Accounting is the process in which business activities are recorded orderly and systematically to determine the productivity of the business. This account is managed and prepared by the company or team to prepare financial reports, which also helps in the financial growth of the company. They also determine whether a particular investment is feasible in the current market scenario and what is the amount of money that is to be invested. In the case of small businesses and organizations,
these functions are handled by an accountant or bookkeeper or at most a certified accountant. But in the case of larger organizations, a team of certified public accountants which is also known as CPA and chartered accountants (CA) along with their teams is the one who handles these transactions and takes care of accounting.
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Features Of Accounting
Financial statements have incredible importance for both internal and external stakeholders which is why it is important for every business person and anyone providing this facility has high earning sources.
The main aim of accounting is to ensure transparency, reliability, consistency, and comparability of the financial statements.
Accounting Standards mainly deal with four major issues of accounting, namely
Recognition of financial events
Measurement of financial transactions
Presentation of financial statements in a fair manner
Disclosure requirement of companies to ensure stakeholders are not misinformed
The average salary for an Accountant in India is Rs. 248,152. So if you are capable enough to provide this service, you can create a high earning source for yourself.