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In the globalized world, Integration of economies has created a pool of opportunities for business houses. Whether the business is big or small, need for proper recording and maintenance of funds is critical. Accounting is the process of recording, classifying, summarizing business situations in monetary terms and thereby interpreting the results and communicating it to the interested parties. Without Accounting, businesses would have never known how profitable they have been so far. It tells the businessman that whether the business carried on by them is yielding profit or bearing losses. It helps the firms to know about its financial position.

Types of Accounting

Accounting is broad as a subject. It is of three types, namely, Financial Accounting, cost Accounting and Management Accounting.

Financial Accounting

This kind of accounting deals with the recording, classification, and interpretation of financial matters of the business. It includes preparation of various accounts, profit and loss statement and balance sheet. Maintaining proper financial accounts assess the business in knowing true and fair view of the financial position and profitability of the concern

Cost Accounting

This branch of accounting primarily deals with the preparation of cost sheets cost accounts, process accounts and many other accounts for knowing the cost per unit of an article produced by the company. It has been adopted by manufacturing concerns who produce goods in bulk. It helps the management in regulating proper flow of raw materials. It also helps to know about per cost of an article for setting up its selling price.

Management Accounting

The main objective of management Accounting is to aid the management in conducting various operations of business smoothly. This type of Accounting information like trend analysis, ratio analysis and much more are important for the business to manage the business tactfully.

Scope and Future

The Accounting subject, possess international recognition from various professional bodies such as Australian and international professional bodies. Accounting offers students with an opportunity to choose their career paths in both public and private sector. Various public Accounting firms are hiring students from all over India to be their part. Professional accountants have an opportunity of getting employment as Chartered Accountant, company directors, board members, chief executive officers in many prestigious companies. In various sectors such as that of banking, taxation, merchant banking is in search of hiring knowledgeable students to be a part of their organization.

Nowadays, as the business is getting more sophisticated, more is the need of professional and trained accountants for such firms. Students have a different option regarding the choice of course, which they wish to pursue in Accounting. If they are interested in Taxation and Accounting as a whole, chartered accountant is the option that is more suitable.

Nowadays along with Financial Accounting, many people are choosing to excel in cost accounting and management accounting in order to make them their future.