What’s the difference between accounting and financial accounting?

There are many careers to pursue depending on your preferences, but certain industries are more in demand than others, making it easier to find work. In addition to law and engineering, the financial sector is considered to be the most lucrative and has become a career path for many tertiary students.

Not everyone was particularly fond of mathematics and accounting subjects in school but the long term benefit of having (and passing) it was that it could lead to a wide array of job opportunities where it is required. Poor mathematics teaching in the majority of public schools denies many students access to both higher education and modern, knowledge-intensive job skills.

Professional recruitment firm Robert Walters note that the most in-demand jobs is in the country’s accounting and finance sector that include finance managers, tax accountants and treasury accountants.

Gumtree explains the difference between basic accounting and financial accounting:

Accounting

Also known as accountancy, accounting is the recording of financial transactions, as well as their storage, sorting, retrieval, summarisation, and presentation in various reports and analyses.

Financial Accounting

One aspect of accounting focuses on presenting financial information to people outside of the company in the form of general-purpose financial statements like balance sheets or income statements. These type of external reports must be prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Now that you’ve got the knowledge, it’s time to shop! Head to gumtree.co.za or your Gumtree app (click for Apple & Android) and don’t forget to use your location settings to find local service information close to home.

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