The process of systematically recording, analyzing and reporting financial transactions of a business is known as accounting. Every business venture needs a firm accounting foundation in order to succeed. Accurate accounting reports provide a clear picture of the financial condition of a business. This keeps investors informed about business developments and helps managers take informed decisions.
Accountancy has been practiced since ancient times. For instance, part of Confucius’ (500 BC) responsibility as a government employee was to manage accounts. Accounting involves a number of disciplines. Book keeping is the foundation of accountancy. All the funds handled by a business are tracked by book keeper. This includes business assets, money paid out and funds coming in.
The main objective of a book keeper is to keep company ledgers balanced so as to enable everyone to assess its financial condition with ease. A book keeper handles different kinds of records like company ledgers, bank statements, payroll and documents on investments and real estate.
Accountancy can be categorized into two key sectors -
- Public sector accounting
- Private sector accounting
Public sector or governmental accounting refers to different accounting systems utilized by public sector agencies. Historic system of fund accounting is used in governmental accounting. Resources assigned for particular purposes are managed by separate self-balancing accounts in accordance with various limitations and regulations.
Unlike private sector entities having just one key goal – profit, public sector agencies have differing goals. Based on their preference, graduates having a degree in accountancy can opt for a career in private sector or public sector. Accountancy is applicable in all industries and companies.
Auditing is an important area of accounting. Usually outside agencies perform audits. Audits are necessary to prevent fraud and protect company owners, investors and employees. Auditors evaluate whether or not the ledgers provide an accurate picture of the company’s financial condition.
Remaining solvent and earning profit – these are the main objectives of a business. Accountancy provides information on whether or not a company is successful in achieving these objectives. Accounting information is essential for all managerial functions like planning, decision making and controlling. For efficient operation of any business, accounting is a must.
The field of accounting offers a wide range of opportunities. Accountants are required in all kinds of organizations including small, mid-sized, large, non-profit, public sector and private sector. A degree in accounting can help you take advantage of these opportunities.
About the Course
The accounting program offered by Victoria International College (VIC) prepares students for rewarding careers in accountancy. You will be trained in both the theoretical and the practical aspect of the subject. The course has been designed keeping in mind the needs of the industry. This ensures that our students gain knowledge and skills that are sought by employers. Some of the topics that will be taught in the duration of the course include:
- Managerial Accounting
- Corporate Income Taxation Policy
- Managerial Decision Making
Managerial Accounting: Managerial accounting deals with the process of providing essential financial information to managers, who direct and control the operations of a company. Under this subject you will be taught to prepare different types of reports. Some reports help in evaluating the financial performance of a business unit. These allow managers to compare the actual results with the goals and benchmarks.
Prompt updates on chief indicators like sales, capacity utilization, orders received and order backlog are provided by provided by some reports. You will also be taught to prepare analytical reports, which investigate a particular problem, for instance decreased profitability of a product line. Opportunities and developing business situations are analyzed by yet another type of report.
Budgeting: Budgeting is a process involving a number of activities. The main aim of these activities is to prepare a budget, a quantitative plan that is helpful in taking decision on the activities to be performed in future. The tasks involved in preparing a business budget include preparing future sales estimates, forecasting future cash flow (collections as well as disbursements), estimating day to day organizational activities and summarizing all these estimates into income and balance statements.
Corporate Income Taxation Policy: In every country corporate and income taxes are applied on businesses. Accountants need to provide for these taxes while ascertaining the amount of distributable profits. With more and more business going global, the knowledge of international taxation is necessary for accountancy graduates. With this in mind, international accounting and taxation has been included in VIC accountancy program.
Managerial Decision Making: Every day business executives need to make a number of decisions. Knowledge of the managerial decision making process can help such individuals take the best possible decision. The quality of decision depends on the capability of the executive and the choices available. In order to make the best choice, an executive needs to consider a number of variables. A clear understanding of all the steps involved in the decision making process can be very helpful in making the right choice.
Other areas of study covered under this course include the basics of accounting, cost accounting, auditing and more. The course is ideal for career minded students, who want to gain theoretical knowledge and practical skills that are sought by employers. Upon completion of the program, graduates will be capable of handling various business accounting activities.
Why Choose this Course?
VIC offers programs that have been designed to suit the needs of relevant industry. Our accountancy course imparts the knowledge and skills necessary to succeed in the area. Excellent faculty and great facilities create ideal environment for learning at the college. The small size of classes ensures that every student gets individual attention. This not only helps in creating a strong knowledge-based foundation, but also promotes new ideas. Highly qualified faculty members, excellent facilities, focused learning environment, individual attention and multicultural student body make the educational experience at VIC truly unique.
All kinds of businesses need accountants. From financial organizations to entertainment businesses, accountants play an important role in recording the financial transactions of all kinds of companies and providing a clear picture of their financial situation. Based on the size of the organization, more than one accountant may be required. With more and more businesses coming up every day, the need for accounts is growing. VIC’s accountancy program has been designed to meet this growing demand.
Career Prospects for Students
Graduates having a degree in accounting have numerous career options. Some of the areas having a huge demand for accounting professionals include:
- Retail Banking
- Stock Market
A large number of graduates entering the field of accountancy train as chartered accountants. Jobs in this sector are challenging and rewarding. Retail banking covers a variety of institutions from high street banks to insurance companies, and offers a large number of career opportunities. In corporate and investment banking sector, accountancy professionals may operate in areas like customer liaison, analysis and dealing. Insurance sector offers opportunities in areas like investment management, broking, accounting, customer services, actuarial work, claims work and underwriting.
In the field of finance, corporate treasury management, stock broking, tax work, company secretary, financial information services and pensions management – these are a few other career option for accountancy graduates. However, the career prospects are not limited to the financial sector. Accountancy graduates can also take up employment in alternative areas like advertising, management services, market research, retail management, purchasing, law, civil service, personnel, library and information work, and computing.
Higher study is another option for accountancy graduates. Masters in accountancy can further improve your career prospects. You can specialize in areas like financial analysis, management control or financial accounting.
About Victoria International College (VIC)
VIC has been offering quality education services for the past 35 years. Over the last three decades the institution has made a place for itself in the education industry. Today VIC is well known as an international center for educational excellence. The college offers a variety of programs. All the programs are industry focused. This ensures that students gain knowledge and skills that make them prize-hires for potential employers.
VIC aims to be an international educational center par excellence. For this, the institute attracts and maintains the best faculty and offers all the facilities required for quality educational experience. The teachers at VIC are not only experts in their own subjects, but also knowledgeable about various effective teaching techniques. The university is dedicated to providing students with all the support and tools necessary for them to excel in their chosen fields and to achieve their personal and professional goals. At VIC, you will find students from all over the world. The multicultural environment and ability to interact with people from different nationalities has its own benefits.
VIC’s accountancy program has been designed to develop theoretical knowledge and practical accounting skills. The huge demand for qualified accountancy professionals ensures that students opting for the program have great career prospects. Industry driven programs and a highly focused learning environment make VIC an ideal choice for students.