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What Is Accounting Coursework?
Accounting is the measurement, processing, and communication of financial information about the financial transactions and other economic events in order to provide an accurate representation of economic reality. Accounting can be described as an information system that provides a quantitative, or numeric, representation of an organization’s economic activities.
Accounting originates from “account,” which means “to keep track of things.” The term was first used in 15th century Italy as conto. Accountants usually begin their career by working in public accounting firms, but most now start out with self-taught skills as an accountant’s assistant or intern.
Accounting is a diverse field, and it includes five major technical areas: accounting theory, financial accounting, management accounting, auditing and taxation. Accounting is something that we all interact with on a daily basis. Companies produce financial statements to inform investors about their profitability. The balance sheet lists the company’s assets, liabilities, and capital. If a company buys another company, it records the purchase in its assets and liabilities. Companies use accrual accounting to measure their profits. This means they report sales in the period they take place, not when the money changes hands. The cash-basis method measures profits when the money is received.
Types of Accounting That We Provide Coursework Service Includes;
- Financial accounting, which records transactions and events that affect the entity’s financial position.additionally, it may also include all expenditures and liabilities.
- Management accounting, which records transactions and events involving individual business units or departments.
- Taxation accounting- keeps track of taxes owed to the government by individuals and corporations.
- Governmental and not-for-profit accounting, which records transactions and events involving government units, nonprofit organizations, and other not-for-profit entities.
- Accounting research, which involves studying the theory, practice and history of accounting; this field is also known as accounting education or professional education of accountants.
- Auditing – is primarily concerned with the study of evidence and its interpretation to establish credibility. This is done by auditors for two reasons: to enable them to ascertain the reliability of financial statements and to advise clients how reliable the statements are.
Auditing is an independent assurance function that provides an objective opinion on the reliability of financial information used in social, political and economic decisions.
Importance of Accounting
- Accounting gives management a set of tools to use in improving performance. additionally, it provides the first indication that something is wrong and it improves transparency.
- Accounting provides information on the overall financial performance of an entity or organization. Financial statements are used to keep investors informed about the profitability of a given entity and its ability to repay the money advanced by creditors, such as banks.
- Accounting can be used for economic analysis and forecasting. Information about sales, revenues, profits, etc., is useful for many kinds of planning activity (e.g. production planning, marketing analysis, finance forecasting).
- Accounting can be used to communicate information to individuals and families in order to make them aware of the financial situation of the organization or person in question. It can also be used as a way for business managers to hold their staff accountable for up-to-date performance information, thus facilitating individual development plans.
- Accounting can be used for an investigation of accountability and appropriateness of a certain entity. This is often done through inquiries and investigative reports conducted by the organization’s auditor.
- Accounting can be used to document the financial transactions that take place within the company or organization, thus helping to provide evidence in court cases and regulatory agencies. This may involve a statutory audit or an external audit.
- Accounting can be used to ensure the financial health of an organization or person. This is often done through the preparation of financial statements and the like.
- Accounting can be used to establish and maintain an organization’s internal accounting system, which is generally critical for effective management of an organization’s finances.
- Accounting can provide clear and concise rules for dealing with money, including recording transactions, calculating interest, and tax calculation. The rules allow individuals to do simple arithmetic within the set arithmetic operations provided by their current system (e.g. accounting software), thus allowing for automation of certain tasks within their organization.
- Accounting can be used to measure, inform, and implement ethical principles for individual employees and managers within an organization or entity. This is common with the preparation of an organization’s annual financial statements as well as its annual report. The stated purpose of these statements is to bring to the fore the organization’s overall financial performance, thus reinforcing or evaluating key activities or sectors within an entity, as well as providing a general overview of conditions within the business in question.
Units / Courses Studied Under Accounting Coursework includes;-
- Financial Accounting
- Management Accounting
- Taxation Accounting
- Auditing and Assurance Services
- Accounting Research
- Forensic Accounting
- Business Research- Management Accounting
- Commercial Research & Development (CID)
- Cost Accounting
- Corporate Finance and Accounting
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