Accounting

accounting

Accounting

Accounting is the practice and body of knowledge concerned with:

  • Methods for recording transactions
  • Keeping financial records
  • Performing internal audits
  • Reporting and analysing financial information to the management
  • Advising on taxation matters

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It is a systematic process of identifying, recording, measuring, classifying, verifying, summarising, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity. It provides information on the resources available to a firm, the means employed to finance those resources, and the results achieved through their use.

Accounting is sometimes called the “language of business”. It measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management and regulators

Accounting qualification

An LCCI Financial and quantitative qualification opens doors for you in accounting, financial, marketing, customer services, business and administration fields. The qualification is recognised worldwide. It covers a range of essential topics to prepare students for university, professional qualifications, or direct employment in the financial sector. There are four levels and three diplomas. A brief overview of what students must know and study at each level is provided below.

At Level 1

  • Bookkeeping

Level 2

  • accounts
  • business calculations
  • statistics
  • computer bookkeeping
  • cost accounting
  • principles of credit management

Level 2 Diploma

  • accounts and finance
  • computerised accounting
  • finances for managing

Level 3

  • International Accounting Standards (IAS)
  • advanced business calculations
  • business statistics
  • cost and management
  • preparing financial statements for a sole trader
  • principles and practice of costing
  • auditing
  • professional ethics
  • understanding financial statements

Level 3 Diploma – has the same topics as level 2. Greater understanding is required…

Level 4

  • Applied Business Economics
  • Business Finance
  • Banking Operations
  • Islamic Finance and Banking
  • Management finances
  • Organisational Behaviour and Performance

The Level 4 diploma qualifies you to work in this field.

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