 |
There is various type of accounting work and this has resulted in the development of different branches of accounting.
Today we will cover 7 type of branches in this artical.
Financial Accounting :
Management Accounting :
Cost Accounting :
Social Accounting :
Tax Accounting :
Human Resource Accounting :
National Accounting :
Financial Accounting :-
Accounting designed for outsider ( Person other then Owner and Managers ) is known financial accounting. it is concerned with the recording of business trasnsaction and periodic preparation of balance sheets and encome statement also from such records. ion the manner, the financial accounting is useful for the detection profit and loss made during a given period and financial position at the and of period.
Management Accounting :-
It is concerned with the eleucidation of accounting information to guide the management for future plainning. Decision making control, etc. managment accounting, therefore, serves the information need of the insiders, e.g owners, management and employees.
Cost Accounting :-
Cost Accounting has been evolved to detection the cost incurred for carrying out various buisness activities and to help the management to exercise strict cost control.
Social Accounting :-
This Branch of the accounting is also known as the social reporting or social responsibility accounting. it reveals the social benifits created and the costs incurred by the enterprises . social benifits include such facilities as medical, housing,education provident fund, so on while social may include such matters as extra hours wprked by employees without payment pollution. etc.
Tax Accounting :-
This Branch of the accounting has grown in response to the difficult tax laws such as relating to income tax, excise duty, custom duties, etc. an accountant is required to be fully aware of various tax legislations.
Human Resource Accounting :-
It is concerned with the human of an enterprises. accounting methods to identify Human Resources and this evolution is done in money terms so that the society might judge the total work. therefore buisness enterprises including it's non human net assets. therefore an accounting for the people of the organization. unfortunately no object verifiable measure has been evolved for universal application.
National Accounting :-
National Accounting mean is that accounting for the nation whole. it is generally not concerned with the accounting of individual business entities and is not based on generally accepted accounting principles. it has been evolved by the economists and statisticians.
 |
Note. This post is to be used for the information purpose only so each person should consult his own attorney.
NYC post
ReplyDelete