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- 11 lessons
- 0 quizzes
- 10 week duration
The purpose of accounting is to provide a means of recording, reporting, summarizing, and interpreting economic data. In order to do this, an accounting system must be designed. A system design serves the needs of users of accounting information. Once a system has been designed, reports can be issued and decisions based upon these reports are made for various departments. Since accounting is used by everyone in one form or another, a good understanding of accounting principles is beneficial to all.
The accounting profession is generally divided into two categories: 1) private accounting and 2) public accounting. Private accountants are employed by a business, while public accountants practice as individuals or as members of an accounting firm. Public accountants are subject to strict government regulations and requirements which are determined by each individual state where a license is granted. Private accountants on the other hand require no licenses. They perform tasks which have been determined by their employer. Accounting fields exist that specialize in very specific areas of a business. Examples are auditing, budgetary, tax, social, cost, managerial, financial and international.
Cost accounting is defined as “a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs.” (IMA) Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.
Module 1 - Introduction of Accounting
ccounting is the language of business. It is the system of recording, summarizing, and analyzing an economic entity's financial transactions. Effectively communicating this information is key to the success of every business. Those who rely on financial information include internal users, such as a company's managers and employees, and external users, such as banks, investors, governmental agencies, financial analysts, and labor unions.
- ACCOUNTING AND COSTING IN RETAIL MANAGEMENT
- FEATURES AND OBJECTIVES OF ACCOUNTING
- FUNCTIONS OF ACCOUNTING
- BRANCHES OF ACCOUNTING
- QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION’S
- USERS OF ACCOUNTING INFORMATION
- BASIC ACCOUNTING TERMS
- ADVANTAGES AND LIMITATIONS OF ACCOUNTING
- BASIC ASSUMPTIONS
Module 2 - Double and Single Entry system
Module 3 - Accounting for Depreciation
Module 4 - Invoice Generation
Module 5 - Retail Accounting
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