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Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. It also refers to the process of summarizing, analyzing, and reporting these transactions to oversight agencies and tax collection entities. Accounting is one of the key capacities for any business. The reports created by different floods of accounting, for example, cost accounting and management accounting, are precious in helping the administration settle on educated business choices. While fundamental accounting capacities can be taken care of by bookkeepers, advanced accounting is regularly dealt with by qualified accountants, for example, Certified Public Accountants (CPA) in the United States, or Chartered Accountants (CA), Certified General Accountants (CGA) or Certified Management Accountants (CMA) in Canada.
- 1. Cost Accounting: It is a means by which the costs of products and services are defined and controlled. The main objective of this accounting is to ascertain the costs of goods and services in different departments. It is the process of accounting for costs.
- 2. Management Accounting: It consists of cost accounting, inventory control, budgetary control, working capital management, etc. The main objective of this management is to ascertain the information required by the management to take decisions for running the enterprise.
- 3. Financial Accounting: It is the original form of accounting. It maintains a systematic record of bookkeeping. The main purpose of financial accounting is to ascertain the financial position of the business.
- 4. Forensic accounting: It uses investigative techniques with accounting to discover financial crimes. Used in the analysis of issues like Money Laundering Reorganization Securities Fraud Tax Fraud, Bankruptcy, Breach of Contract, etc.
- 5. Inflation and Tax Accounting: This branch of accounting is used for tax purposes therefore known as taxation accounting. For example value, added tax, sales tax, service tax, excise duty are all comprised of tax accounting.
- 6. Social Responsibility Accounting: Every business enterprise has its responsibility towards society by providing employment, good working conditions, paying fair wages, etc. This process identifies and measures the social effects of business decisions to permit informed judgments and decisions by the users of accounting data and information
- Auditing: Auditing is one of the main branches of accounting and refers to the procedure in which an auditor examines the financial results that include a balance sheet, cash flows, income/statement, and other financial documents.
Handling accounting assignments involves mathematical numerations where one needs to make and review numeric entries in order to report the findings. They also involve book balancing where one is required to review and tally each account until they balance. If accounts fail to tally, the accountant is responsible for requesting additional information and highlighting discrepancies causing the imbalance. This is applicable to all forms of accounting that involve numeric entries.
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