Importance of Financial Accounting in Academic Curriculum
Financial Accounting is that branch of accounting which includes book-keeping, recording and analyzing information and data about the financial transactions of any organization. It is an important part of any organization and thus, becomes an important subject in any curriculum.
1. For any organization, financial accounting provides the stakeholders of that company about the performance of the company. This is why all the students are made to focus on this subject.
2. For any course that you are doing in management or in finance, financial accounting is a subject of utmost importance as it forms the base of analysing financial data.
3. Knowledge of financial accounting is the basic requirement to study any topic related to finance because it allows where all the data is derived from.
4. Financial accounting is basically expressing performance in terms of numbers. Thus, it helps stakeholders to understand the worth of any organisation.
5. Students who are pursuing a course related to finance or management, are needed to know the basics of financial accounting in order to be successful in career.
6. Even in our day to day lives, we require the basics of financial accounting to know how much we spend, save and invest. Therefore, financial accounting is a subject of utmost importance to the students.
Difficulties faced by student while solving Financial accounting problems
As per a survey conducted internally, we came to know that most of students find accounting as one of the most difficult subjects. It is not very shocking. The theory of financial accounting is included with combinations of maths, logic, formats, formulas, accounts e.t.c. All these individually are difficult subjects and a combination of all of them would definitely be a difficult task for anyone. This is reason that every organization has to hire a expert to do accounting.
When we talk about study, the financial accounting is studied all over the world and included primarily in management and finance related courses.
Students from all around the world have a difficult time solving the problems of financial accounting. Some students don't get the jargon, some don't get the formula and some the concepts.
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