Commerce offers foundation for many professional careers like Finance, Planning, Accountancy, Tax Practitioners, Banking and Broking etc, besides academics, research, and many more. Persons having flair for accounting, finance, commodities, marketing and trading etc. generally choose Commerce as first career choice.
As a stream of study, Commerce can be studied right after 10 years of schooling. After the 10 years of schooling – commerce is available as an option in 10+2 or the Higher Secondary level. This paves the way for higher studies in commerce related subjects.
The undergraduate and postgraduate Education in Commerce is offered at University departments and colleges spread all across the country. Specializations are offered at post graduate and at research levels.
A number of subjects can be studied under disciplines of Commerce in conjugation like; accountancy, economics, mathematics, business, finance etc. Most commerce colleges in India offer the following subjects:
Financial accounting: This subject would deal with the preparation of profit and loss statements, balance sheets and final accounts of a company, knowledge of Indian and international accounting standards, calculation of depreciation and valuation of shares and goodwill of a company.
Cost accounting: This would include process, job and contract costing, costing of overheads, standard and variance costing and budgetary control.
Income tax: This would encompass the nature and basis of charge of income tax, tax planning, tax deduction, incomes not taxable etc.
Auditing: This would deal with vouching, valuation and verification of transactions, assets and liabilities. It will also include studying the auditing of different organizations like clubs, hospitals and charitable concerns.
Business finance: This would include in its scope financial analysis as a diagnostic tool, the management of working capital and its components as well as capital structure leverages.
Business law: This subject would discuss the different laws in India relating to, among others, the Companies Act and the Consumer Protection Act.
Marketing: This subject would deal with products, pricing methods, promotion, channels of distribution, logistics etc.