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Why do we study accounting
Accounting or accountancy is a specialized stream of study that deals exclusively with preparation and maintenance of accounts. A few centuries ago, people learn accountancy through apprenticeships with bookkeepers. In the modern world, accounting as a subject has become a lot more complex. Since it is a decidedly technical and difficult stream of education to pursue, students aren’t always clear on why they should study accounting. Let’s find out what makes the study of accounting so attractive.
It helps one land a lucrative job
A degree in accountancy opens many doors in the finance industry. Most jobs offered to students that have studied accounting in grad school or beyond often end up with lucrative jobs that come with 6-figure salaries!
It helps one maintain a proper record of business
Preparation and maintenance of accounts is essential to any business. Without personnel who have the proper knowledge of the process of accounting, a business’ books would fall into disarray. Businesses would find it hard to keep an exact track of their debts, their capital, their profits etc. with the study of accounting; one is able to better understand how money and funds flow through a business.
It is an important aspect of business education
No degree in business education would ever be considered complete with at least a basic knowledge of accountancy. Without the knowledge of accountancy, a business manager or owner would not be able to make informed decisions about the business.
It helps you do your taxes
Taxation laws are an important part of the study of accountancy. When you study accountancy, you get to learn the procedures of preparing and filing your taxes. This aspect of the subject makes it particularly appealing to many grad students as hiring a tax consultant can be rather costly depending on which part of the world you’re living and working in.