Accounting Department

Accounting and Higher Education

Please view the video on the latest with accountants and higher education today!

http://www.accountingtoday.com/video/?id=71720

Congratulations BPA Winners!

BPA

Accounting and the Super Bowl

NFL player’s salaries are big but the gigantic winners this year – the Denver Broncos and the Seattle Seahawks – are playing in the Super Bowl today! If you ask a player they will say the Super Bowl is not about the money.
In a regular season, the new players make an annual salary of $400,000 and the oldies like Peyton Manning amass an annual salary of $15 million. Winning the Super Bowl adds an additional $92k for the winners and $46k for the losing team per player. The winning team get to leave with the infamous Super Bowl Ring worth about $5k in tangible value and $$$$ in the prestige of acquiring a Super Bowl charm.
Since I am not a football fan I watch the Super Bowl for the commercials. This year the average 30 second commercial costs $4 million!! That is a mere $133,000 per each second!! I look forward to seeing these exciting ads!
Cheers to the teams and the ads!!

So you want to be an Accountant!!

Accountants transact various financial and business-oriented duties so an organization runs efficiently and effectively. The curriculum at Dakota County Technical College AAS degree combines accounting principles with important business knowledge to give you just the type of well-rounded education employers seek. Our courses provide you with basic and intermediate accounting methods such as the manner to record and analyze financial information, analyze and process managerial accounting concepts, and comprehend various accounting software packages. For more information, please email us at nancy.shoemake@dctc.edu.

Education benefits come tax time

As school get back in session on January 13th, you may stop and take a look at various benefits from your schooling.  Number One on the list is   the “American Opportunity Tax Credit”. This allows a credit up to $2500 for tuition and books.  Number Two is the “Lifetime Learning Credit”. This credit allows a deduction for a percentage of qualified expenses paid for any year the American Opportunity Credit isn’t claimed.  Number  Three on the list is a potential deduction for student loan interest paid. Finally, learn about the various education savings accounts that allow annual nondeductible contributions for children under 18, with tax-free withdrawals for qualifying education expenses.

Santa keeps good accounting records!!

Even Santa has to keep a good accounting of his activities. Enjoy this link!
http://finance.yahoo.com/blogs/breakout/checking-twice-accounting-firm-audits-santa-claus-152727900.html

I want to be an Accountant!!

So you think you like math and decide to go into accounting for a degree. What the heck will you do? The sky is the limit!
Some accountants are directly involved in preparing an organization’s financial statements. This may include maintaining the general ledger.
Other accountants may handle the accounts payable or accounts receivable segment of a firm. Other accountants work with a corporation’s management in analyzing costs of operations, products, and special projects. Usually this will also involve budgeting and preparing reports which compare budgeted figures to actual numbers.Some accountants work as a corporation’s internal auditor while many accountants are certified public accountants  who audit the financial statements of many corporations and other organizations.

Some accountants choose to have his or her own accounting firm and  focus on assisting small businesses with  accounting software, financial statements, income tax returns, tax planning, investment decisions, etc.

There are many opportunities that accountants have available. Accountants can also use their formal college education with many types of businesses and organizations such as manufacturers, retailers, financial institutions, accounting firms, government agencies, nonprofit organizations, and more.

Five finals week distractions to watch out for | USA TODAY College

Five finals week distractions to watch out for | USA TODAY College.

Look into the NonProfit Sector when thinking about a job

We generally do not think about nonprofit companies when considering job placement, but the nonprofit sector is an enormous contributor to the U.S. economy. According to the National Center for Charitable Statistics:

An estimated 2.3 million nonprofit organizations operate in the United States
There were 323,039 congregations in the United States in September 2013.
In 2011, 26.8% of adults in the United States volunteered with an organization. Volunteers contributed 15.2 billion hours, worth an estimated $296.2 billion.
Gifts from individuals, foundations, corporations and bequests were $298.42 billion in 2011.
- Individuals gave $217.79 billion in 2011
- Foundations gave $46.9 billion in 2011
In 2011, public charities reported $1.59 trillion in revenue, $1.49 trillion in expenses, and $2.87 trillion in total assets.
- 22% came from contributions, gifts and government grants
- 72% from program service revenues (including government fees and contracts)
- 6% from other sources (dues, rental income, special events, gains/losses from goods sold)

The largest nonprofits in Minnesota in 2011 and their gross receipts (in millions) :
Blue Cross and Blue Shield of Minnesota $9,256.9
Mayo Clinic 8,516.0
Medica 4,372.6
HealthPartners 3,859.4
Allina Health System 3,236.9
Fairview Health Services 2,575.1
UCare 1,756.0
Essentia Health 1,593.5
Park Nicollet Health Services 1,198.2
CentraCare Corp. 917.7

The largest Fortune 500 corporations in Minnesota in 2011, according to CNN Money.
Revenues
(in millions)
1 UnitedHealth Group $101,862.0
2 Target 69,865.0
3 Best Buy 50,272.0
4 Supervalu 37,534.0
5 CHS 36,915.8
6 3M 29,611.0
7 U.S. Bancorp 21,399.0
8 Medtronic 15,933.0
9 General Mills 14,880.2
10 Land O’Lakes 12,849.3

Greetings from the Accounting Department!!

Would you like to know more about the field of Accounting? Check back often to gain insight into Accounting careers and the latest news here at DCTC.

Lyle, Patti, Marie and Nancy