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What Is Accounting?

To learn better about accounting, let us see what accounting means. According to Investopedia.com,

“Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows.”

Types of Accounting

Accounting is divided into three branches namely Financial Accounting, Cost Accounting and Management Accounting. Financial accounting provides information about financial performance and financial position of a business. The primary users of financial accounting are external parties such as investors, government authorities and creditors. These users needed the information to make investment decisions.

Cost accounting is an analysis about the cost structure in the products, capital, labor, overhead and other variables which includes current, historical, and budgeted costs.  The primary user of cost accounting is the internal management of the company. Management accounting on the other hand, is a process of interpreting financial information to the managers of the company for them to do decision making.  Management and cost accounting are often used hand in hand.

In school and university, students learnt all three types of accounting. It is important to have a grasp of each type because each of them relies to one another. For example, cost accounting is needed to determine all product costs. Followed by financial accounting in capturing the said costs into the ledger and compute the financial statements by the end of the month. Managers then used the information in both financial statements and costs computation to make decision makings.

Finding the Right Tutor for Accounting

To be honest, entering the university learning Accounting WITHOUT any basics from secondary school is difficult. Although it is manageable, it is still hard. Hence, it is highly recommended to choose an accounting stream since secondary school.

In secondary school, students learn accounting from Form 4 in the accounting stream. The students from this stream are more likely to pursue accounting in the tertiary level given the fact that they already have the basics.

Learning accounting is not easy. Hence, it is recommended for the students to come out with study groups and learn with each other. This method is the cheapest. Apart from that, parents can try to look out for tuition centres. Accounting tuitions have been blooming like mushrooms after rain especially in big cities like Kuala Lumpur and Shah Alam.

But given the circumstances of the pandemic, it is risky for a group of children to form a study group and even a higher risk going to a tuition centre meeting other students and teachers.

Ever since, we have seen a rising demand for online tutoring across the globe. Parents are afraid their children are not learning as much as they should since schools shut down to curb the current global health crisis, hence, they opted for online tutoring.

While looking for the perfect tutor can be very tedious, there is one website that provides excellent, qualified online tutors from all over the globe to help ease the process - Superprof.

The Superprof website has gathered more than a thousand passionate tutors with students to help them improve their education. In Malaysia, there are around 96 tutors available teaching accounting. Parents can select each tutor and view their profile to see if their qualifications, rates, and reviews suits them.

Online tutoring brings a peace of mind knowing the health risk has reduced, and it can be done in the comfort of your own home.

Future Career in Accounting

Did you know that accountants are one of the highly paid occupations with a yearly salary amount of RM36,000 for beginner level? But that is not enough, if the accountant pursues professional papers such as ACCA and iCAEW, they can earn a lot more than that!

Having a qualification in accounting offers a lot of professional careers in the future. You can either be an accountant, an auditor, a tax person, a lecturer and many more! Even if you dig deeper, you will also realize that many CEOs have accounting backgrounds.