Answers Key Payroll Accounting Project Chapter 7.30 ##BEST##
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The number of self-employed accountants is expected to increase by 4.2% to 1.5 million, with demand for accountants with a salary of $75,000 or more (including benefits) projected to grow by 1.3%, to 1.5 million.
The accounting profession is expected to be a continuous source of economic growth, particularly for those who excel in the profession. Employers will continue to expand the number of accountants they employ, in line with increased demand for accountants in the private sector. Several factors are also projected to contribute to this growth. Demand will likely be supported by an increase in the numbers of school graduates entering professional education, as well as an increase in the number of those entering the profession through self-employment. The growing number of accountants will in turn support the demand for their services.
As students enter professional life during the next decade, increasing numbers will become accountants. The number of accountants in the U.S. is expected to grow to 6.8 million by 2020, a 20% increase from the current number of 5.3 million. Demand for accountants will continue to increase as the population ages, with demand for senior accountants projected to grow by 14% from 2016 to 2026. During this decade, the increasing number of accountants will drive down costs to accountants and increase their pay. While accounting technician positions will remain stable, other low-paying accountancy positions, such as the entry-level accounting clerk or accounting associate, will be significantly enhanced. These positions will provide accountants with the training they need to enter, or return to, the profession.
The profession of accounting will remain a broad and diverse field, with accounting managers, accountants, auditors, bookkeepers, controllers, controllers/auditors, and accountants in other functions expected to all continue to participate in the profession.
Accountants will continue to be expected to be at the forefront of technology, as well as to communicate in ways that are appropriate for the profession and its clients. Accounting teams will continue to rely on technology to deliver services. However, due to the impact of technology on accounting, the largest changes will occur in the accounting roles beyond the traditional line-of-business application.
Knowledge of University-wide financial policies and procedures, including policies related to Capital Projects, Investment Management, Sponsored Programs, and General Fund, and the University’s financial reporting system.
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