A brief introduction to the various modules taught
Financial Accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements ie Profit and Loss Account and Balance Sheet for the purpose of Reporting to the users like stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders who can analyse the same for Decision Making.
Cost Accounting is a branch of accounting which is designed to measure the economic resources consumed in producing goods or providing services. Of late, cost accounting has come to occupy an important and inherent part of economy. Cost accounting is vital and indispensable to modern management for product costing, operational planning and control decisions.
Operations Management is Planning, Scheduling and Control of activities that transform inputs (material, labour and overheads) into outputs(Goods and Services). It is a synthesis of various fields like Mechanical engineering, Cost accounting, Information Technology, Statistics etc.
Cost & Management Accounting The purpose of Cost and Management Accounting is to provide managers with information which helps them to control, plan and make decisions. Cost and Management Accounting has made such rapid strides during the past ten years that the excellent prospects which are now offered by this comparatively new profession have opened up a very wide field of opportunities for the young professionals of to-day. In fact, Cost and Management accountants are a part of top-level management decision-making teams.
Financial Management is money management, which is important, at all levels of human existence as it is all about money. Taking a commercial business as the most common organizational structure, the key objectives of financial management would be to:
- Create wealth for the business
- Generate cash, and
- Provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested.
Company Accounts Companies are required by Company Law to keep financial records and to prepare financial statements (“Accounts”) showing how the Company has performed during an Accounting period and the financial position of the company at the end of the period (the Balance Sheet date).
The Accounts usually comprise of a Profit and Loss Statement, Balance Sheet, Cash Flow Statement and Directors Report and Notes thereto.
Strategic Financial Management refers to the study of finance with a long term perspective which takes into account the strategic goals of the enterprise. It includes making investment decisions, managing financial Risk and maximising the wealth of Equity Share Holders.