The University Center for Studies in Namibia (TUCSIN) Accounting

What is Accounting?

Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. 

Overview

The main objective of accounting is to keep a systematic record of financial transactions which helps the users to understand the day to day transactions in a systematic manner so as to gain knowledge about overall business.

Frequently Asked Questions

What is accounting and its types?

Financial accounting includes the process of recording, summarising and reporting the financial transactions arising from business operations for a particular period. Such transactions are used to prepare accounts, including the income statement, balance sheet, and cash flow statement.

What is accounting cycle?

The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.

What is basis of accounting?

The basis of accounting refers to the methodology under which revenues and expenses are recognized in the financial statements of a business.

What is worksheet in accounting?

An accounting worksheet is a document used within the accounting department to analyze and model account balances. A worksheet is useful for ensuring that accounting entries are derived correctly. It can also be helpful for tracking the changes to an account from one period to the next.

What is suspense in accounting?

A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined. There are two reasons why a suspense account could be opened: A bookkeeper is unsure where to post an item and enters it to a suspense account pending instructions.

What is the rule of journal entry?

The rule of passing a journal entry is that the entry must have at least two accounts, with one debit and credit amount. The debit amounts will always equal the credit amounts.

What is the accounting test?

The Accounting and Finance aptitude test evaluates a candidate’s ability to measure, process, and communicate the financial information of a business, as well as the aptitude for logical, numerical, and verbal reasoning.

Can I teach myself accounting?

You can teach yourself accounting basics, but an accounting degree is usually necessary for professional certification. If taking the CPA exam is a goal, most states will require an accounting degree. But if the goal is to learn the basics, self-teaching is an excellent option.

Is accounting easy to learn?

While accounting does require a complex set of skills and abilities, as well as excellent attention to detail, it really isn’t any more difficult than many of the other popular fields of study that lead to excellent lifelong career opportunities.

What kind of math do accountants do?

Accounting isn’t hard-core math. It’s basic addition, subtraction, multiplication, and division. Possibly some light, entry-level algebra, but that’s it. You don’t have to understand calculus.

What qualifications do you need to be an accountant?

The first phase towards becoming qualified begins with registering at any accredited institution that offers a Bachelor of Commerce: Accounting or a Bachelor of Science: Accounting and Finance degree or diploma. A National Senior Certificate that meets the requirements for a diploma or degree course is a prerequisite.

Is accounting job stressful?

Upskilling can boost wellbeing. Research by AAT found that 90% of people who work in accountancy have been stressed out by work, with 43% having to take time off as a result of stress. This makes accountancy one of the most stressful industries to work in.

Is accounting a good job?

Accountants play an incredibly important role in every organization, making this a great career for anyone who wants to work in an important position. Salaries for trained accountants are quite high, which means this is an excellent industry for anybody looking to maximize earning potential.

Why should I study accounting?

You can use your knowledge on payroll management, profit and loss ratios, and other business-related concepts when you start your own business. Your accounting knowledge can help you in your home management, such as managing your budget and expenses effectively with sheets and ledgers.

Is accounting a business?

Accounting is the way a business keeps track of its operations. Accountants analyse the business finances so the owner can make better decisions. This information is organized into reports that show the financial health of a business. Accounting helps business owners meet their compliance obligations.