Accounting is the business language at any level. It is known as a system that is used to make records, summarize, and analyze an economic entity’s financial transactions. Effectively communicating this information is key to the success of every business.
Financial information are usually relied upon by many which 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.
These users depend upon data supplied by accountants to examine;
- The company profitability
- Cashflow to meet payroll needs
- The company debt status
- The company’s net income compare to its budget
- The balance owed by customers
- If the company has consistently paid cash dividends
- The income each division generate
- If the company should invest money to expand
Accountants must present an organization’s financial information in clear, concise reports that help make questions like these easy to answer. The most common accounting reports are called financial statements.
At the end of this course, you will;
- Understand the basics of accounting
- Have a good knowledge of evolution of modern accounting
- Understand the Difference between Financial Accounting, Management Accounting and Cost Accounting System
- And many more ..