Financial accounting records, classifies, summarizes, interprets, and communicates financial information for investors, managers, lenders, and tax authorities for the purpose of decision making. This information is presented in the form of four primary financial statements: the balance sheet, income statement, cash flow statement, and the statement of stockholders equity. Publicly traded companies are required to have their financial statements audited by Certified Public Accountants (CPA's) to verify that they are prepared in accordance with Generally Accepted Accounting Principles (GAAP).
Managers often use financial statements as a starting point for planning, implementing and evaluating their strategies. However, the information is often of limited value for day-to-day decision making because it is too aggregated, based on past (irrelevant) costs, prepared too late, and is not action oriented. For example, revenues and costs for all products are usually aggregated into one line item on the income statement, making it impossible to determine which products should be emphasized or discontinued. The field of managerial accounting, therefore, deals with extracting relevant information from the details of the accounting system and supplementing that with estimates of the future and non-financial information to make decisions that create value for the firm.
The accounting program at the University of Cincinnati is designed to prepare students for careers in public and corporate accounting through a rigorous course of study. This includes general education requirements, basic courses in all business disciplines, accounting courses, and career exploration/development courses. In order to sit for the CPA exam in the State of Ohio, students must have 36 quarter hours of accounting and a total of 225 quarter hours of college credit (equivalent to five years of college).
Graduates of the UC program can find career opportunities in public and/or corporate accounting. Employers include national/international public accounting firms (Big 4), regional/local public accounting firms, financial services firms, manufacturing firms, and retailers, in addition to others. Examples of jobs include CPA's in public auditing, tax or consulting, managerial/cost accountants, internal revenue agents, tax consultants, internal auditors, financial executives, and accounting professional in governmental and/or non-profit organizations.
Learn more by visiting the program outline or contact the program director: