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    Branches of Accounting

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    Cher Na
    There are several specialized branches of accounting that have emerged due to economic, industrial, and technological developments. The main branches include financial accounting, managerial accounting, cost accounting, auditing, tax accounting, accounting information systems, fiduciary accounting, and forensic accounting. Financial accounting focuses on recording transactions and preparing financial statements. Managerial accounting provides information for internal management. Cost accounting analyzes manufacturing costs. Auditing examines financial statements for fairness. Tax accounting handles tax compliance. Accounting information systems deals with accounting procedures and systems. Fiduciary accounting manages accounts for others. Forensic accounting involves legal and litigation matters.

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    Branches of Accounting

    Uploaded by

    Cher Na
    266 views2 pages
    There are several specialized branches of accounting that have emerged due to economic, industrial, and technological developments. The main branches include financial accounting, managerial accounting, cost accounting, auditing, tax accounting, accounting information systems, fiduciary accounting, and forensic accounting. Financial accounting focuses on recording transactions and preparing financial statements. Managerial accounting provides information for internal management. Cost accounting analyzes manufacturing costs. Auditing examines financial statements for fairness. Tax accounting handles tax compliance. Accounting information systems deals with accounting procedures and systems. Fiduciary accounting manages accounts for others. Forensic accounting involves legal and litigation matters.

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    There are several specialized branches of accounting that have emerged due to economic, industrial, and technological developments. The main branches include financial accounting, managerial accounting, cost accounting, auditing, tax accounting, accounting information systems, fiduciary accounting, and forensic accounting. Financial accounting focuses on recording transactions and preparing financial statements. Managerial accounting provides information for internal management. Cost accounting analyzes manufacturing costs. Auditing examines financial statements for fairness. Tax accounting handles tax compliance. Accounting information systems deals with accounting procedures and systems. Fiduciary accounting manages accounts for others. Forensic accounting involves legal and litigation matters.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    266 views2 pages

    Branches of Accounting

    Uploaded by

    Cher Na
    There are several specialized branches of accounting that have emerged due to economic, industrial, and technological developments. The main branches include financial accounting, managerial accounting, cost accounting, auditing, tax accounting, accounting information systems, fiduciary accounting, and forensic accounting. Financial accounting focuses on recording transactions and preparing financial statements. Managerial accounting provides information for internal management. Cost accounting analyzes manufacturing costs. Auditing examines financial statements for fairness. Tax accounting handles tax compliance. Accounting information systems deals with accounting procedures and systems. Fiduciary accounting manages accounts for others. Forensic accounting involves legal and litigation matters.

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    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    M1- Lesson 2: Branches of

    Accounting
    Due to economic, industrial, and technological developments, different specialized fields in
    accounting have emerged.
    Accountingverse.com enumerates the famous branches or types of accounting as follows:
    1. Financial Accounting
    Financial accounting involves recording and classifying business transactions, and preparing and
    presenting financial statements to be used by internal and external users.
    In the preparation of financial statements, strict compliance with generally accepted accounting
    principles or GAAP is observed. Financial accounting is primarily concerned in
    processing historical data.
    2. Managerial Accounting
    Managerial or management accounting focuses on providing information for use by internal
    users, the management. This branch deals with the needs of the management rather than strict
    compliance with generally accepted accounting principles.
    Managerial accounting involves financial analysis, budgeting and forecasting, cost analysis,
    evaluation of business decisions, and similar areas.
    3. Cost Accounting
    Often times considered as a subset of management accounting, cost accounting refers to the
    recording, presentation, and analysis of manufacturing costs. Cost accounting is very useful in
    manufacturing businesses since they have the most complicated costing process.
    Cost accountants also analyze actual costs versus budgets or standards to help determine future
    courses of action regarding the company's cost management.
    4. Auditing
    External auditing refers to the examination of financial statements by an independent party with
    the purpose of expressing an opinion as to fairness of presentation and compliance with
    GAAP. Internal auditing focuses on evaluating the adequacy of a company's internal control
    structure by testing segregation of duties, policies and procedures, degrees of authorization, and
    other controls implemented by management.
    5. Tax Accounting
    Tax accounting helps clients follow rules set by tax authorities. It includes tax planning and
    preparation of tax returns. It also involves determination of income tax and other taxes, tax
    advisory services such as ways to minimize taxes legally, evaluation of the consequences of tax
    decisions, and other tax-related matters.
    6. Accounting Information Systems
    Accounting information systems (AIS) involves the development, installation, implementation,
    and monitoring of accounting procedures and systems used in the accounting process. It includes
    the employment of business forms, accounting personnel direction, and software management.
    7. Fiduciary Accounting
    Fiduciary accounting involves handling of accounts managed by a person entrusted with the
    custody and management of property of or for the benefit of another person. Examples of
    fiduciary accounting include trust accounting, receivership, and estate accounting.
    8. Forensic Accounting
    Forensic accounting involves court and litigation cases, fraud investigation, claims and dispute
    resolution, and other areas that involve legal matters. This is one of the popular trends in
    accounting today.
     
    Other fields of accounting are:

    1. Accounting Research

    Accounting research involves the examination on how accounting is utilized by interested parties
    following the scientific-based approach. Basically, this serves as an avenue for the continuous
    improvement of the accountancy profession through research and studies.

    2. Accounting Education

    Accounting education is the branch of accounting that is concerned with the retooling of CPAs
    and training of future accountants.

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