There are always common misconceptions about accounting. Break the stereotypes and find out what they are when you read this article by MSB Accounting. The common misconceptions about accounting that you need to know are the following:
Misconception 1: Accountants are like lawyers.
Accountants are not like lawyers. They don’t write court documents. They don’t have the power to make decisions. They are not even allowed to give advice. Accountants work for companies and make sure that the numbers add up.
Misconception 2: Accountants are good at tax.
Accountants are good at what they do, but they are not good at tax. It is a job that requires you to have a good understanding of the tax system, and you have to know how to interpret the tax rules.
Misconception 3: Accountants do not write books or articles.
Accountants write books and articles. If you want to write a book or an article about your accounting subject, you need to be an accountant.
Misconception 4: You can be a tax accountant and still do your job as an accountant.
If you want to work as an accountant, you have to do your job as an accountant. That means you have to know the accounting principles, rules, and regulations. You also have to understand the tax rules. If you want to be a tax accountant, you have to be an accountant.
Misconception 5: Accountants are like the IRS.
1. Accounting is boring.
There is no such thing as a boring subject in the world of accounting. It is a complex subject that can be both exciting and boring at the same time. It can be exciting because you will learn a lot about the financial statements of a company. It can be boring because you will learn a lot about the internal workings of a company. But, there are always new things that you will learn and new ways of solving problems.
2. Accounting is a very technical subject.
This is not true. If you are an accounting student, you will learn about accounting software and accounting standards. But, you will also learn about how companies make decisions and how they use accounting to communicate with the outside world.
3. Accounting is very complicated.
This is not true. The majority of the rules that you will learn are the same for all companies. The complexity comes from the different ways that companies present their financial statements. For example, a company may use the cash method or the accrual method. There are also different ways of reporting on the balance sheet and the income statement.
4. Accounting is just about numbers.
This is not true.