The subject of Accounting is also known as the language of businesses. Businessmen, at the end of the year, want to know whether the performance of the enterprise has been profitable or has incurred a loss. To gain further understanding, it becomes important for them to keep a systematic record of each and every transaction executed during the business year. This includes details of their purchases, sales, expenses, and others. The information also includes records of the amount of working capital, amount of assets and liabilities, amounts receivable, amounts payable and others. When the accounts are maintained properly, business decisions can be taken effectively. These records also help in calculating relevant taxes applicable to the business.
Systems Of Accounting
- Single Entry System: This system of accounting is not reliable as it is incomplete and unsystematic. Only personal accounts and cash book is maintained through this system. It is also referred to as an incomplete double entry system.
- Double Entry System: This system consists of information of debt as well as credit transactions. Thus, this system of accounting is considered to be complete and is much more reliable and systematic.
- Both aspects of debt and credit are covered through this system.
- The total debt amount always equals to the total credit amount.
- This system helps in the systematic record of all transactions.
Advantages Of Double Entry System
- This system of accounting helps in the complete recording of transactions. It helps in systematic record keeping of assets and liabilities.
- Accuracy of accounts is established via trial balance.
- This system is a scientific system of bookkeeping that fulfills all the objectives of accounting.
Disadvantages Of Double Entry System
- The book-keeping through double-entry system requires specialized knowledge and skills. Therefore, the staff with relevant technical knowledge and expertise proves to be expensive.
- This system of book-keeping is not suitable for small scale enterprises involving few transactions only.
Branches Of Accounting
The subject of Accounting has several branches and few of them are listed below:
- Cost Accounting: This includes study of business combinations, cash flow statements, consolidated accounts, foreign currency transactions, balance sheets and much more.
- Management Accounting: Management accounting principles are applied to ascertain that appropriate decisions are taken by the management to run the enterprise. It consists of concepts such as break-even assessment, decision making, capital budgeting, profit analysis and others.
- Financial Accounting: This stream of accounting helps in maintaining the systematic record of bookkeeping. The main purpose of financial accounting is to ascertain the financial position of the business. Various concepts such as journal entry, trial balance, ledger, balance sheet, income statement and cash flow statements are covered under this branch of accounting.
- Tax Accounting: This branch of accounting is used for the tax purposes therefore known as taxation accounting. Various concepts in the form of calculation of distinct forms of costs are studied in this branch of accounting. These include Value Added Tax (VAT), Sales Tax, Service Tax, Excise Duty and few more.
- Social Responsibility Accounting: Every business has its responsibility towards the society by providing employment, good working conditions, paying fair wages, This branch of accounting helps in understanding relevant concepts so that businesses are able to take informed decisions pertaining to their accounting data and information.
Advantages Of Accounting
The advantages of accounting include the following:
- The profit and loss statement prepared in accounting helps in determining the net profit earned or loss incurred during the year. Thus, the net results of a business performance and all business transactions are determined by accounting.
- The balance sheet of a business discloses its financial position. It also highlights the assets and liabilities of the business.
- Accounting helps in a comparative study of the business performance in the current year to that of the previous year. This thereafter helps in taking informed managerial decisions for the company.
Disadvantages Of Accounting
- Financial accounting does not take qualitative aspects (such as quality of goods, labour relations, etc.) into consideration. It focuses chiefly on the quantitative aspects (monetary activities).
- The balance sheet does not depict the amount of cash realized by the sale of assets.
- The financial statement does not depict the effect of changes in price level. Accounts are prepared on the basis of historical costs. Thus, the value of assets does not help in estimating the financial position of the business.
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