Accounting Basics (3)

AccountingAlthough accounting is described as the language of business” at its core accounting is based upon a single equation referred to as the Accounting Equation. In light of the above discussion and definition, a comprehensive and meaningful definition of accounting can be given as such- Accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money’s worth can be recorded, classified and summarized in a proper and systematic way.

The framework of the GAAP is based upon the method followed by CPA firms to prepare, record and present statements of their incomes, expenses, assets and liabilities and the regulations that govern the calculation of the profit/ loss figure for a given period of time which is usually one year (whether the year followed is the financial year or the calendar year depends upon individual firm’s accounting policies).

A professional accounting qualification is not just for people who want to become accountants – it will equip you for a broad spectrum of successful careers in small and large business, financial services, not-for-profit and the government sector, all of which require an ability to understand and interpret financial information for use in decision making.

As a graduate of the Bachelor of Technology in Accounting and the Financial Management Professional Accounting Diploma, I feel that my experience through the programs not only has given me the skills and technical knowledge that I needed to excel in my career at Meyers Norris Penny LLP, but also gave me the technical knowledge and the discipline that is required to make it through CASB and successfully pass the UFE.

These objectives enhance the accounting program’s ability to provide a challenging educational environment in which to prepare and support our students to be successful in accounting careers; to encourage our faculty to develop professionally and intellectually; and to promote overall participation in activities that support the University and the professional community.Accounting