The key Areas of Accountancy

Accounting Basics: Accounting Basics is the foundation of the subject. It is introduction to the subject, thus include everything accounting principle, components, financial statement, Cash Flow

Accounting Information System: Accounting Information System is regarded as collection and processing procedure of data in a manner useful to specific users.

Auditing: traditionally, auditing was done to know the financial system and records of the company. Today the scope has been widened to include security, safety, environmental and other concerns.

Balance Sheet Demystified: Balance sheet refers to the summary of the company’s or organization’s financial balances. It includes details about the assets, liabilities, and equity of the business firms.

Bookkeeping: It is the practice of recording business transaction and accounts. Every single transaction happening in a day is recorded and tallied at the end of day and month.

Cost Accounting: Cost Accounting is a recording of costs of the business. It is used by management for planning, controlling and decision-making.

Decision Making: It is choosing the best option from the available alternative choices.According to accounting, a decision involving least cost and maximum revenue is considered best.

FIFO Accounting: First in First out methodology refer to asset management and valuation.According to this methodology, the assets acquired or manufactured by the business first are to be sold or disposed of first.

Financial Accounting: Financial accounting is related to recording, classifying, summarizing and analyzing financial transactions of the business and preparing financial statements relating to the business.

Time Value of Money: The time value of money refers to the value of the money in present and future. It is believed that the value of money in the present is more compared to future value, as it has to potential to earn.

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