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Accounting involves recording, analyzing, and interpreting a particular organization's financial transactions. Accountants gather financial data into reports to reveal the entity's financial health.
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Financial statements include balance sheets, income statements, and cash flow statements. They check a company's financial performance and position. At this point, students calculate liquidity, profitability, and leverage.
Students have to prepare business budgets and forecasts. They also estimate future revenues and cash flows. This practice helps to understand the importance of planning in managing corporate finances.
Students must research income liabilities and analyze different financial transactions. They learn to apply appropriate laws to calculate the tax payable by a certain business.
Cost accounting involves tracking the costs of goods or services. Undergraduates learn to calculate product costs, overhead allocation, and inventory valuation methods. This ensures that an entrepreneur can make educated resource allocation decisions.
The auditing requirements involve examining financial reporting to line up with accounting standards. During the course, students identify potential errors in the financial reporting.
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