Accounting or accountancy is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. It is closely related to fields like business studies, economics and even statistics or maths.
Accountancy is the practice of recording, classifying and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.
Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting. Accountancy is the subject which teaches us how to maintain the company’s expenses and revenue. In other words, we can say accountancy is the practice of recording, classifying and reporting on business transactions for a business. If you are good at calculating and managing polish accountancy skills, then the business of doing business is the best option for you.
Career oOtions:
There are various career opportunities for you if you wish to choose accountancy as your major subject. Accountants get very highly recognized even as they are highly paid. It is a very prosperous career for aspiring students. Some career options are:
- Public Accountant
- Tax Accountant
- Forensic Accountant
- Financial Accountant
- Managerial Accountant
- Financial Planner
- Internal Auditor
- Government Accountant
- Actuary
- Arbitrator
- Business development manager
- Data analyst
- Economist
- Licensed conveyancer
- Management consultant
- Mortgage adviser
- Chartered accountant
- Company secretary
All their career opportunities require a great deal of education and skill. If you are really willing to take up accountancy, then make sure you complete your masters as well.
Colleges and Universities:
Various universities and institutions worldwide provide great educational opportunities for competent students. Some of the renowned colleges are;
- Brigham Young University
- The University of Illinois
- Indiana University
- The University of Notre Dame
- The University of Michigan
- The University of Pennsylvania
- The University of Southern California
- New York University
- The University of Glasgow
- University of Strathclyde
- University of Warwick
- University of Leeds
- London School of Economics
- Harvard university
The 2 main entrance exams conducted in India for accountancy are:
- CA CPT (Chartered Accountant Common Proficiency Test): conducted by the institute of chartered accountants of India (ICIA)
- CSEET (CS Executive Entrance Test): The Institute of Company Secretary of India (ICSI)
Both these entrance exams are worldwide recognized since they are highly renowned and appreciated. You should also take part in various national accountancy quizzes to brush up and build up your skills. Data entry and balance sheet maintenance are all tasks that require deep study and the latest revisions.
Requirements :
It is always preferred that you should complete your masters as well.
Admission requirements for a bachelor’s degree in accounting include a minimum of a high school diploma or GED.
To get accepted into a graduate-level accounting program, you will need to complete courses in statistics, principles of accounting, finance and pre-calculus. You must also have a satisfactory Grade Point Average to show that you are a good student and you will perform in graduate school.
No task is easy and accounting is a very tedious job. It involves solving problems with accuracy and experience.
