Online Accounting Studies Possible via the Internet
The global economic recession may have had an unfavorable effect on many fields of work all over the world; however, the need for competent accounting and financial services professionals is now greater than ever. An online bachelors/associate degree in accounting provides prospective and existing accountancy professionals a boost in their careers from the comfort of their own homes.
Online accounting programs have many benefits for prospective professionals, who can work around their schedules and gain valuable knowledge in order to improve their competency in accounting and open the doors to better opportunities. Generally accounting has varied applications for individual corporate business models; there are however some general areas in accounting that are widely recognized as being inherently and individually separated.
Types of Accounting
General Financial Accounting:
This is the recording, retrieval and summarization of corporate/individual financial data. This involves auditing, generating a periodic profit and loss summary, balance sheets and cash flow statements and includes the aspects relating to legal and business requirements.
Management Accounting and Open Book Accounting
This form of accounting is the representation of data and financial summaries for corporate financial decision makers. Open book accounting is an accounting principle to ensure accounting transparency in democratic organizations as well as others.
Tax Accounting:
This is corporate of individual accounting that is meant to ensure compliance with tax laws and regional tax regulations.
Financial Audits
Financial audits can be both internal and external. Internal accounting is similar to management accounting, as it also provides audit summaries to internal corporate decision makers. These audits are carried out by employees of the corporation itself. The external audit is the audit of a corporate entity by external