Financial accounting involves the preparation of financial statements and financial reports for use by the external stakeholders of an organisation. For financial accounting purposes, financial statements are prepared in accordance with prescribed accounting standards, or generally accepted accounting principles (GAAP).
Financial accounting information can be used to determine the financial position of an organisation at a specific point in time, as well as the financial performance of an organisation over a certain period of time.
What will I learn when I study financial accounting?
When you study a financial accounting course in South Africa, you will learn how to:
- Record financial transactions using the double-entry system.
- Draw up financial statements (income statements, balance sheets and cash flow statements) in accordance with the generally accepted accounting principles (GAAP).
- Compile financial reports.
- Perform financial calculations.
- Communicate financial information to the relevant stakeholders.
While Oxbridge Academy is based in South Africa, we are a distance learning college, which means that you can study our courses from anywhere in the world.
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What does a financial accountant do?
Financial accountants are responsible for drawing up financial statements and providing financial information that can be used by external stakeholders (such as investors and creditors). The financial information that they provide must be credible, easy to understand, and comparable to that of other organisations.
In addition, financial accountants are often required to:
- Give financial advice and make recommendations in relation to financial matters.
- Respond to financial enquiries from various stakeholders.
- Prepare and submit tax returns.
- Develop, implement and review financial recordkeeping systems.
- Supervise bookkeepers and assistant accountants.
Financial accountants can also choose to specialise in certain fields, such as tax accounting, forensic accounting, or internal auditing.