12/09/2023
While many students believe that acquiring skills in Tally, Excel, and SAP guarantees employment opportunities in Finance, my extensive 15-year industry experience has taught me that a firm grasp of fundamental Accounting concepts is the true key to securing a job in the field of Finance and Accounting.
(कई Students का मानना है कि Tally, Excel & SAP में कौशल हासिल करना रोजगार के अवसरों की गारंटी देता है. मेरे 15 साल के उद्योग के व्यापक अनुभव ने मुझे सिखाया है कि Fundamental Accounting Principals की मजबूत समझ Finance & Accounts क्षेत्र में नौकरी हासिल करने की सच्ची कुंजी है)।
If you are a person who wants to build his/her career in Finance & Accounting, you need to have conceptual clarity on below 10 Topics-
यदि आप ऐसे व्यक्ति हैं जो Finance & Accounts में अपना करियर बनाना चाहते हैं, तो आपको नीचे दिए गए 10 विषयों पर वैचारिक स्पष्टता की आवश्यकता है-
1. Basic Accounting Knowledge: This refers to the fundamental understanding of financial transactions, principles, and concepts that underpin accounting. It includes concepts like assets, liabilities, equity, revenue, and expenses, as well as basic accounting equations like the balance sheet equation (Assets = Liabilities + Equity).
2. Journal Entries: Journal entries are the backbone of Accounting. It refers to initial recordings of financial transactions in an accounting system. They follow a double-entry accounting system, where every transaction involves at least two accounts, with one account debited and another credited to maintain the accounting equation's balance.
3. Effect on Financial Statements: Financial statements (e.g., balance sheet, income statement, cash flow statement) are impacted by accounting transactions. For example, revenue increases equity on the income statement, while expenses decrease it. Transactions also affect the balance sheet by changing asset and liability values.
4. Revenue Recognition: Revenue recognition is the process of recognizing and recording revenue in a company's financial statements when it is earned and realizable. This principle ensures that revenue is recognized in the period it is earned, not necessarily when cash is received.
5. Expenses Recognition: Expense recognition involves recording expenses in the accounting system when they are incurred and match them with the related revenue. This ensures that expenses are accurately reflected in the period they contribute to generating revenue.
6. Depreciation: Depreciation is the systematic allocation of the cost of tangible assets (e.g., machinery, buildings) over their useful life. It reflects the gradual reduction in an asset's value due to wear and tear or obsolescence.
7. Bank Reconciliation: Bank reconciliation is the process of comparing a company's internal financial records with the bank statement to identify discrepancies, such as outstanding checks or deposits in transit. The goal is to ensure the accuracy of the company's cash accounts.
8. Debtors/Creditors Reconciliation: This involves reconciling the accounts payable (creditors) and accounts receivable (debtors) balances in a company's records with the corresponding balances in the records of suppliers and customers to confirm their accuracy.
9. TDS (Tax Deducted at Source): TDS is a tax collection mechanism where a person making payments is required to deduct tax at a specified percentage from the payment and deposit it with the government. It ensures that taxes are collected at the source of income, usually from salaries, interest, or payments to contractors.
10. GST (Goods and Services Tax): GST is a consumption-based tax levied on the supply of goods and services. It replaces multiple indirect taxes and is typically collected at each stage of the supply chain. Businesses collect and remit GST to the government, and it simplifies tax compliance and reduces cascading taxes.
