Competitive Exams Accountancy: Education

Accounting Education

Accounting education is an essential part of our education because without such education, we can not calculate our income, our saving and our financial strength. In general, every person of this world need accounting education for maintaining their personal record. This is also called personal book keeping. But when we study the theoretical concept of accounting education, we find different definitions and rules and regulation for proper accounting.

Now let us start What is Accounting Education?

Accounting Education is combination of two words Accounting education = Accounting + Education

Accounting

Accounting is not counting but it is science which is helpful for hunting for the results of business. Accounting is recording, analysis and finalisation of large scale business transactions. Accounting introduces all tools and techniques to solve many or almost every problem of businessmen, factories, Corporations and firms relating to maintaining accounts and different financial reports.

Education

Education is way to get knowledge with scientific method. According to Swami Vivekananda the great philosopher said that it makes us self-confident. It is just use of person's internal powers. After getting education, person gets moral and professional qualities. After getting education any body can do any professional work. All other persons respect because he is well educated.

Accounting Education

Mixer of both words makes accounting education. Accounting education may be defined as that part of education which provide us the knowledge about accounting terms, journal, ledger, final accounts, analysis and interpretation the result of business. Moreover, this education provide all knowledge of cost calculation and control and it gives different tools for analysis the financial statement. It is very helpful for making business planning. In single line, I say, Accounting is brain of Business, with it business becomes mad and there is no chance to develop it. If you are perfect in this field of education you can easily maintain not only your head office accounts but all the accounts of your all branches. You can maintain the accounts not only your business but you will understand every business like agricultural, industrial and any other service sectoral accounts. Here I want to explain service sector, service sector is a sector where services are being provided by service providers. So professional accountant can easily understand the terms subscription, fees, donation, fund, provident fund, allowance, and gratuity.

Objective of Accounting Education

Almighty has sent us on the earth. What is the objective of sending us on earth? If you do not know then you can not say that there is no any objective of sending us on the earth. Because your thinking of your brain is very limited but God is supreme power who knows the aim of your sending on earth. He wants that you will do any work and make whole world beautiful and wonderful. Like this there are so many objectives of accounting education.

  • Accounting education helps you proper utilization of your money and capital.

  • It will tell you that you are getting high rate of investment or not.

  • What is your earning per share.

  • It will help you to making planning, policies. Proper accounting education if you will get from our accounting expert, you will become not only accounts manager but also professional Scholar in the field of accounting education. Because today, different concepts, principals of different area are changing. In this changing environment, accountant will have to adjust.

  • If you will not get these new and technical knowledge in the field of accounting, then you will fail in the field of accounting. These days duty of accountant is not limited up to voucher entries in computer. But they have to decide proper utilization of the capital and saving non useful expenditures.

Areas of Accounting

Financial Accounting

Financial accounting is relating to record all financial activity. These activities are related to business. Because of area of business is increasing day by day so the area of financial accounting is also increasing. Every day a new type of business is started. So daily accountant invents a new journal entry. Accountant will take the help of financial accounting with new thinking of result. So a new chapter of financial accounting is included by us.

Cost Accounting

If you want to increase your profit, then start to decrease your cost. What a dialogue, this is not a dialogue but this is the reality of today business. Every day an accountant invents new method of decreasing the cost. All method of calculation of FIFO, LIFO, standard costing, variance calculation and making of cost budget is not the end of cost accounting but this is the starting of cost accounting. Internet cost reduction method is also a new mile stone in this direction.

Management Accounting

One new manager will do work in the field of management accounting. He will utilize accounting information in new way. This is the real definition of management accounting. How to use accounting data and accounting education in the field of management so that we will carry our business at international level. Ratio analysis, fund flow statements, cash flow statements, working capital management, capital budgeting, cost of capital calculation is just starting in this point.

Accounting Education's future is very bright. If you will become expert in this sector of education, then you can get good earning with respect and honour. What does a person want any more except this. He wants money with honour. Both two things, you can get from accounting Education. But becoming expert in accounting education is not so easy. Just learning of some of the principals of accounting, you can not become expert in accounting education.

Today the age of geographical and international business we should need to study contineusly the new concept of accounting education due to changing situation of different new business. Accounting is practical science, it demands your acceptance and your own work in this practical field of education. Some of great Accounting expert are researching the new techniques of accounting. In this technique not only you will able to record but the technique

So, All the expert of accounting field should make the future of accounting education more attractive and efficient for new comers of this field.

  1. Automatically correct or rectify your accounting mistakes and errors

  2. Automatically get the interpretation or comment on your accounting work even passing a single entry. What will effect on financial position and what will effect on profitability of business.

Definition of Accounting Concepts

Accounting concepts means flow of thoughts of all wise accounting professionals of this world. It can also be interpreted as “process of understanding of accounting to make sense of universal acceptability.”

In other words accounting concepts some normal rules which can be changed but which has come in to existence with so many hard work of accountants in past. These are basics thoughts of an accountant.