Accountancy
The Poona Diocesan Educational Society's
Vidya Bhavan College Of Commerce
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Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers. The documents, which communicate these findings about the performance of an organization in monetary terms, are called financial statements.
Usually, accounting is understood as the Language of Business. However, a business may have a lot of aspects which may not be of financial nature. As such, a better way to understand accounting could be to call it The Language of Financial Decisions. The better the understanding of the language, the better is the management of financial aspects of living.
Many aspects of our lives are based on accounting, personal financial planning, investments, income-tax, loans, etc. We have different roles to perform in life-the role of a student, of a family head, of a manager, of an investor, etc.
The discipline of accounting can be traced back to very early times of human civilization.
With the advancement of industry, modern day accounting has become formalized and structured.
A person who maintains accounts is known as the accountant. He is engaged in multifarious activities like preparing financial statements, facilitating the control process, tax planning, auditing and information management. The information generated by an accountant is used by various groups like individuals, managers, investors, creditors, government, regulatory agencies, taxation authorities, employees, trade unions, consumers and the general public.
Depending upon purpose and method, accounting can be of broadly two types– financial accounting and management accounting.
The basic differences between financial and management accounting arises due to differences in users of information, differences in time frame and type of reports generated. The criterion for decision making and the behavioral implications of both types of accounting are also different.
The Department of Accountancy creates a stimulating environment for the academic growth of its students and provides them with a thorough understanding of a range of subjects such as Financial Accounting, Corporate Accounting, Advanced Accounting at Under-Graduate Level and Management Accounting, Financial Analysis & Control, Advanced Accounting, Income Tax, Specialized Areas in Accounting, Business Tax Assessment & Planning, Advanced Auditing, Specialized Auditing, Recent Advances in Accounting, Taxation & Auditing and Project Work at Postgraduate Level in the faculty of commerce.
The Faculty Members of the Department are known for their expertise in the above mentioned areas and remain available to students at all times.
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