This discussion includes two things:
1) a voice message with its written transcript
2) and an essay using the induction method
Note: You may give me feedback on either the voice message or the essay. You don't need to work on both of them if you don't have enough time.
Regarding the voice message:
First and formost, you may listen to the voice message before reading the written transcript.
I need to know the words that I should check their pronunciations and to know the sentences that don't make sense.
Regarding the essay, I need correction to the mistakes that I have made.
The Voice Message, The DTL Account
a company that uses accrual accounting rules may be able to defer taxes on some of its income
This "unrealized" tax debt is put into an account on the balance sheet called deferred tax liability or DTL. The common source of DTL is the difference in depreciation expense treatment by tax laws and accounting rules. For instance, a company may use a straight-line method to calculate depreciation for financial statements purposes while tax regulations may allow it to use an accelerated method. Since the straight-line method produces lower depreciation when compared to the accelerated method, the accounting income is temporarily higher than its taxable income. The amount of DTL is gradually reduced through a series of accounting entries. And when the tax becomes due the DTL account and cash account will be reduced by the same amount.
Over the next five years I want to gain a deeper understanding of how the company operates. However, first I want to gain experience as a Cost Accountant at the company, which will put me on the path to achieve my goal of becoming as an Internal Auditor.
I have been a Financial Accountant for a few years and one of my sub-goals was to get reasons for all the effects and the results of the adjustments on the financial statements' accounts and I have managed to do this by figuring out the weaknesses of the accounting systems during my occupations and by creating a "financial project" using Excel programming, which worked as a simulator to what happened in the workplaces by adding some entries based on some invented transactions to closely notice the changes and the effects and to analyze the balances using some ratios.
I also tried my best to keep in contact with other accountants, who are friends, acquaintances and co-workers, who helped me to be aware of what happened in different industries and not to wast my time by being more realistic.
As far as I know, the Internal Auditor must be aware of every single thing of a particular department or of the whole business under his authority and the ultimate goal is to identify the weaknesses and to recommend the best way to reduce costs and to make more profits to the management.