BOOKKEEPING and ACCOUNTS To Account means to keep
BOOKKEEPING and ACCOUNTS
To Account……. • …. . means to keep a record of something.
What is Accounting? …. It is a system of recording information about a business or organisation.
What sort of information? • Financial information. • This information is then presented to people to help them make decisions.
Which people need financial information? € € € Owners of the business Banks Government Suppliers Workers………… ……. . and others.
So, what do accountants and bookkeepers do? • These people collect financial documents, record the information, organise the different bits of information under certain categories, and present it to people in specific formats.
Financial Statements • Accounting information is finally presented in the form of financial statements – the main reports of a business.
Is there any difference between…. a BOOKKEEPER and an ACCOUNTANT ?
There certainly is !
Bookkeepers • carry out the actual collection of data and enter it into the accounting system.
Accountants • Prepare and present financial statements of the business. • Advise businessmen how to manage their finances. • Guide businessmen in the operations of the business.
Why should I study Accounts ?
Post Secondary • A knowledge of accounts will be of use in any one of a number of courses which you may decide to study at a post secondary institution (Higher Secondary, Junior College, MCAST, Institute of Tourism Studies)
Lots of career opportunities J All businesses need the services of accountants or bookkeepers – hotels, shops, factories ……… J Foreign companies frequently set up new businesses in Malta (on line betting, IT companies……) J Financial services sector (investment advice, tax advice, insurance) is fast becoming a major sector in the Maltese economy.
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