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information about the accounting major

Definition of accounting major

Historians and acquaintances did not differ in defining and defining what the accounting specialization is, and unanimously, it is a specialization within the administrative and financial sciences and is considered one of the oldest sciences dealing with financial matters. It can improve performance in the future, and accounting is a systematic and comprehensive recording of all financial transactions, summarizing and analyzing them during a given period.
information about the accounting major
information about the accounting major

Beneficiaries of the accounting process

Every person needs to specialize in accounting in his daily life, whether he is a legal person such as a company or not, and there are many categories that are interested in the outcome of the accounting process:
  • investors.
  • creditors.
  • Suppliers.
  • government organizations.
  • Management and Operations Managers.
  • employees.
  • clients.

The accounting cycle The accounting cycle

This is commonly referred to as the accounting process, which is a series of procedures in collecting, processing, and communicating financial information. Accounting consists of recording, classifying, summarizing, and decoding economic facts and the ranges of the cycle as follows:
  • Define and analyze the financial process.
  • Registration.
  • Posting to the ledger.
  • Unadjusted trial balance.
  • Edit input.
  • Adjusted trial balance.
  • Financial Statements.
  • Close entries.
  • Trial balance after closing.
  • Reverse entries - an optional step at the beginning of a new accounting period -.

Accounting major courses

The courses that are given in the accounting major differ from one university to another and from one country to another. The most important courses that are given in the accounting major will be indicated:
  • Principles in Accounting.
  • Calculation of costs.
  • accounting administration.
  • Financial Accounting.
  • Accounting units.
  • tax accounting.
  • audit.
  • Analysis and recording of financial statements.
  • Accounting application on the computer.

Duties of the accounting department in companies

Accounting departments differ from one company to another and differ according to the type of company, either a joint-stock company or a joint-stock company, and others also according to the company’s activity from service to consumer and others, and the accounting specialization is as follows:
  • Accounts Payable: Making sure everyone gets paid on time and watching for opportunities to save money.
  • Accounts Receivable and Revenue Tracking: It is the calculation and tracking of receivables, such as outstanding invoices or any required collection procedures. Accounts receivable is responsible for creating and tracking invoices and its responsibility includes ensuring that customers pay these invoices on time, so having a reminder system is critical.
  • Salaries: Calculating and preparing the salary statement is an essential function in the accounting department, in which it is ensured that all employees receive their wages accurately and at the appropriate time, which is one of the basics of the accounting specialization.
  • Financial reports and data: This is done by collecting financial data for the preparation of financial reports that are used in budgeting and decision-making processes.
  • Financial controls: Financial controls include adjustments, division of responsibilities, and compliance with accounting principles standards, and their purpose is compliance, retention, prevention of theft, and ensuring that procedures are prepared correctly to manage this process without errors.

The main positions of the accounting department in companies

In view of the multiplicity of roles and tasks of the accountant and their importance, they are distributed to more than one employee, where each employee has his own tasks and his own career cycle, and this varies from one company to another according to its size, activity, and need for that, and in the accounting specialization it is as follows:
  • The Financial Director: He is the one who oversees the financial strategy, the quality and health of the accounting business, the management of the financial department, the verification of the correctness of the financial statements, financial planning, reporting and controls, short and long-term business strategy, investments, internal risk management, and corporate finance.
  • Financial Controller: The tasks and responsibilities of financial accounting, preparation, and reporting, financial analysis, budgeting, project management, etc., whose main role tends to focus on financial issues and immediate management.
  • Treasury Manager: It is about formulating and developing treasure policies, including identifying the best investment opportunities, developing banking relations, improving credit facilities, and reducing financing costs.
  • Accounts Manager: The Accounts Manager is responsible for the company's accounting activities and is the one who defines and implements accounting principles based on legal requirements and audit policy.
  • Accountant: The accountant has an important role in the department such as measuring and interpreting financial information, and providing the basis for further financial strategies.
  • Bookkeepers: A bookkeeper provides the daily effort needed to record and evaluate basic accounting data in accordance with the accounting standards and accounting principles of the accounting discipline.

Types of accounting in companies

The courses that fall under the specialization of accounting differed in companies and organizations from one organization to another, according to its activity and the size of its business, and each of these types has its own field:
  • Financial Accounting: A specialty of accounting that is mostly related to the compilation of financial information in external reports.
  • General Accounting: It is concerned with the financial statements and supporting accounting systems for client companies.
  • Governmental Accounting: It is concerned with managing the funds from which funds are disbursed in exchange for a number of expenses related to the provision of services by a government entity.
  • Management Accounting: The areas of this specialization are cost accounting in general.
  • Tax Accounting: It is concerned with compliance with tax regulations and tax planning to reduce the tax burden of the company in the future.
  • Internal audit: It is a complete examination of the company's systems and transactions to control weaknesses, fraud, waste, and mismanagement, and report them to management.
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