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As the name itself is defining it, but let's have a look at the definition of Accounting;

"Accounting or accountancy is the measurement, processing, and communication of financial and nonfinancial information about economic entities such as businesses and corporations"

There are 8 types of branches that come under the category of Accountings. These branches are very helpful for those people who are doing business at a very small scale. let's have a look at some of the branches;

  • Financial Accounting
  • Cost Accounting
  • Auditing
  • Managerial Accounts
  • Accounting Information System
  • Tax Accounting
  • Forensic Accounting
  • Fiduciary Accounting

Financial accounting involves recording and categorizing transactions for business. This data is generally historical, meaning it’s from the past.

Cost accounting is considered a type of managerial accounting. Cost accounting is most commonly used in the manufacturing industry, an industry that has a lot of resources and costs to manage.

There are two types of auditing: external and internal auditing. In external auditing, an independent third party reviews a company’s financial statements to make sure they are presented correctly and comply with GAAP.

Further you will learn many things in accounting.





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