INTRODUCTION TO ACCOUNTING AND ACCOUNTANCY

Introduction to accounting and accountancy
courses
is the right place to start your journey into the
interesting world of becoming the most efficient speaker of the language of
business – accounting.

Accountancy is the tenacious study of accounting, laws,
management, finance, economics, information technology and philosophy of
business operations. You may at this point be saying to yourself; Oh my God!
All these complex subjects? A lot of people say that accountancy is complex,
confusing, difficult, boring, uninteresting, etc, If you are among these
people, hear this from me today, accountancy or accounting is among the
interesting courses that anyone can study, all you need is the right learning
motivation. Ok, enough of these praises to accountancy. Let’s get down to
business.

OVERVIEW OF ACCOUNTANCY
COURSES

In this
section of this introduction to accountancy course, I will quickly discuss the
different subjects or courses that make up accountancy.

ACCOUNTING AND BOOKKEEPING

Accounting which can officially be described as those transparent processes of
collecting, sorting, organizing, analysing, interpreting, and communicating
useful, timely, relevant and cost effective information the use of interested
parties. Notice that accounting and bookkeeping are combined in the definition
provided above. The bookkeeper function stops at the stage where figures are
organised and presented as a trial balance.

Core accounting is sub divided into: Financial accounting, Cost accounting, and
Management accounting. The primary targets of financial accounting are the
external users of financial information. This includes; shareholders,
creditors, suppliers, trade unions, government, peer group, students, NGOs,
etc. On the other hand, cost accounting and managerial accounting provides
information for internal users of accounting information. There is really not
much difference between cost accounting and management but, management
accounting takes cost accounting further by refining and filtering cost
information generated through costing process, making it handy for economically
and socially informed decision.

Tools from neighbouring subjects like; operations research, quantitative
methods, statistics, etc have been borrowed accounting and will continue to do
so as the scope of accountancy courses deepens.

BUSINESS LAW

The nature of businesses all over the world made misunderstanding,
confusion and quarrel inevitable if there is no such thing as law that governs
business. The interaction of different people from different background and
origin cannot help but give room for chaos if there is no law and order. Accountancy
being the profession that speaks the language of business needs to stay attuned
to the laws, rules and regulations that govern business activities. At the very
basics, accountants are required to know the directions of company acts and
most especially, the areas that deal with the preparation of annual reports and
contract laws. Some universities and professional accountancy bodies allows
accounting students and trainees the option of taking advanced courses in
business laws.

AUDITING

The distinction between business management and ownership made it
imperative that some sort of stewardship accounting must be prepared. One thing
is to prepare the account; another thing is to get people to believe in the
system that generated the accounts. To settle this gap in confidence, there is
a need for an independent third party with vast knowledge of business
operations and accounting technicalities to look into the accounts. The role of
auditing a business cannot better be performed by any other professional other
than the accountant. Hence, auditing is a core subject in accountancy course.

TAXATION

Taxation is the study and application of tax in a given society. Tax
is a compulsory levy that the government of a country impose on her citizens. In
most countries like the UK, revenue from taxes is mostly what is used to
finance the governance of the kingdom. Due to the complexity involved in tax
and tax systems, accountants as the business communicators once again are
expected to live up to expectation of ensuring that functional and robust
system are built around taxes. Taxation as a subject is taken midway through
your training to become an accountant.

INFORMATION PROCESSING

The ‘now economy’ has turned accountants into information handling
professionals. Your training as an accountant will not be complete if you do
not take sufficient subjects on information manipulation. Accounting Information
System (AIS) and Management Information System (MIS) are among such courses-
note that these courses might come in different names depending on the school
you choose to attend for your accounting training.

MANAGEMENT
The training of accountants will be shollow if they are not exposed to management theories and philosophies. It can be argued that accountants make better managers when the opportunity to become one arises. The study of management as rightly blended into the curricula of accountancy programmes makes the whole experience of pataking in the noble profession rewarding from all facets of life.
INSURANCE
Apart from giving accounting students the basic ideas of what insurance and actuary services are, equiping accounting graduates with the necesarry insurance knowledge helps them understance the risk involved in practicing accounting and how to protect themselves using the right kind of indemnity service.

ECONOMICS
Accountancy as a discipline is an offspring of economics. Many models and theories that are used in accounting emanated from economics. Hence, better understanding and insight will be gained if accounting students are adequately exposed to basic economic theories and thoughts.

BUSINESS MATHS / MATHEMATICS
Business mathematics develops the analytical mind of the accountants thereby placing him or her in the right position to use managerial tools at his or her disposal.

MARKETING
Every discipline that we ever have involves one form of marketing or the other. In fact, economic activities will come to a halt if we fail to engage in marketing activities in all that we do.
There is no way on earth all the accountancy courses list and
briefly discussed above can be adequately treated in one website. Hence you can
follow some of the links provided above for an in-depth knowledge of the
individual subjects. The main theme of this website is to teach and freely
deliver high quality accounting lecture. So, seat back and explore the rest of
the site.