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3. Main branches of accounting and job skillsets and competencies

Branches of Accounting:

  •  Financial Accounting: Controls the financial recordings and the transactions that took place in the firm through financial statements and provides it to the interested stakeholders for decision making process. 
  • Management Accounting: Management accounting provides information for use by internal use, that is the management of the company to produce budgeting and forecasting, cost analysis and make decisions accordingly.
  •   Cost Accounting: Treated as a secondary management accounting, it refers to the recording, presenting and analyzing of manufacturing costs, every cost that took place during the manufacturing process is recorded, standards and principles that help organizations to come up with budgets for controlling costs in a cost-effective manner (Neha de, 2022).






 Skillsets: 

  • Analytical skills: Accountants must consist of profound financial records to make sure that every attribute is up to date. Otherwise, their analysis may produce inaccurate data. The best accountants can quickly identify the mistakes and rectify those errors in quick succession. 
  •   Critical thinking: Accounting consists of many inaccurate data which may lead to false accounting statements, therefore, its necessary to manage these situations critically and efficiently to solve problems related to accounting
  •  Time Management: Many accountants work on several projects at the same time. Accountants must be able to multitask and manage their time effectively to meet deadlines and come up with desired results to their clients.

 Competencies:

  •  Reporting: Identifying the required content and to communicate clearly with the interested stakeholders to inquire decision making about the work performed and the results of it with professional standards and keeping the higher-level managers up to date with the organizations financial stability.
  •   Research: Gathering related information, and to apply relevant professional frameworks and guidance to select the best move for the ventures longer run. It helps the organization to identify its opportunities and threats which will be crucial to their decision making.
  •   Technology and tools: Using modern technological and tools to analyze the information and perform tasks effectively. As humans there are room for errors that is why these accounting software’s and spreadsheets are made to make things easier for the accountant in a cost effective and time saving manner (Hoai Anh, 2021).



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