Accounting

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.