As long as there will people in this world, there will be business, and as long as there is business, there will be accounting. Accounting is involved in virtually everything in our lives whether we know it or not, though sometimes its importance be overlooked. Everything needs accounting. From boby wear, to the food we eat, to the playground we play, to the family we live, to maximize our satisfaction, to set up a better policy, to prepare a daily and monthly budget, to the working field where we work out, to the music you hear on the ratio, accounting is needed and involved in all of those things.
An accountant measures, aggregates and reports financial information necessary for the sake of decission making by organizational managers, owners, investors, government agencies and other users. Accounting is everywhere, whether you are a doctor, or an ordinary office worker or a family member. You would still need to play will numbers and take into account the cost of things that you used or used by someone else. Timely and accurate information, operations is crucial to success in the recent days of rapidly changing the business environment, and the accountant is the one responsible for the critical business function that mostly though indirectly affects our career and everyday life. In the career perspective every occupation must carefully manage their cash inflows and outflows. Jobs such as independent contractors have to analyze how much the job is going to cost them and how much they are going to charge for the job. They must track all their expenses and estimates in order to not under cost and to charge appropriate prices. In simplest form, this is accounting. If not accurately tracked and estimated, that contractors business will not be profitable and eventually will go out of business. Samething goes for large scale business if a company or firm does not handle accurately the operation of its cashflows it will not sustain for long. More and more today employees such as secretaries and receptionists are being taught basic accounting practices to help aid the accountants and to keep proper bookkeeping. This way these employees can manage the lower importance items of a business and leave transactions of higher significance to the accountant to analyze and interpret for decission making purposes.
In one’s life, can we say accounting helps to promote a better lifestyle? I say, definitely ‘yes’. The management and control of personal finance is a subject of immense importance today to people. In the world that we lived in today, there is no single person who lives without single debt in his life. Accounting helps to take decision about which alternative source is the best. It is essential on knowing the proportions being spent on the basic necessities and luxuries and how to have that proper balance across our expenditure. Life is not as driving on the road with traffic lights and signs along the way, but we still need financial signals in our life whether we are in a comfortable phase or in the danger phase Accounting can help people detect these dangers. If not much, at least it can ensure that your debt is under control and manageable.
Everybody should have to save something for his retirement life. There is a logical support that it must be equal to one third of total income. Accounting teaches us how to save this portion. In daily life, we are expending continuouly. So, we have to maintain cash balance always which is double of next day’s expenditure. You have to remember that cash balance must not be less that the requirement of next days because it is danger level. Finally we can say, “It is almost impossible to live without accouning”.
History of Accounting Department:
Department of Accounting, DhakaCollege is one of the largest and well reputed departments of this college and in Bangladesh. This department is playing a vital role for achieving good result for commerce oriented students. DhakaCollege launched the subject accounting in 1972 with a view to creating skilled private accountant and public accountant. After liberation former principal of DhakaCollege, Prof. AMM Azhar, Professor Md.Mahfuzur Rahman and other
Renowned educationists strongly assisted to open this deparment.As a result of
the sincere effort of these personalities,the authority of the University of Dhaka
Permitted DhakaCollege to launch the honurs Courses in Accounting &Management in the session 1972-1973.
The Department of Accounting is unique because it possesses a rich Computer Lab which was established in 1998. The Lab was conducted by Engr. Mohammed Iqbal Hossain, B.Sc and M.Sc in Computer Engineering, Former USSR.
From academic point of view The Department of Accounting is the richest department in DhakaCollege. Highest number of students are obtaining First classes and they have placed topped the merit list in NationalUniversity for a couple of years.
This very Department is not lacking behind in context of co-curriculum and extra- curriculum activities like Inter Departmental Football Competition, Debate Competition, Fresher Reception, Cultural Programs and So on. All these programs are supervising by the chairman of this department.
Now the renowned Accounting Department of Dhaka College is presided by Prof. Tuhin Afroza Alam, and associated by group of teachers Viz. Mrs. Mustary Begum, Associate Professor; Mr. I.K.Selim Ullah Khondaker, Associate Professor; Mr. Shankar Chandra Shah, Associate Professor; Mrs. Zesmin Ara, Associate Professor; Mr. Dipak Kumar Bissas, Assistant Professor; Mr. S.M. Mahabubul Islam, Assistant Professor; Mr. Mangal Chandra Paul, Assistant Professor; Mrs. Sharmin Nahar Khan, Assistant professor; Md. Nasir Uddin, Lecturer and Mrs. Zarina Afroz, Lecturer.