20 points must know for accounts jobs
Category : Blog
An accountant is one who is skilled in accounting and is able to make public or private accounts. An accountant is responsible for reporting financial statements of an organization, whether for an individual or for a company, according to the statutory act of government.The role of an accountant is very important in every profession because there is no business that can be done without accountant.
Becoming a professional accountant is one of the dream job of today’s youngsters. There are 20 important point that one must know before applying for accounts jobs.
- Accounting principles
- GAAP founded general accounting principles are very helpful to understand accounting principles. It makes our accounting simple, they are ten types. Economic Entity Assumption, Monetary Unit Assumption, Time Period Assumption, Cost Principle, Full Disclosure Principle, Going Concern Principle, Matching Principle, Revenue Recognition Principle, Materiality and Conservatism.
- Accounting equations
- Accounting equations is foundation of dual entries concepts. Accounting equation displays asAssets = Liabilities + Capital
- Fundamental of accounting
- Fundamental of accounting generally prepare to find out financial statements, several guidelines by accountant of organization.
- In journal accountant records the daily events and transactions of the organizations.
- Ledgers are the books used to records financial accounts related to company’s assets, liabilities, equity, revenue, expenses etc.
- Trial Balance
- Trail balance is a list of general accounts of all types related to personal, real and nominal accounts. It contains two sides one is debit and second is credit.
- Final Accounts
- Final accounts give a statement related to business profitability and financial position to all internal and external users of the business. It is the final stage of accounting.
- Financial accounting
- Financial accounting provides financial information about the business, that is useful to share holders, banks, lenders, and others creditors.
- Cost Accounting
- In cost account all cost incurred in carrying out an activity. Summarized and analyzed to arrive a selling price where profit is possible.
- Indirect tax
- The tax indirectly paid to government by the person. An accountant should have good knowledge of all indirect taxes such as VAT, CST, Services tax, Excise duty etc.
- Direct taxes
- The tax paid directly to the government by the person on whom it is imposed. For examples Income tax, TDS, TCS etc.
- Accounting software
- Today all the statement of the business are prepared through accounting software, so an accountant should have knowledge of accounting software.
- Budgeting of future planning
- It is a planning of future quantitative expression for a defined period of time. It may sales and revenues, costs and expenses, assets, liabilities and cash flow.
- Pricing of products
- How to fix the prices to the product firstly know the market, choose best pricing, customers this all processes are of an accountant.
- Sales tax returns
- For an accountant it is necessary to know how to file all types of taxes returns online or offline.
- Monthly payrolls management
- Payroll management means maintain employee’s records, processing salary, attendance, make all statutory deduction and payment (ESI, PF, Gratuity, TDS, Income tax) and generate pay slips.
- Auditing services
- Auditing means systematic and independent examination of accounting of an organization. It is duty of an accountant to check that the books of accounts should be properly maintained by the organization.
- Billing or invoices and accounting policies to staff, vendors, and clients
- An accountant has to check that is all the billing or invoices are properly maintained by the employees. Are vendors and clients are paying with in time or not.
- Profit and Loss statement
- Profit and Loss statement summarizes income, expenses incurred during a particular period of time.
- A management accountant analysis or interpret all the reports of the financial year. They generate new ideas to grow the business profit.
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