What Is Financial Accounting?

  • What Is Financial Accounting?
  • Why Is Financial Accounting Important?
  • What Is ICB And How Does It Work?
  • How Does ICB Work?
  • Benefits of ICB
  • What ICB Courses Are Offered At Matric College?

Financial accounting is a particular type of accounting that includes finances. This is also an in-demand qualification. Your expectations of finding a stable job with a respectable salary is guaranteed. Here are a few things to look at when considering studying financial accounting.


What is Financial Accounting?

It is the process of managing a company’s business transactions by looking at their financial statements. 

Difference between AAT and ICB

The responsibilities of financial accountants include:


  • Preparing financial reports
  • Analyse how the company is doing financially
  • Monitor income and expenses

Why Is Financial Accounting Important?

Financial accounting is important for two reasons:


  • Required by law
  • Who looks at the statements

Required By Law

Financial statements are legally required for registered companies. They are also typically included in the company’s annual report.


Who Looks At The Statements

Financial statements are usually prepared by individuals within or outside the company. 


  • Management
  • Investors
  • Auditors
  • Lawyers
  • Suppliers
  • Banks

Why Should I Study Financial Accounting?

There are many reasons why you should study accounting. A few of these are:


  • It is a scarce skill 
  • You will get well paid 
  • You can build on your qualification
  • There are many career paths 
  • You can start your own business
  • You will understand finance

There are many places where you can study a Financial Accounting course, whether it be at a college or university. One of the leading Institutes in South Africa is ICB (Institute of Certified Bookkeepers).

What is ICB?

ICB stands for Institute of Certified Bookkeepers. They are an independent External Examination Body for Business Qualifications and have been in South Africa since 1931.


ICB is not a tertiary institute but has training providers that are accredited colleges who are registered with DHET (Department of Education and Higher Training). 


Benefits Of ICB

The ICB has no shortage of advantages of studying their courses. The first advantage is that you can have your first accredited qualification in as little as six months.


The second advantage is that the courses are accredited, but also recognised internationally.

The third advantage is that you have the opportunity of registering and joining a professional body for professional membership.


You can register with the ICBA, South African Institute of Tax Professionals (SAIT), The South African Institute of Business Accountants (SAIBA), International Association of Bookkeepers (IAB), and International Association of Accounting Professionals (IAAP).


What ICB Courses Are Offered at Matric College

Where Can I Study Financial Accounting?

Here are a few reputable colleges that offer ICB Financial Accounting:


Author: Jesmé Africa

Helping Unisa Students with their Assignments

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