Edure provides one of the best accounting courses in Kerala and many students have successfully placed in different companies after learning accounting from Edure. We, at Edure teach accounting courses in Trivandrum through e-learning. After completion of the accounting training at Edure in Trivandrum, you can have the chances of getting placed in different companies.
What is Accounting?
Accounting is the process of recording all the financial transactions of a business systematically. It includes analysing, summarising and reporting the financial transactions to the regulators, agencies and tax authorities. An accountant carries out the accounting process of a business. Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
Five Accounting Principles
- The revenue principle
The revenue principle states that revenue for the business is earned and recorded at the point of sale.
- The expense principle
The expense principle, or expense recognition principle, states that an expense occurs at the time at which the business accepts goods or services from another entity.
- The matching principle
The matching principle states that you should match each item of revenue with an item of expense.
- The cost principle
The cost principle states that you should use the historical cost of an item in the books, not the resell cost.
- The objectivity principle
The objectivity principle states that you should use only factual, verifiable data in the books, never a subjective measurement of values. Even if the subjective data seems better than the verifiable data, the verifiable data should always be used.
The accounting cycle
Accounting begins with recording transactions. Business transaction, any activity or event that involves your business’s money need to be put into your company’s general ledger. Recording business transactions this way is part of bookkeeping.
Bookkeeping is the first step of what accountants call the “accounting cycle”: a process designed to take in transaction data and spit out accurate and consistent financial reports.
The accounting cycle has six major steps:
- Analyze and record transactions : Collect any invoices, bank or credit statements, and receipts from business transactions.
- Post journal entries to the ledger : It’s time to take those documents and start making journal entries for your transactions. Journal entries include three components of a transaction: when it happened, what it was for, and how much it was. Some businesses use single-entry accounting where only the expense or revenue is entered. But more common is double-entry accounting, which records each transaction in two accounts: where money is coming from and where it’s going.
- Prepare an unadjusted trial balance : At the end of a reporting period, list all of your business’s accounts and figure out their balances.
- Prepare an adjusted trial balance : After entering in adjusting entries, you’re left with an adjusted trial balance. This information is now ready to be turned into financial statements.
- Prepare financial statements:Finally, all the information you’ve collected is converted into your financial statements. This final step includes summarizing all your financial information into succinct reports for easy review.
In general, Edure provides the best online accounting courses in Kerala and is one of the most sought courses by students and professionals, and most of them choose Edure to learn it.
Important skills needed for an Accountant
There are several skills that all accountants need in order to be successful in their roles. Some of the most important skills for accountants are:
- Attention to detail: Accounting professionals must pay strong attention to detail in order to be able to keep information accurate and organized. With the amount of financial data that must be analyzed, it can be easy to make mistakes; however, simple errors can translate into much larger problems if they are not caught.
- Business acumen: To be effective in this role, an accountant must understand the basic functions of a business in order to accurately analyze and interpret financial data. Having a solid foundation in business provides context to the financial information that accountants work with on a daily basis.
- Computer literacy: Professionals in this field need to be able to use advanced accounting software and other computer-based tools to work effectively.
- Analytical skills:Collecting and analyzing financial data is a large part of accounting and is an important aspect of identifying patterns and potential issues. In fact, applying data analytics to the accounting field is an emerging trend in the industry that is expected to have a growing impact in the future.
- Communication skills:Accountants must be able to listen carefully in order to accurately gather facts and figures from clients, managers, or other stakeholders. They must also be able to clearly articulate the results of their work and present their findings in written reports.
- Mathematical skills: A common misconception is that you have to be good at math to be an accountant. It is true that math skills are important in order to analyze, compare, and interpret data and figures; however, complex mathematical skills are not typically necessary to become an accountant.
Why choose Edure for Accounting training course in Kerala?
Edure is one of the best Accounting institute in Kerala which provides accounting certification. Edure is considered impeccable for providing accounting course to students and professionals. Edure’s online accounting courses in Trivandrum is considered to be the best. Students can study at the convenience of their time and Edure is rated high amongst institutes that provide accounting training in Kerala.
How demanding is Accounting Course in Kerala?
Accounting is a lucrative career and accounting course in Kerala is the most sought course by students. Edure’s online accounting courses in Kerala is highly recommended among students. Edure is the best accounting institute which provides accounting training. For more information, visit the Edure App.