Accounting is focused on:
- The provision of information for the management of economic resources and activities, by means of measurement, communication and interpretation of financial data
- The development of information systems
- The financial accountability and management of business and public enterprises
‘Economic resources' refers to both tangible and intangible resources.
Accounting information is increasingly used to manage intangible resources, such as an organisation's knowledge base, its supplier/customer relationships, its brand, etc.
Accounting disciplines cover courses related to the use of financial information by owners, shareholders, creditors, managers and governments to achieve their objectives. The different topic areas covered within these courses include:
- Financial accounting: Preparation of legally required financial statements, analysis and interpretation of financial statements, complex financial transactions and instrument, differences in reporting entities, including multinational enterprises and international reporting diversity
- Managerial accounting in the context of world class management practice: Design and operation of accounting information systems, planning and control, budgeting, benchmarking, strategy formulation and performance evaluation
- Auditing and assurance: Evaluating internal control systems, adding credibility to reported information, assessing levels of risk exposure and improving the corporate governance process
Why study accounting?
Accounting concepts lie at the heart of economic exchange, whether conducted in physical or electronic markets.
It enables students to comprehend many of the fundamental principles, processes and outcomes of business, which then equips students for a wide range of business careers, including chartered accounting, management consulting, provision of financial services and general management.
Accounting students end up not just as accountants but as entrepreneurs, entertainment promoters, treasurers, chief financial officers and more.