raw":"Apply It 16.1: What Is Accounting?","rendered":"Apply It 16.1: What Is Accounting?"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what accounting is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what accounting is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses financial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses financial accounting<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses managerial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses managerial accounting<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<section class=\"textbox connectIt\">[videopicker divId=\"tnh-video-picker\" title=\"Different Kinds of Accountants\" label=\"Select Video\"]<br \/>\r\n[videooption displayName=\"A Day in the Life of a Tax Accountant\" value=\"https:\/\/www.youtube.com\/watch?v=Abi56urip1M\"][videooption displayName=\"Different Entry Level Accounting Jobs and Career Trajectories\" value=\"\/\/plugin.3playmedia.com\/show?mf=10123117&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=z1B7lOaew_4&amp;video_target=tpm-plugin-fga0fk12-z1B7lOaew_4\"] [videooption displayName=\"Different Types of Accountants (described by a staff accountant with a masters degree)\" value=\"\/\/plugin.3playmedia.com\/show?mf=10123118&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=uOEqbW_E9ZE&amp;video_target=tpm-plugin-8a9g1lh9-uOEqbW_E9ZE\"]<br \/>\r\n[\/videopicker]<\/section>\r\n<p>You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/ADayintheLifeofanAccountantIndeed.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cA Day in the Life of an Accountant | Indeed\u201d here (opens in new window).<\/a><br \/>\r\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/TheDifferentEntryLevelAccountingJobs6Differences.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe Different Entry Level Accounting Jobs (6 Differences)\u201d here (opens in new window).<\/a><br \/>\r\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/DIFFERENTTYPESOFACCOUNTANTSYOUCANBE.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cDIFFERENT TYPES OF ACCOUNTANTS YOU CAN BE\u201d here (opens in new window).<\/a><\/p>\r\n<p>What type of accounting role is the best?<br \/>\r\n[reveal-answer q=\"892842\"]Click to Show Sample Answer[\/reveal-answer]<br \/>\r\n[hidden-answer a=\"892842\"]What is the best for you depends on your preferences. Remember that just because someone says they find a particular job boring, you might have the completely opposite reaction! The best way to figure out whether accounting is a profession that you would enjoy is to take some classes, talk with your accounting professors, talk to people who work in accounting, and try it out in an accounting or bookkeeping internship. Your school's career services office can help a lot with this type of career exploration.<\/p>\r\n<section class=\"textbox proTip\">The median annual entry-level salary of accounting majors degree comes out ahead of other business majors:[footnote]National Association of Colleges and Employers. \u201cNACE Salary Survey,\u201d Winter 2024. https:\/\/www.uwosh.edu\/career\/wp-content\/uploads\/sites\/38\/2024\/01\/Winter-2024-Salary-Survey-Report.pdf[\/footnote]\r\n\r\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"0\">\r\n<tbody>\r\n<tr>\r\n<td style=\"width: 50%;\">Major<\/td>\r\n<td style=\"width: 50%;\">Median Pay with 4-year Degree<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Accounting<\/td>\r\n<td style=\"width: 50%;\">$65,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Marketing<\/td>\r\n<td style=\"width: 50%;\">$60,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Business Management and Administration<\/td>\r\n<td style=\"width: 50%;\">$63,500<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Human resources<\/td>\r\n<td style=\"width: 50%;\">$60,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/section>\r\n<p>[\/hidden-answer]<\/p>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what accounting is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what accounting is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses financial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses financial accounting<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand who uses managerial accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand who uses managerial accounting<\/span><\/li>\n<\/ul>\n<\/section>\n<section class=\"textbox connectIt\">\n<div id=\"tnh-video-picker\" class=\"videoPicker\">\n<h3>Different Kinds of Accountants<\/h3>\n<form><label>Select Video:<\/label><select name=\"video\"><option value=\"https:\/\/www.youtube.com\/embed\/Abi56urip1M\">A Day in the Life of a Tax Accountant<\/option><option value=\"\/\/plugin.3playmedia.com\/show?mf=10123117&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=z1B7lOaew_4&amp;video_target=tpm-plugin-fga0fk12-z1B7lOaew_4&#8243;\">Different Entry Level Accounting Jobs and Career Trajectories<\/option><option value=\"\/\/plugin.3playmedia.com\/show?mf=10123118&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=uOEqbW_E9ZE&amp;video_target=tpm-plugin-8a9g1lh9-uOEqbW_E9ZE\">Different Types of Accountants (described by a staff accountant with a masters degree)<\/option><\/select><\/form>\n<div class=\"videoContainer\"><iframe src=\"https:\/\/www.youtube.com\/embed\/Abi56urip1M\" allowfullscreen><\/iframe><\/div>\n<\/section>\n<p>You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/ADayintheLifeofanAccountantIndeed.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cA Day in the Life of an Accountant | Indeed\u201d here (opens in new window).<\/a><br \/>\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/TheDifferentEntryLevelAccountingJobs6Differences.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe Different Entry Level Accounting Jobs (6 Differences)\u201d here (opens in new window).<\/a><br \/>\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/DIFFERENTTYPESOFACCOUNTANTSYOUCANBE.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cDIFFERENT TYPES OF ACCOUNTANTS YOU CAN BE\u201d here (opens in new window).<\/a><\/p>\n<p>What type of accounting role is the best?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><button class=\"show-answer show-answer-button collapsed\" data-target=\"q892842\">Click to Show Sample Answer<\/button><\/p>\n<div id=\"q892842\" class=\"hidden-answer\" style=\"display: none\">What is the best for you depends on your preferences. Remember that just because someone says they find a particular job boring, you might have the completely opposite reaction! The best way to figure out whether accounting is a profession that you would enjoy is to take some classes, talk with your accounting professors, talk to people who work in accounting, and try it out in an accounting or bookkeeping internship. Your school&#8217;s career services office can help a lot with this type of career exploration.<\/p>\n<section class=\"textbox proTip\">The median annual entry-level salary of accounting majors degree comes out ahead of other business majors:<a class=\"footnote\" title=\"National Association of Colleges and Employers. \u201cNACE Salary Survey,\u201d Winter 2024. https:\/\/www.uwosh.edu\/career\/wp-content\/uploads\/sites\/38\/2024\/01\/Winter-2024-Salary-Survey-Report.pdf\" id=\"return-footnote-3240-1\" href=\"#footnote-3240-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 50%;\">Major<\/td>\n<td style=\"width: 50%;\">Median Pay with 4-year Degree<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Accounting<\/td>\n<td style=\"width: 50%;\">$65,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Marketing<\/td>\n<td style=\"width: 50%;\">$60,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Business Management and Administration<\/td>\n<td style=\"width: 50%;\">$63,500<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Human resources<\/td>\n<td style=\"width: 50%;\">$60,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/section>\n<\/div>\n<\/div>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-3240-1\">National Association of Colleges and Employers. \u201cNACE Salary Survey,\u201d Winter 2024. https:\/\/www.uwosh.edu\/career\/wp-content\/uploads\/sites\/38\/2024\/01\/Winter-2024-Salary-Survey-Report.pdf <a href=\"#return-footnote-3240-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":21,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"copyrighted_video\",\"description\":\"A Day in the Life of an Accountant | 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