briefly explain different branches of accounting
Branches of Accounting
1. Financial Accounting- It is mainly concerned with identifying the transactions of financial nature and their recording in the books, classification, summarising and communicating the business results. The main focus of this branch of accounting is to determine the profit or loss of a business by preparing Trading and Profit and Loss Account.
2. Cost Accounting- It is another branch of accounting which is concerned with ascertaining the cost of production and its various elements.
3. Management Accounting- This branch of accounting helps in presenting the financial data and results in such an easy manner so that the vital and useful information can be easily and clearly available to the management.
4. Tax Accounting- This branch of accounting is a technique of accounting that is used for the tax purposes.
5. Social Responsibility Accounting- This is one of the important branches of accounting that studies the effects of business decisions on the society. It is basically concerned with analysing and interpreting the contribution of business to the society.
1. Financial Accounting- It is mainly concerned with identifying the transactions of financial nature and their recording in the books, classification, summarising and communicating the business results. The main focus of this branch of accounting is to determine the profit or loss of a business by preparing Trading and Profit and Loss Account.
2. Cost Accounting- It is another branch of accounting which is concerned with ascertaining the cost of production and its various elements.
3. Management Accounting- This branch of accounting helps in presenting the financial data and results in such an easy manner so that the vital and useful information can be easily and clearly available to the management.
4. Tax Accounting- This branch of accounting is a technique of accounting that is used for the tax purposes.
5. Social Responsibility Accounting- This is one of the important branches of accounting that studies the effects of business decisions on the society. It is basically concerned with analysing and interpreting the contribution of business to the society.