Professional Accounting Diploma:

To provide practical skills and knowledge you need to start working in a Computerized Accounting career. Our training brings you a step closer to launching a successful career. The student will learn computerized accounts receivable, general ledger, accounts payable, inventory, and payroll, differentiate between accrual and cash basis accounting, and more.

?? Covering Modules

• Basic Accounting
• Excel Advance
• Peachtree
• QuickBooks
• Tally

?? Definition of Accounting

Definition by the American Institute of Certified Public Accountants (Year 1961):

“Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions, and events which are, in part at least, of a financial character, and interpreting the result thereof”

Definition by the American Accounting Association (The year 1966):

“The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of accounting”.

?? Objectives of Accounting

Providing Information to the Users for Rational Decision-making

The primary objective of accounting is to provide useful information for decision-making to stakeholders such as owners,  management, creditors, investors, etc. Various outcomes of business activities such as costs, prices, sales volume, value under ownership, return on investment, etc. are measured in the accounting process. All these accounting measurements are used by stakeholders (owners, investors, creditors/bankers, etc.) in the course of business operations. Hence, accounting is identified as the ‘language of business’.

Systematic Recording of Transactions

 To ensure reliability and precision for the accounting measurements, it is necessary to keep a systematic record of all financial transactions of a business enterprise which is ensured by bookkeeping. These financial records are classified, summarized, and reposted in the form of accounting measurements to the users of accounting information i.e., stakeholders.

Ascertainment of Results of the above Transactions

 ‘Profit/loss’ is a core accounting measurement. It is measured by preparing a profit and loss account for a particular period. Various other accounting measurements such as different types of revenue expenses and revenue incomes are considered for preparing this profit and loss account. The difference between these revenue incomes and revenue expenses is known as a result of business transactions identified as profit/loss. As this measure is used very frequently by stockholders for rational decision-making, it has become the objective of accounting. For example, the Income Tax Act requires that every business should have an accounting system that can measure the taxable income of the business and also explain the nature and source of every item reported in the Income Tax Return.

Ascertain the Financial Position of Business

 ‘Financial position’ is another core accounting measurement. Financial position is identified by preparing a statement of ownership i.e., Assets and Owings i.e., liabilities of the business as of a certain date. This statement is popularly known as a balance sheet. Various other accounting measurements such as different types of assets and different types of liabilities as existed at a particular date are considered for preparing the balance sheet. This statement may be used by various stakeholders for financing and investment decisions.

To Know the Solvency Position

 The balance sheet and profit and loss account prepared above give useful information to stockholders regarding concerns potential to meet their obligations in the short run as well as in the long run.

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