Accounting is an interesting field of study that at times appears complex for many students. It is studied and examined alongside other courses or as an independent curriculum. Depending on the course, you may be tested on the various facets of the subject such as Financial Accounting, Cost and Management Accounting, Financial Analysis, and Auditing.
Financial Accounting
This discipline tests students’ ability to record routine business transactions in appropriate books, preparing trial balances, bank reconciliation statements, and generating end-of-year financial statements. Most academic courses encompass Financial Accounting as an integral examinable module. Therefore, do not be surprised to find yourself in a Financial Accounting class in your business-related course.
Cost and Management Accounting
Cost accounting examination papers test students’ ability to allocate and apportion fixed and variable costs, especially in manufacturing concerns. Management accounting involves generating and using cost information to guide managerial decision making. It requires sound cost and managerial accounting knowledge to execute tasks of this nature.
Financial Analysis
These accounting tasks demand examining the financial statements to derive trends and associations between financial figures. The aim is to ascertain the financial health of enterprises to enable its stakeholders make informed decisions. Students are assessed on such aspects as horizontal analysis, vertical analysis, and ratio analysis to excel in academic papers in financial analysis.
Auditing
Auditing is done by qualified financial accountants. Thus, auditing tasks revolve around the principles of financial accounting. Therefore, a combination of auditing procedures and accounting knowledge comes in handy when executing auditing assignments.
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