An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as the business events occur throughout the accounting period. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.
Career in Accounts
The study of commerce and accounts disciplines aims at building competence in various aspects related to trade and operations of commercial establishments. It explores areas like accounting and finance, business analytics, auditing, and taxation.
Commerce
Commerce is the study of that part of a business that is concerned with the exchange of goods and services from the producer to the final consumer and includes all activities that directly or indirectly facilitate it.
Accountancy
Accountancy deals with the gathering, recording, processing, and communication of financial information regarding a firm’s assets and liabilities, income and expenses, cash flow, and profit and loss.
Chartered Accountancy
Chartered accountancy involves providing financial management services related to auditing, taxation, financial transactions and reports, and providing professional advice regarding financial decisions and investments.
Auditing
Auditing discipline studies the process of objective scrutiny and evaluation of the financial statements and records of an organization to make sure that they truly and accurately represent the transactions carried out.
Taxation
Taxation deals with the various aspects of direct and indirect taxes and the related rules, procedures, and practices including planning, compliance, preparation, and submission of tax returns.
