Accounting is a procedure of generating and maintaining an extensive report of finance of a business organization. The financial report methodically proffers deep perception into organizational assets, financial transaction, liabilities, revenue, etc. Accounting is an important procedure and in the absence of it, no organization, can work in a productive way since it is important to recognize the financial condition of the business.
Objectives of accounting-
- It preserves a business systematic record
- It tells about the liquidity arrangement of a business
- It protects the business properties
- It tells about a business financial position
Types of accounting-
Accounting is a wide spectrum, vast and dynamic too. Let’s find out the main branches of accounting with our accounts assignment help experts.
- Financial Accounting– This is the original form of accounting, and it describes the financial statements of a company. The aim of financial accounting is to recognize the financial position of the business.
- Managerial Accounting– Managerial Accounting deals with capital management, inventory control, cost accounting and budgetary control. The purpose of management accounting is to gather the information that helps the management to take decision for running an enterprise.
- Tax accounting– It deals with tax matters. Here, all the information is supervised by tax experts for evaluating tax liability and tax planning.
- Cost accounting– This accounting deals with the cost of products and services.
- Governmental accounting– It is a kind of accounting is that is used in public sector for accounting information.
- Social responsibility accounting- It deals with responsibility of corporate social culture and its sustainability.
- Forensic accounting– It provides the information of investigating and auditing the cases of disagreement.
- Project accounting– To have a record of the financial growth it transacts with the system in accounting of continuing and in progress projects.
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