What Is Accounting? Definition, Types, History & Examples 

Accounting can also be termed as a language of business since it enables business to record, analyze and communicate financial status. Any small or big business requires accounting to quantify its financial wellness, tracking its expenditures, and charting development. In our mission of equipping students with the necessary knowledge to enable them to face the current competitive employment environment, we in IFDA Institute equip students with traditional as well as computer based accounting skills such as Tally, GST and excel.

What is Accounting?

Accounting can simply be defined as the process of recording, classifying, summarizing and analysing monetary transactions of a business. It assists the owner and managers of businesses answer such questions as:

• To what extent has the business incurred profit/loss?
• Which are the key costs?
• Is the company increasing in terms of finance?

Students get to learn these core concepts and acquire practical training on contemporary accounting tools through IFDA accounting courses in Delhi.

A Short history of Accounting

The history of accounting is one that extends back to thousands of years. The clay tablet In ancient Mesopotamia, traders had kept records of goods and transactions using clay tablets. Later, in the 15th century the Italian mathematician Luca Pacioli offered the system of double-entry bookkeeping that constitutes the basis of accounting nowadays. Accounting in contemporary times has developed with accounts being written by hand to more sophisticated programs such as Tally, QuickBooks and SAP not only making the process quicker and more accurate but also simplifying the whole process. Our students are taught at IFDA not only the old techniques of the trade but new software skills that these enterprises require.

Accounting types

There are various branches of accounting referring to purpose. The greater ones are:

Financial Accounting: This majors on recording the transactions and drawing of various financial statements such as Balance Sheets and Profits and Loss accounts.

• Managerial Accounting: Assists managers to make decision based on financial data and performance reports.
• Cost Accounting: Monitors the cost of production to enhance efficiency and minimise costs.
• Tax Accounting: Handles tax returns, GST filing and compliance with government regulation.
• Forensic Accounting: Probes and checks on fraud and financial anomalies.
• All this type of accounting is exposed to students in form of practical training that can be offered at IFDA.

Examples of Real-life Accounting.

Accounting does not only belong to large companies, it is also business as usual. An example on the real life is a shopkeeper keeping a record of day to day sales, a company making annual reports, a startup estimating profit margins, or a firm submitting GST returns show that accounting is not a myth. We focus on making learning practical at IFDA whereby we train students using tools such as TallyPrime, GST software and MS Excel to be able to tackle real life situations.

Relevance of Accounting.

Accounting is a necessity to all business in that it:

• Tracks the figure of the income and costs correctly
• Ensuresthat tax laws are adhered to
• Assists in the informed decisions concerning finances
• Instills confidence with investors, financial institutions and stakeholders
• That is why accounting experts are in demand in any industry.

Jobs in Accounting

When one takes an accounting course at IFDA, one unlocks a variety of career opportunities including:

• Accountant
• GST and QST & QST Consultant
• Finance Executive
• Tally Operator
• Accounts Manager
• Auditor

An entry-level accountant will be paid approximately 3 LPA, whereas an experienced accountant will be able to make 10-12 LPA. Opportunities of a career in MNCs, CA firms, corporate companies as well as startups are available and all can be pursued.

Why is IFDA the best choice of accounting course?

FDA prepares the students in a way that they are industry-ready. Such are the reasons why students tend to choose us:

• Hands on training in Tally, GST and Excel
• Seasoned faculty with yesterday in the real world
• 100 percent placement assistance on relative to course completion
• Flexible learning Opportunities with online and offline classes in Delhi
• An accounting course fee is affordable with easy mode of payment (EMI)

Conclusion

Accounting is not always about numbers, it is what every business is based on. At IFDA, students learn accounting with its ancient part and the presence of the current computerized accounting skills. Once you have a dream to be an accountant, financial analyst, or tax consultant, you can reach your goals with the help of the IFDA faculty, as accounting courses will assist you in creating a stable and successful career in the sphere of finance.