Accounting is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organisation's economic activities, and conveys this information to a variety of users, including investors, creditors, management, and regulators.
Accounting can be divided into a few separate subjects:
Financial Accounting - This the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use.
Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision-making purposes.
Management Accounting - This the process of “identification, measurement, analysis, and interpretation of accounting information” that helps business leaders make sound financial decisions and efficiently manage their daily operations.
Cost Accounting - This is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail.
Cost accounting information is also commonly used in financial accounting, but its primary function is for use by managers to facilitate their decision-making.
Accounting is one of the backbones of the modern world, and the backbone of business. Behind every successful company is a skilled accountant – who understands how to use their knowledge of finance, mathematics, statistics, and economics to grow a business.
Accounting is suited for people who like to work with numbers and calculations. However, there are plenty of qualifications and jobs that deal with money, so how does accounting differ from other types of finance-related roles? One of the easiest ways to describe it is that accounting involves dealing with real revenues, actual transactions, and observable finance.
One of the primary roles of accountants is to prepare and examine financial records. Accountants ensure the accuracy of a person’s financial records, and that bills and taxes are paid properly and on time. Furthermore, if you want to branch out into economics or finance, accounting is a great stepping stone and will give you a solid foundation to lean on.
Accounting is a highly specialised subject but is about much more than just numbers. It looks specifically at the daily flow of money in and out of a business, keeping an eye on the balance and avoiding any future challenges.
As one of the oldest and safest professions, often referred to as a ‘job for life’, a degree in accountancy will certainly give you a wide variety of career options once you graduate.
Common jobs for people who acquire a degree in accounting and finance include:
Accounting lessons can start from around £14, with some tutors or teachers offering a first trial lesson free.
There are many tutors, teachers, instructors and service providers of varying experience and expertise, therefore the price can vary greatly. You must factor in location, the level of study for each course, your commitment, and the length of lessons.
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