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Accounting

Accounting

A specialized course under Business & Economics

Course Details

Accounting is concerned with recording financial transactions related to a business. The accounting process includes summarizing, analyzing, and reporting the financial transactions to oversight agencies, regulators, and tax collection entities. The financial statements summarize a company’s operations, financial position, and cash flows over a period. In general, these financial statements consist of a precise summary of financial transactions over an accounting period.

Accounting is one of the key functions for almost any business. It may be handled by a bookkeeper or an accountant at a small firm, or by finance departments with numerous employees at larger companies. The various streams of accounting, such as cost accounting and managerial accounting generate reports which are invaluable in helping management make informed business decisions.

Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement. A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) is required for larger or more advanced accounting tasks. Managerial accounting and Cost accounting are the two important types of accounting for businesses. Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.

Career Prospect

Accounting jobs range from entry-level to executive level. Accountants play a very important role in any business. Be it managing payroll or auditing or financial management, it is a very crucial part of an organization. The demand for accountants by different companies, small to large, well-established to recently established, is increasing. Eligible candidates can find jobs in public, private, or non-profit industries and companies. After graduation, you can choose among a number of career profiles such as clerk, payroll clerks, and accounts clerk.

Career Opportunity

  • Finance Managers
  • Financial Controllers
  • Financial Advisors
  • Directors (Finance)
  • Certified Public Accountant
  • Chief Financial Officer
  • Chartered Management Accountant
  • Company Secretary

Employment Opportunity

The position you are holding in the accounting department will influence your salary. The accountants and auditors earn an average salary of $61,690 per year. The average pay of an accounting manager is Rs 606,014 per year. With experience over the years, your pay will see a gradual increment. Chartered Accountants (CA) in the private sector get a handsome salary. Just like any other position, the salary of an accountant depends on several factors including experience, specialties, education and designations, and the company for which you work. According to the IMA, the compensation for certified management accountants globally is 55% higher than that of non-CMAs.

Course Under Science

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