How important it is to have sound understanding of commerce to become a Chartered Accountant?

What role does this play

by Haritha
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RE: How important it is to have sound understanding of commerce to become a Chartered Accountant?

Dr. Anand Wadadekar, PhD
Dr. Anand Wadadekar, PhD

Hello My Dear Aspirant,

The meaning of the word 'Commerce' if you search the dictionary or google it, it will will basically tell you that it means about transactions in the industry and in an organisation. Commerce courses like BCom are known to be the most appropriate education courses to learn how commerce actually works in the industry and business world. Without commerce, there would not be any businesses existing ever.

Now coming to its relevance to the Chartered Accountancy course or for a Chartered Accountant.

Chartered Accountant is a professional who gains expertise while doing the course and while in internships, about all the types of transactions a business organisation does and is an expert to analyse and audit those transactions.

Chartered Accountants are the masters of accounting, taxation, audit, therefore it is evident that they are masters of commerce too. Without understanding what is 'commerce', a Chartered Accountant cannot be a good Chartered Accountant.

With the chaning business dynamics, the meaning of commerce has evolved and now it is referred as 'Business'. Business means not entrepreneurship, but the way the industry functions, performs, produces, manufacters and services.

For all the four professional courses that is : Chartered Accountant, Company Secretary, Cost Accountancy, MBA... Knowledge of commerce is essential.

Infact all the above courses, the first thing which is taught is common to all... and that is 'commerce', 'business'.

To become a good Chartered Accountant, a candidate has to thoroughly understand commerce and business, since that is the base for his work too.

Good Chartered Accountants are those who have sound knowledge of commerce, business and current affairs, since their day to day work is dependent on who commerce, business functions - whether good or bad!

Thanks & Best Luck!

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