Accounting

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business" measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.

Practitioners of accounting are known as accountants. The terms " accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

About Accounting

About studying Accounting

Accountancy is a subject taught in some Secondary schools, colleges and more popularly university. You are able to study Accounting at GCSE level with the AQA and OCR exam boards at the of 16 across England, Wales and Northern Ireland. In Scotland, students can sit a National 5 in Accounting.

Once students have their GCSE’s or National 5 exams, they can choose to continue at a more advanced level with A-Levels in England, Wales and Northern Ireland and Highers/Advanced Highers in Scotland.  These are studied over 2 years (A level) or one year (Highers/Advanced Highers)

Currently, there are no modules of Accounting for the International Baccalaureate but Business Management at HL or SL would be an option and covers some Accounting topics

Accounting is available at most universities but the top universities to study Accounting being Strathclyde, Glasgow, Bath, London School of Economics and Loughborough. If you need support with a UCAS application, please contact Love2Teach for the services we offer.

 

Or you may be working towards your Accounting exams to gain a professional qualification

 Professional Accounting Qualifications


With an undergraduate degree, you can begin working in an entry-level accounting position, while studying for the professional exams you’ll need to pass to advance into a specialised career as a certified accountant.

ACA: Offered by the Institute of Chartered Accountants in England and Wales, this qualification is favoured by the Big Four accountancy firms in London.

CIMA: Specifically for management professionals, the certification awarded by the Chartered Institute of Management Accountants is a popular entry point into the career for young professionals in the UK.

The job also tends to be a deadline-based profession, so accountants are often called upon during tax season and at the end of fiscal quarters to put in extra hours as deadlines approach. While certain times of year tend to be low stress, others call for overtime and long hours. 

Fun Facts about Accounting

  • Italian mathematician Luca Pacioli published the first book about double-entry bookkeeping on 10 November 1494
  • Accounting may be called ‘the language of business’, but did you know that many well-known accounting terms are derived from Latin?
  • The word ‘debit’ means ‘he owes’ in Latin, while ‘credit’ means ‘he trusts’. The word ‘accountant’ is derived from the Latin ‘computare’, which means ‘count’.
  • Mick Jagger of the Rolling Stones, Robert Plant of Led Zeppelin and singer Janet Jackson all studied accountancy - although Robert Plant abandoned his chartered accountancy training after just two weeks and Mick Jagger never completed a full year!

Famous Quotes about Accounting


"There's no business like show business, but there are several businesses like accounting." David Letterman
"Accounting was the course that helped me more than anything." Julian Robertson

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Accounting Resources

Feel free to explore our collection of past papers and other important resources. If you have any questions, please don't hesitate to get in touch with the Love2Teach team

SQA Higher Accounting 2017
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SQA National 5 Accounting 2017
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