Accounting is much more than the recording of financial information and data. It develops knowledge, skills and the ability to make meaningful financial decisions in the social as well as the economic environments. Accounting is a language that provides information about the financial position of an organization. By learning this language you can communicate and understand the financial operations of any and all types of organizations. It includes the logical, systematic and accurate recording of financial transactions as well as the analysis and interpretation of financial statements.
The subject encompasses accounting knowledge, skills and values that focus on the financial accounting, managerial accounting and auditing fields. These fields cover a broad spectrum of accounting concepts and skills to prepare learners for a variety of career opportunities.
The study of Managerial Accounting includes concepts such as budgeting –a vital part of manufacturing enterprises.
Managing Resources cover basic internal control and audit processes as well as the adherence to a code of ethics, and knowledge and understanding of human rights and sound values in financial activities, which are so necessary in the modern day society.
Financial Accounting includes the following:
- Accounting concepts and manual or electronic (PASTEL) recording procedures for the sole trader, partnership, non-profit organization and company
- The Accounting equation VAT concepts, calculations and applications (Ledger and VAT 201)
- Bank, debtors and creditors reconciliations
- Analysis of published financial statements and audit reports
- Preparation and explanation of budget concepts
- Preparation and analysis of cost information for a manufacturing enterprise.
Should I take this subject?
From the topics covered it should be noted that pupils intending to take Accounting as a subject require ability in mathematical, calculation and logical thinking skills.
Read up on careers in Finance to find out more about Accounting-related careers.