Branches of Accounting!

Different accounting firms seems to examine different types of accounting information required by different kinds of peoples. There are three major accounting department : Financial accounting, cost accounting, accounting such as owners, shareholder, management teams, suppliers, creditor, tax authorities and various state agencies.

Financial Accounting >

Financial accounting is based on a systematic way to withdraw ant business transactions based on principle accounting. This a first accounting process. The primary functions of financial accounting is to calculated the profit and loss of the business over a period of time and accurately grasps the company financial condition on a specific date. Test balance, income statement and company balance are based on financial accounting applications. This is used by lender, bank, financial institutions to evaluate the company's financial situations. In additional, tax authorities can not calculates taxes on these registers.

Cost Accounting >

The cost evaluates the transaction with the value of the products or the service being offered. Calculate the cost that takes in to the accounts all factors contributing to productions ( both manufacturing and administrative factors). The purpose of cost is to help management determined prices and management products costs. This is also means waste, dumping, and defects in manufacturing and marketing process.

Management Accounting >

The accounting department provides management information to better manage the business. This makes it possible to make important decision and to control various activities of the company. Management can effective decision using a variety of information management system such as budget, expected cash flow statement, analysis of variance analysis, cost effectiveness analysis reports, etc Quantity, OTC calculates etc.

In additional to the above three accounting department, there are many branch operations, which will be extremely useful for various purposes as the shown below: 

Auditing: Auditing is a part of accounting when a certified public accountant know as auditor examines the company accountant and proves its accuracy and consistency. Internal audit are also carried out if the company regular audit account and management assistance employees have stored specific reports for the audit purposes. 

Tax Accounting:Tax accounting contract includes tax element. Preparation and presentations of the various tax returns, management of legal influence, and so on. The accountant will reduce the tax payment and help the financial accounts collect the financial statement of the tax returns of the various jurisdiction. Tax accounting includes the impact of taxation on the various aspect of the business, legal tax credit and consultation on the verification of the impact of the taxable taxation. 

Fund Accounting:Fund accounting communicates with the registration of fund from unprofitable entities isolated fund accounts are maintained for separate acts such as social assistance plan of different nature and ensure proper use of fund. 

Government Accounting: Government accounting is performed through the use of remuneration aggregation of the central government and state government financial statement. Respects the accurate and effective use of various budget allocation and the safety of public funds. 

Forensic Accounting: Forensic accounting also known as the statutory accounting, help to calculate or resolve misunderstanding of damage. A survey is conducted and calculation are made to correct damage. 

Trustee Accounting: Trustee accounting is the accounting and evaluation of the business and the property of the third party under the control of the another person.