{"id":8359,"date":"2023-09-29T14:41:46","date_gmt":"2023-09-29T14:41:46","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/?post_type=chapter&#038;p=8359"},"modified":"2025-08-29T20:46:55","modified_gmt":"2025-08-29T20:46:55","slug":"finance-and-accounting-learn-it-1","status":"web-only","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/chapter\/finance-and-accounting-learn-it-1\/","title":{"raw":"Finance and Accounting: Learn It 1","rendered":"Finance and Accounting: Learn It 1"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li>Explain fundamental financial math topics, including interest rates, financial statements, and budgeting<\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Why Do We Need Financial Information?<\/h2>\r\n<section>\r\n<div>\r\n[caption id=\"attachment_7202\" align=\"alignright\" width=\"351\"]<img class=\"wp-image-7202\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/09\/22182604\/11322953266_46d8906a42_k.jpg\" alt=\"calculator, balance sheets, a pair of reading glasses \" width=\"351\" height=\"234\" \/> Figure 1. Financial information is important for many things[\/caption]\r\n\r\n<p>In the same way that you track your monthly spending, businesses have large groups of stakeholders who have a vested interest in the continued success of the enterprise. If a business, whether for-profit or nonprofit, becomes financially insolvent and can't pay its bills, it will be forced to close. Financial information enables a business to track its accounts and make informed financial decisions.<\/p>\r\n<p>Each business needs financial information to be able to answer questions such as the following:<\/p>\r\n<ul>\r\n\t<li>How much cash does the business need to pay its bills and employees?<\/li>\r\n\t<li>Is\u00a0the business profitable, earning more income than it pays in expenses, or is it losing money and possibly in danger of closing?<\/li>\r\n\t<li>How much of a particular product or mixture of products should the business produce and sell?<\/li>\r\n\t<li>What is the cost of\u00a0making the goods or providing the service?<\/li>\r\n\t<li>What are the business\u2019s daily, monthly, and annual expenses?<\/li>\r\n\t<li>Do customers owe money to the business, and are they paying on time?<\/li>\r\n\t<li>How much money does the business owe to vendors (suppliers), banks, or other investors?<\/li>\r\n<\/ul>\r\n<\/div>\r\n<\/section>\r\n<h2>What Is Accounting?<\/h2>\r\n<p id=\"fs-idm265844704\"><strong><span id=\"term-00012\" data-type=\"term\">Accounting<\/span><\/strong> is the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities. It results in reports that tell the financial story of the organization. All types of organizations\u2014businesses, hospitals, schools, government agencies, and civic groups\u2014use accounting procedures. Accounting provides a framework for looking at past performance, current financial health, and possible future performance. It also provides a framework for comparing the financial positions and financial performances of different firms. Understanding how to prepare and interpret financial reports will enable you to evaluate two companies and choose the one that is more likely to be a good investment.<\/p>\r\n<center>\r\n[caption id=\"attachment_7698\" align=\"aligncenter\" width=\"534\"]<img class=\"wp-image-7698\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19211225\/L16.1.1.png\" alt=\"The illustration shows the first step as, classify, summarize and analyze data. This flows into the second step, prepare financial reports. This flows into the third step, use financial reports to evaluate the firm and make decisions.\" width=\"534\" height=\"216\" \/> Figure 2. The Accounting System[\/caption]\r\n<\/center><center><\/center>\r\n<p>&nbsp;<\/p>\r\n<p id=\"fs-idm264351920\">The accounting system shown below\u00a0converts the details of financial transactions (sales, payments, purchases, and so on) into a form that people can use to evaluate the firm and make decisions. Data become information, which in turn becomes reports. These reports describe a firm\u2019s financial position at one point in time and its financial performance during a specified period. Financial reports include\u00a0financial statements<em data-effect=\"italics\">,<\/em>\u00a0such as balance sheets and income statements, and special reports, such as sales and expense breakdowns by product line.<\/p>\r\n<div id=\"fs-idm271633872\" class=\"os-figure\">\r\n<h3 class=\"os-caption-container\">Bookkeeping vs. Accounting<\/h3>\r\n<p class=\"os-caption-container\">Accounting is often confused with bookkeeping. <strong>Bookkeeping<\/strong> is the manual or electronic process of recording the financial transactions of a business. <strong>Accounting<\/strong> includes bookkeeping, but it\u00a0goes further to\u00a0analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services.<\/p>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"350\"]8598[\/ohm2_question]<\/section>\r\n<\/div>\r\n<h2>Who Uses Financial Reports?<\/h2>\r\n<center>\r\n[caption id=\"attachment_1823\" align=\"aligncenter\" width=\"1024\"]<img class=\"wp-image-1823 size-large\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19161208\/91aeb358dfc77e8f09016f3173e77454686e3f60.png\" alt=\"The diagram shows the accounting system at the center, and branching to the left and right. To the left is internal reporting, managerial accounting. To the right is external reporting, financial accounting. On the internal side, the diagram reads as follows. Financial reports for internal use by company management; sales reports, production cost reports, and other detailed financial reports. On the external reporting side, the diagram reads as follows. Financial statements for use by investors, lenders, and others outside the organization; balance sheet, income statement, and statement of cash flows.\" width=\"1024\" height=\"506\" \/> Figure 3. Reports Provided by the Accounting System (Attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license.)[\/caption]\r\n<\/center><center><\/center>\r\n<p>&nbsp;<\/p>\r\n<p>The accounting system generates two types of financial reports, as shown above: internal and external. Internal reports are used within the organization.<\/p>\r\n<h3>Managerial Accounting<\/h3>\r\n<p>As the term implies, <strong><span id=\"term-00013\" data-type=\"term\">managerial accounting<\/span><\/strong>\u00a0provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations. For instance, the sales reports prepared by managerial accountants show how well marketing strategies are working, as well as the number of units sold in a specific period of time.<\/p>\r\n<p>This information can be used by a variety of managers within the company in operations as well as in production or manufacturing to plan future work based on current financial data. Production cost reports can help departments track and control costs, as well as zero in on the amount of labor needed to produce goods or services. In addition, managers may prepare very detailed financial reports for their own use and provide summary reports to top management, providing key executives with a \u201csnapshot\u201d of business operations in a specific timeframe.<\/p>\r\n<h3>Financial Accounting<\/h3>\r\n<p id=\"fs-idm270929008\"><strong><span id=\"term-00014\" data-type=\"term\">Financial accounting<\/span><\/strong>\u00a0focuses on preparing external financial reports that are used by outsiders; that is, people who have an interest in the business but are not part of the company\u2019s management. Although they provide useful information for managers, these reports are used primarily by lenders, suppliers, investors, government agencies, and others to assess the financial strength of a business.<\/p>\r\n<p>Note that both managerial and financial accounting involve preparing financial reports, but only in financial accounting do you prepare financial statements.<\/p>\r\n<section class=\"textbox proTip\">\r\n<p>You may be asking \"What type of accounting role is the best?\" 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>\r\n<section class=\"textbox proTip\">The median annual salary of accounting majors degree comes out ahead of many other business majors:[footnote]CEW Georgetown. \u201cThe Economic Value of College Majors,\u201d 2015. https:\/\/cew.georgetown.edu\/cew-reports\/valueofcollegemajors\/.[\/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 [latex]4[\/latex]-year Degree<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Accounting<\/td>\r\n<td style=\"width: 50%;\">[latex]$69,000[\/latex]<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Marketing<\/td>\r\n<td style=\"width: 50%;\">[latex]$63,000[\/latex]<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Business Management and Administration<\/td>\r\n<td style=\"width: 50%;\">[latex]$62,000[\/latex]<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 50%;\">Human resources<\/td>\r\n<td style=\"width: 50%;\">[latex]$58,000[\/latex]<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/section>\r\n<section class=\"textbox seeExample\">\r\n<h3>What's It Like to Be an Accountant?<\/h3>\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9688741&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=Eb7acDJf05k&amp;video_target=tpm-plugin-6ucwfnar-Eb7acDJf05k\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/ProsConsofBeinganAccountantSalaryWorklifebalanceQA.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cPros &amp; Cons of Being an Accountant | Salary, Work-life balance, &amp; Q&amp;A\u201d here (opens in new window).<\/span><\/a><\/p>\r\n<\/section>\r\n<section class=\"textbox connectIt\">[videopicker divId=\"tnh-video-picker\" title=\"Different Kinds of Accountants\" label=\"Select Video\"] [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\"] [\/videopicker]\r\n\r\n<p>&nbsp;<\/p>\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><\/p>\r\n<p>You 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><\/p>\r\n<p>You 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<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li>Explain fundamental financial math topics, including interest rates, financial statements, and budgeting<\/li>\n<\/ul>\n<\/section>\n<h2>Why Do We Need Financial Information?<\/h2>\n<section>\n<div>\n<figure id=\"attachment_7202\" aria-describedby=\"caption-attachment-7202\" style=\"width: 351px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7202\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/09\/22182604\/11322953266_46d8906a42_k.jpg\" alt=\"calculator, balance sheets, a pair of reading glasses\" width=\"351\" height=\"234\" \/><figcaption id=\"caption-attachment-7202\" class=\"wp-caption-text\">Figure 1. Financial information is important for many things<\/figcaption><\/figure>\n<p>In the same way that you track your monthly spending, businesses have large groups of stakeholders who have a vested interest in the continued success of the enterprise. If a business, whether for-profit or nonprofit, becomes financially insolvent and can&#8217;t pay its bills, it will be forced to close. Financial information enables a business to track its accounts and make informed financial decisions.<\/p>\n<p>Each business needs financial information to be able to answer questions such as the following:<\/p>\n<ul>\n<li>How much cash does the business need to pay its bills and employees?<\/li>\n<li>Is\u00a0the business profitable, earning more income than it pays in expenses, or is it losing money and possibly in danger of closing?<\/li>\n<li>How much of a particular product or mixture of products should the business produce and sell?<\/li>\n<li>What is the cost of\u00a0making the goods or providing the service?<\/li>\n<li>What are the business\u2019s daily, monthly, and annual expenses?<\/li>\n<li>Do customers owe money to the business, and are they paying on time?<\/li>\n<li>How much money does the business owe to vendors (suppliers), banks, or other investors?<\/li>\n<\/ul>\n<\/div>\n<\/section>\n<h2>What Is Accounting?<\/h2>\n<p id=\"fs-idm265844704\"><strong><span id=\"term-00012\" data-type=\"term\">Accounting<\/span><\/strong> is the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities. It results in reports that tell the financial story of the organization. All types of organizations\u2014businesses, hospitals, schools, government agencies, and civic groups\u2014use accounting procedures. Accounting provides a framework for looking at past performance, current financial health, and possible future performance. It also provides a framework for comparing the financial positions and financial performances of different firms. Understanding how to prepare and interpret financial reports will enable you to evaluate two companies and choose the one that is more likely to be a good investment.<\/p>\n<div style=\"text-align: center;\">\n<figure id=\"attachment_7698\" aria-describedby=\"caption-attachment-7698\" style=\"width: 534px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7698\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19211225\/L16.1.1.png\" alt=\"The illustration shows the first step as, classify, summarize and analyze data. This flows into the second step, prepare financial reports. This flows into the third step, use financial reports to evaluate the firm and make decisions.\" width=\"534\" height=\"216\" \/><figcaption id=\"caption-attachment-7698\" class=\"wp-caption-text\">Figure 2. The Accounting System<\/figcaption><\/figure>\n<\/div>\n<div style=\"text-align: center;\"><\/div>\n<p>&nbsp;<\/p>\n<p id=\"fs-idm264351920\">The accounting system shown below\u00a0converts the details of financial transactions (sales, payments, purchases, and so on) into a form that people can use to evaluate the firm and make decisions. Data become information, which in turn becomes reports. These reports describe a firm\u2019s financial position at one point in time and its financial performance during a specified period. Financial reports include\u00a0financial statements<em data-effect=\"italics\">,<\/em>\u00a0such as balance sheets and income statements, and special reports, such as sales and expense breakdowns by product line.<\/p>\n<div id=\"fs-idm271633872\" class=\"os-figure\">\n<h3 class=\"os-caption-container\">Bookkeeping vs. Accounting<\/h3>\n<p class=\"os-caption-container\">Accounting is often confused with bookkeeping. <strong>Bookkeeping<\/strong> is the manual or electronic process of recording the financial transactions of a business. <strong>Accounting<\/strong> includes bookkeeping, but it\u00a0goes further to\u00a0analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services.<\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm8598\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=8598&theme=lumen&iframe_resize_id=ohm8598&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><\/section>\n<\/div>\n<h2>Who Uses Financial Reports?<\/h2>\n<div style=\"text-align: center;\">\n<figure id=\"attachment_1823\" aria-describedby=\"caption-attachment-1823\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1823 size-large\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19161208\/91aeb358dfc77e8f09016f3173e77454686e3f60.png\" alt=\"The diagram shows the accounting system at the center, and branching to the left and right. To the left is internal reporting, managerial accounting. To the right is external reporting, financial accounting. On the internal side, the diagram reads as follows. Financial reports for internal use by company management; sales reports, production cost reports, and other detailed financial reports. On the external reporting side, the diagram reads as follows. Financial statements for use by investors, lenders, and others outside the organization; balance sheet, income statement, and statement of cash flows.\" width=\"1024\" height=\"506\" \/><figcaption id=\"caption-attachment-1823\" class=\"wp-caption-text\">Figure 3. Reports Provided by the Accounting System (Attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license.)<\/figcaption><\/figure>\n<\/div>\n<div style=\"text-align: center;\"><\/div>\n<p>&nbsp;<\/p>\n<p>The accounting system generates two types of financial reports, as shown above: internal and external. Internal reports are used within the organization.<\/p>\n<h3>Managerial Accounting<\/h3>\n<p>As the term implies, <strong><span id=\"term-00013\" data-type=\"term\">managerial accounting<\/span><\/strong>\u00a0provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations. For instance, the sales reports prepared by managerial accountants show how well marketing strategies are working, as well as the number of units sold in a specific period of time.<\/p>\n<p>This information can be used by a variety of managers within the company in operations as well as in production or manufacturing to plan future work based on current financial data. Production cost reports can help departments track and control costs, as well as zero in on the amount of labor needed to produce goods or services. In addition, managers may prepare very detailed financial reports for their own use and provide summary reports to top management, providing key executives with a \u201csnapshot\u201d of business operations in a specific timeframe.<\/p>\n<h3>Financial Accounting<\/h3>\n<p id=\"fs-idm270929008\"><strong><span id=\"term-00014\" data-type=\"term\">Financial accounting<\/span><\/strong>\u00a0focuses on preparing external financial reports that are used by outsiders; that is, people who have an interest in the business but are not part of the company\u2019s management. Although they provide useful information for managers, these reports are used primarily by lenders, suppliers, investors, government agencies, and others to assess the financial strength of a business.<\/p>\n<p>Note that both managerial and financial accounting involve preparing financial reports, but only in financial accounting do you prepare financial statements.<\/p>\n<section class=\"textbox proTip\">\n<p>You may be asking &#8220;What type of accounting role is the best?&#8221; 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>\n<section class=\"textbox proTip\">The median annual salary of accounting majors degree comes out ahead of many other business majors:<a class=\"footnote\" title=\"CEW Georgetown. \u201cThe Economic Value of College Majors,\u201d 2015. https:\/\/cew.georgetown.edu\/cew-reports\/valueofcollegemajors\/.\" id=\"return-footnote-8359-1\" href=\"#footnote-8359-1\" 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 [latex]4[\/latex]-year Degree<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Accounting<\/td>\n<td style=\"width: 50%;\">[latex]$69,000[\/latex]<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Marketing<\/td>\n<td style=\"width: 50%;\">[latex]$63,000[\/latex]<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Business Management and Administration<\/td>\n<td style=\"width: 50%;\">[latex]$62,000[\/latex]<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50%;\">Human resources<\/td>\n<td style=\"width: 50%;\">[latex]$58,000[\/latex]<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/section>\n<section class=\"textbox seeExample\">\n<h3>What&#8217;s It Like to Be an Accountant?<\/h3>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=9688741&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=Eb7acDJf05k&amp;video_target=tpm-plugin-6ucwfnar-Eb7acDJf05k\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/ProsConsofBeinganAccountantSalaryWorklifebalanceQA.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cPros &amp; Cons of Being an Accountant | Salary, Work-life balance, &amp; Q&amp;A\u201d here (opens in new window).<\/span><\/a><\/p>\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<p>&nbsp;<\/p>\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><\/p>\n<p>You 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><\/p>\n<p>You 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<\/section>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-8359-1\">CEW Georgetown. \u201cThe Economic Value of College Majors,\u201d 2015. https:\/\/cew.georgetown.edu\/cew-reports\/valueofcollegemajors\/. <a href=\"#return-footnote-8359-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":15,"menu_order":10,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"What Is Accounting from Financial Accounting\",\"author\":\"Debbie Porter and Lumen Learning\",\"organization\":\"\",\"url\":\"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/chapter-1\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"14.1 Accounting: More than Numbers\",\"author\":\"Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt\",\"organization\":\"OpenStax\",\"url\":\"https:\/\/openstax.org\/books\/introduction-business\/pages\/14-1-accounting-more-than-numbers\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Access for free at https:\/\/openstax.org\/books\/introduction-business\/pages\/1-introduction\"},{\"type\":\"cc\",\"description\":\"Accounting Defined from Financial Accounting\",\"author\":\"Debbie Porter and Lumen Learning\",\"organization\":\"\",\"url\":\"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/accounting-defined\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Revision and adaptation\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Numbers and Finance\",\"author\":\"Reynermedia\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/89228431@N06\/11322953266\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Practice Questions\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Pros & Cons of Being an Accountant | Salary, Work-life balance, & Q&A\",\"author\":\"From Head to Curve\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/Eb7acDJf05k\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"A Day in the Life of an Accountant | Indeed\",\"author\":\"\",\"organization\":\"Indeed\",\"url\":\"https:\/\/youtu.be\/Abi56urip1M\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"The Different Entry Level Accounting Jobs (6 Differences)\",\"author\":\"The Financial Controller\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/z1B7lOaew_4\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"copyrighted_video\",\"description\":\"DIFFERENT TYPES OF ACCOUNTANTS YOU CAN BE\",\"author\":\"blordAF\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/uOEqbW_E9ZE\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":92,"module-header":"learn_it","content_attributions":[{"type":"cc","description":"What Is Accounting from Financial Accounting","author":"Debbie Porter and Lumen Learning","organization":"","url":"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/chapter-1\/","project":"","license":"cc-by","license_terms":""},{"type":"original","description":"14.1 Accounting: More than Numbers","author":"Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt","organization":"OpenStax","url":"https:\/\/openstax.org\/books\/introduction-business\/pages\/14-1-accounting-more-than-numbers","project":"","license":"cc-by","license_terms":"Access for free at https:\/\/openstax.org\/books\/introduction-business\/pages\/1-introduction"},{"type":"cc","description":"Accounting Defined from Financial Accounting","author":"Debbie Porter and Lumen Learning","organization":"","url":"https:\/\/courses.lumenlearning.com\/finaccounting\/chapter\/accounting-defined\/","project":"","license":"cc-by","license_terms":""},{"type":"original","description":"Revision and adaptation","author":"Linda Williams and Lumen Learning","organization":"","url":"","project":"","license":"cc-by","license_terms":""},{"type":"cc","description":"Numbers and Finance","author":"Reynermedia","organization":"","url":"https:\/\/www.flickr.com\/photos\/89228431@N06\/11322953266\/","project":"","license":"cc-by","license_terms":""},{"type":"original","description":"Practice Questions","author":"Nina Burokas","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""},{"type":"copyrighted_video","description":"Pros & Cons of Being an Accountant | Salary, Work-life balance, & Q&A","author":"From Head to Curve","organization":"","url":"https:\/\/youtu.be\/Eb7acDJf05k","project":"","license":"arr","license_terms":"Standard YouTube License"},{"type":"copyrighted_video","description":"A Day in the Life of an Accountant | Indeed","author":"","organization":"Indeed","url":"https:\/\/youtu.be\/Abi56urip1M","project":"","license":"arr","license_terms":"Standard YouTube License"},{"type":"copyrighted_video","description":"The Different Entry Level Accounting Jobs (6 Differences)","author":"The Financial Controller","organization":"","url":"https:\/\/youtu.be\/z1B7lOaew_4","project":"","license":"arr","license_terms":"Standard YouTube License"},{"type":"copyrighted_video","description":"DIFFERENT TYPES OF ACCOUNTANTS YOU CAN BE","author":"blordAF","organization":"","url":"https:\/\/youtu.be\/uOEqbW_E9ZE","project":"","license":"arr","license_terms":"Standard YouTube License"}],"internal_book_links":[],"video_content":[{"divId":"tnh-video-picker","title":"Different Kinds of Accountants","label":"Select Video","video_collection":[{"displayName":"A Day in the Life of a Tax Accountant","value":"https:\/\/www.youtube.com\/embed\/Abi56urip1M"},{"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"},{"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"}]}],"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapters\/8359"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/wp\/v2\/users\/15"}],"version-history":[{"count":17,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapters\/8359\/revisions"}],"predecessor-version":[{"id":15945,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapters\/8359\/revisions\/15945"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/parts\/92"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapters\/8359\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/wp\/v2\/media?parent=8359"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/pressbooks\/v2\/chapter-type?post=8359"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/wp\/v2\/contributor?post=8359"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/quantitativereasoning\/wp-json\/wp\/v2\/license?post=8359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}