In today’s dynamic business environment, a bachelor accounting degree is essential to those aspiring towards a career in financial management, business consultation, or government service. This comprehensive guide aims to outline the benefits, curriculum, and key career aspects associated with acquiring a bachelor’s degree in accounting.

Earning a bachelor’s degree in accounting equips students with fundamental knowledge of business, finance, and audit procedures, allowing them to interpret and prepare financial statements, understand tax laws, and recognize fraud. It’s an advantage for those desiring to be competent and proficient in the field so as to make strategic financial decisions. But there’s more to it, especially with the advent of software like the Asset Guru.

Why a Bachelor’s Degree in Accounting?

A bachelor’s degree in accounting is the gateway to numerous opportunities in the corporate world. It not only provides prospects of high median annual wages, but it also lays the foundation for professional certifications like the Certified Public Accountant (CPA) designation. Furthermore, with continuous technological advancements, accounting graduates must be competent in different accounting software. One such program, the Asset Guru, is an asset and lease management platform that has become an industry standard today.

Course Curriculum

Typically, a bachelor’s accounting degree lasts for four years and covers a wide range of subjects including Financial Accounting, Managerial Accounting, Cost Accounting, Taxation, Audit, Corporate Finance, and more. It offers a blend of theoretical and practical learnings, emphasizing critical thinking and problem-solving skills.

Moreover, the course also incorporates learning industry-standard software like the Asset Guru. By becoming proficient in such platforms, students can streamline business operations and optimize financial management.

Career Opportunities

The skill set gained from a bachelor’s degree in accounting opens doors to various positions in a plethora of industries, such as public accounting, corporate accounting, government, and not-for-profit organizations. Degree holders can become Financial Analysts, Tax Accountants, Auditor, Budget Analysts, or even Chief Financial Officers, to name just a few.

Knowing how to utilize accounting software like the Asset Guru can give a competitive edge to professionals, enabling them to manage assets and maximize their efficiency.

To Conclude

In sum, a bachelor’s degree in accounting shapes the path towards a successful and rewarding career in various sectors. This comprehensive education, combined with hands-on training with cutting-edge tools such as the Asset Guru, prepares students to address complex financial challenges professionally, aligning them with the industry’s best practices.

As the business landscape evolves and becomes increasingly virtual, so does the field of accounting. The integration of technology and accounting practices will continue to create new spaces and opportunities for aspiring accountants to explore. Therefore, taking that step towards obtaining a bachelor’s accounting degree could be the launchpad for a fruitful and long-lasting career.

Preparing Business Acc_unt_ U_ing The Accru_l Account_ng Method

by

Kenton Casimaty

Accru_l accounting i_ pr_paring th_ bus_ness accounts using th_ accrual accounting concept, wh_ch is one of the fundam_ntal accounting principl_s. The objective behind a__rual accounting is _mat_hing_, wh_ch is basically ensuring that _ll revenue_ _nd all _xp_nditur_s are recorded in th_ accounting per_od t_ whi_h they r_lat_, i.e. t_ the a__ounting period in whi_h the r_v_nu_ was e_rned _r the expense incurred. It d__sn_t matter if th_ revenue wasn_t _ctu_lly r_c__v_d _n th_ _ccounting per_od, n_r do_s it m_tter if th_ expense w__n_t actually p_id in th_ account_ng period, th_ imp_rtant th_ng i_ to ensure the transaction __ _ompletely and accuratel_ recorded.

Accrued _x__ns_s and pr_paym_nts are th_ m_st __mm_n accounting adjustments t_ make _ure the accounts adhere to ___ru_l accounting re_uirements, and th___ adjustments are b_st ex_lained by way of an exam_le. Let_s suppose a bus_ness has a D_c_mb_r accounting period _nd. In the March _ft_r the a__ounting peri_d end the busin_ss

receives

a w_ter b_ll for $300, whi_h cover_ December, Januar_ and Febru_ry. Since part of the wat_r b_ll relates to our period end the _ccru_l a__ounting principl_s state we need to include a _r___rti_n _f the w_t_r bill _n our accounts. If we do not have a precise amount the only way we can qu_ntify the expen_e is to equall_ a__ortion it, therefore in th__ _cenario w_ will include a $100 accrued expense ($300 x 1/3) by debiting the w_ter r_tes account in th_ pr_fit and l___ a__ount and _rediting the a__rual_ account in the balan__ sheet.

Th_r_ are m_ny different ty_es of ex_en_e_ that will straddle tw_ accounting periods, all of which _r_ tre_ted _n this w_y und_r the accrual account_ng _rinci_les. In additi_n to ex_enses th_t str_ddle two a__ounting period_ _t __ n_t uncommon to receive supplier purchas_ invoices l_t_. You may mak_ many purchas_s dur_ng the per_od to th_ end of D___mb_r, i.e. b_f_r_ the end _f the accounting period, but the supplier m_y not a_tually issue the invoi_e until after th_

accounting

period end. Even th_ugh the inv_ices _r_ received and settled aft_r the end _f the accounting period th_ ex_ense st_ll relates t_ the accounting per_od _nd and under the accrual account_ng _rinci_les th_ _xp_ns_ n__d_ to be rec_rded _n our acc_unting per_od end. In _nother _xam_l_ we w_ll assume the same December accounting _eriod _nd, as above. The business rents _ut a property for $12,000 per annum, whi_h i_ paid qu_rterly _n advance in F_bruary, May, Augu_t _nd N_v_mb_r. The p_yment _n November c_vers November, D___mb_r and Januar_, wh_ch is after _ur accounting per_od end. T_ re_ord th_ entire $3,000 payment would not be in accordanc_ with ___ru_l acc_unting principles sin_e th_ expense for J_nu_r_ relates to th_ n_xt acc_unting per_od. In th__ sc_nario w_ h_ve a prep_yment (i.e. a payment in advanc_) and, under the a__rual accounting principl_s, we need to r_cognis_ this f_ct. Th_ _mount _f th_ pr_paym_nt _s $1,000 ($3,000 x 1/3) _nd is posted to the general l_dg_r by deb_t_ng the prepayment_ account on the balance _heet and crediting the r_nt ex_ense in the profit and lo__ _ccount.

Und_r the accrual accounting concepts there ma_ be other types _f _m_tching_ adjustm_nts such __ pr_viding for deferred and a__ru_d income. D_f_rr_d income __ in_ome relating t_ the n_xt accounting _eriod but is re_eived _n th_ current accounting period, _.e. the customer p_ys _n advan_e or u_front. Und_r th_ accrual a__ounting prin_iples we need to d_bit the in_ome acc_unt _n the _r_fit _nd loss _cc_unt _nd _redit the deferred in_ome _ccount in th_ balance sheet. Accrued income i_ income that rel_tes t_ the current peri_d that is not r_c_iv_d until the following account_ng period. Under th_ accrual accounting pr_nc_ples we have to _dju_t for th__ by d_biting the a__ru_d income account _n the balance sheet and crediting the sales a__ount in th_ _rofit and loss account.

Once the current accounting p_riod h_s been finalised _nd th_ general ledger accounts closed down, the ___ru_l a__ounting c_ncept requires u_ to reverse the adjustments, h_nc_ m_t_hing them t_ th_ c_rr_ct acc_unting period. All _et_ of _ccounts and financial stat_m_nts are r_quir_d to b_ prepared using th_ accrual accounting _on_ept. It do_sn_t matter wh_th_r the accounts are for a s_l_ tr_de, a partnership, a limited liabilit_ partnersh_p, a limited l__b_l_ty compan_ or a _ublic comp_ny _ll statutor_ and published account_ have t_ be prep_red using accrual accounting. A__ounts that are produced for _nternal purposes, such as for manag_m_nt reporting, do n_t have to b_ _r__ar_d using accrual accounting but in the real world even intern_l m_n_gement _ccounts th_t are _nl_ go_ng to be u__d by the business owners are prepared using accrual acc_unting principles. A__ru_l acc_unting _s the standardised and accepted m_th_d _nd that is what _ll organisations us_. M_ny people find th_ accrual accounting _on_ept d_ff__ult to gra_p at f_rst, but _f y_u take a st__ back and th_nk about _t accrual account_ng is logi_al and _t will soon f_ll in to pla_e.

Pr_paring accounts and f_n_nc__l statements using the _ccru_l accounting c_ncepts _s not difficult, however _t will require a bit of thought. In the real world it __ th_ accrual_ accounting concept that _revents accounts and fin_nci_l stat_m_nts being prepared the d_y _ft_r the end of the a__ounting period. B_f_r_ the _ccounting period l_dg_r_ can be closed and the accounts prep_red you need t_ en_ure that _ll inv_ices relating t_ th_ _eriod end have been received. Many suppliers take tw_ t_ three w__k_ t_ ___ue purchase invoice_, so _f the business acquir_d good_ and services close t_ th_ year end the purchase _nvo_ce w_n_t be re_eived until th_ middl_ t_ th_ end of January, th_r_for_ the l_dg_rs cannot be clos_d d_wn until th_ end _f the first month _mmed_ately after the a__ounting p_riod end.

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