What is Financial Accounting?
Financial accounting is that specific branch of accounting that deals with a company’s financial workings. Financial accounting courses teach students the standard guidelines to record, summarize and report financial transactions in the form of financial statements. The purpose of financial accounting is not to indicate the value of a company but rather to provide others with the required details for them to gauge the value.
Students of financial accounting courses will learn about the generally accepted accounting principles (GAAP) that govern the accounting standards the world over. The rule was conceived by the Financial Accounting Standards Board (FASB), US, which is an organization devoted to developing accounting standards in compliance with the Securities and Exchange Commission (SEC).
Financial Accounting Courses: Module
Students enrolled in financial accounting courses get an in-depth knowledge of the concepts of accountancy along with the rules that regulate accounting. The foundations of financial accounting like the triple column cash book, trial balance, profit & loss, balance sheet, ratio analysis, payroll, VAT, taxation, etc. are covered in financial accounting courses. Apart from accountancy related subjects, students are also coached in Telly, MS Office – Word, Excel, PowerPoint, Access). A strong working knowledge of Windows is also imparted.
A bachelor’s degree typically includes three main components, namely, Accounting Information Systems, Internal Control Assessment and Accounting Ethics.
Duration of Financial Accounting Courses
Financial accounting courses can be pursued at a bachelor’s level spanning three years, or at a postgraduate level which may be stretched between and year and two years.
Students looking to get an introductory understanding of financial accounting can opt for short-term one-year courses as well. These courses will lay the foundation for deeper learning at higher levels.
Eligibility for Financial Accounting Courses
Students interested in financial accounting courses must have a minimum qualification of 12th grade with 50 percent marks. A bachelor’s degree in financial accounting requires a high school diploma or equivalent qualification. Some institutes also mandate an entrance exam.
What are the Job Prospects for a Financial Accounting Student?
Students who graduate in financial accounting courses are equipped with knowledge and skills that are sought after by employers in public, private and government sectors along with non-profit organizations.
Professional profiles like that of a certified public accountant, financial reporting accountant, internal auditor, managerial accountant, taxation manager, finance manager, banking executive are up for grabs for a financial accounting graduate.