Accounting is the most important subject in MBA and commerce stream. In this, we learn about financial information about any business entity and convey it to shareholders and company management. Accounting governing bodies are the American Institute of Certified Public Accountants, International Accounting Standards and International Financial Reporting Standards. They set various rules and application for accounting used in business.
Accounting play very important role in field of business. It gives idea to investors to invest in company. The investors are bank, private individuals, companies and government agencies. It helps company to analyze its position and growth in market. The main part of accounting is preparation of balance sheet. Balance sheet includes Statement of Financial Position, Income Statements, Statement of Cash Flows, Retained Earnings Statement, Trial Balance Statement, Pro-forma Income statements, Preparation of Journal of Entries. For costing methods in balance sheet we use FIFO, LIFO, Weighted average inventory etc .Book value calculation is also used in balance sheet preparation. To calculate depreciation we use methods like straight line depreciation, declining balance depreciation, MACRS depreciation etc. For performance analysis we find break even point, quality variance, material price variance, variance analysis, cost allocation, cost benefit analysis, cost analysis, work in progress and many others.
Ratio analysis and managerial accounting are also used in field of accounting.
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