Government Accounting

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1) Report about different careers:

A. GOVERNMENT ACCOUNTANT

A government accountant helps the federal government, as well as state and local agencies - record and prepares financial reports in accordance with government accounting principles and professional standards. An accounting specialist also aids federal authorities in evaluating budget data, estimating revenue and expense levels, and adjusting social programs.

Based on theories:
Advantages:
* Challenging, Rewarding and Fulfilling Work
* Excellent Benefits
* Job Availability and Demand
* Competitive Salaries
* Career Progression

Disadvantage:
* Without solid government accounting experience, it’s almost impossible to progress to a senior management level.

B. GOVERNMENT AUDITOR

Government accountants and auditors maintain financial records for government agencies, and audit businesses in the private sector that are subject to government taxation or regulation. They make sure revenues due to Federal, State, and local governments are received. They also ensure expenditures are made in accordance with laws and regulations. Some are employed by the Federal government and work for the Internal Revenue Service. Others work in the government areas of financial management, financial institutions examination, or budget analysis and administrations. Based on interview:

Advantages:
* “You can all day from 8 am - 5 am of work and no night shifts for me so I can have enough rest to start on the next day; On weekends I am OFF that's why I can be able to spend more time with my family and salary wise, very much enough to provide my family what they need.” – Mrs. Vitto, (Government Auditor, COA)

Disadvantages:
* “Of course there are times that we have to be shuffled from different places and we didn't have any choice but to agree to where they want us to be, it is an disadvantage because we have to adapt again to different situation because the nature of our work depends on how big or developed that place is... for example I was assigned before to audit in Tanauan for almost a year, I was used to that place and the work and eventually we are assigned to Sto. Tomas which was a big town because of so many barangays integrated within Sto. Tomas. It was very difficult because we really have to meet the deadline for us to finish our Auditing for Sto. Tomas and sometimes we even have to visit each barangay to make sure that every funds are allocated appropriately to all their needs.” – Mrs. Vitto, (Government Auditor, COA)

C. FINANCIAL ACCOUNTANT

Financial accountants control the financial management systems of a business. Their role in a company is to extract and interpret information from financial records, advise on strategic direction, advise managers on daily financial decisions of a company, advice the board of directors, control the working capital of a business, ensuring that information with regard to debtors, creditors and stocks is maintained. 

The exact duties that a financial accountant may be required to perform would depend on the professional’s area of specialty. For example, a financial accountant may choose to specialize in internal auditing, management, public accounting or government accounting. 

Regardless of the area of specialty, the primary responsibility of a financial accountant is to provide their client with financial guidance. This may include assisting with budgeting and developing financial plans, but may also include monitoring budgets and taking care of taxes on behalf of the client.

Based on theories:
Advantages:
* Like management accountancy, this area is a good entry route for a newly qualified accountant looking for their first role in a commercial environment. The main difference between the two roles is that financial accountancy is better suited to those with a real enthusiasm and excellent...
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