Accounting Essay Writing Help
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Accounting is defined as the art of recording transactions according to the nature, size and type of business. The book in which the transactions are recorded is known as ledger. As mentioned in Accounting Essay Writing Help, accounting can also be defined as a permanent recording of transactions related to income and expenditure that helps us to know the profit or loss for a given period of time. Some functions of accounting include classification, recording and summarizing data; recording the transaction in terms of money, to provide crystal clear picture about the financial position of a business, planning and controlling activities of business enterprise and many more. There are more than 10 branches or types of accounting. Some of them have been discussed in the following section of Accounting Essay Writing Help.
Branches Or Types Of Accounting
The different types of accounting discussed in Accounting Essay Writing Help are given below:-
• Management Accounting-
This branch of accounting deals with historical and estimated data to produce useful information and reports that could be used by the internal management for various decision making purpose. The information regarding management accounting is kept confidential and is not released to external parties.
• Tax Accounting-
Tax accounting is a type of accounting that is related to all tax matters of an organization or business enterprise. It deals with computation of taxable income, presentation of tax related information to tax authorities, etc. The tax accountants should have an updated knowledge regarding all rules and regulations related to tax.
• Cost Accounting-
It deals with the categorization and collection of manufacturing costs of an organization or a business enterprise. The data collected or recorded is known as cost data. The management uses this cost data for planning and control. In order to have a successful business enterprise, a well established cost accounting system is important. Characteristics of cost accounting can be studied in Accounting Essay Writing Help.
• Financial Accounting-
It deals with the periodic financial reports of an organization. The main objective of financial accounting is to provide useful information regarding an organization’s financial position. It is also referred as the “general purpose accounting”.
• Project Accounting-
It is a type of accounting that is a part of overall project management. It is concerned with the preparation of financial reports at regular interval of time so as to track the financial progress of the project. This type of accounting is very common among companies that are involved in construction contracts. The advantages of project accounting can be studied by referring Accounting Essay Writing Help.
• Forensic Accounting-
It is concerned with all legal issues faced by an organization or a business enterprise. Forensic accountants use their skills and knowledge to deal with legal matters such as fraud investigation, claim settlement, dispute resolution, court and litigation cases, etc. The other types of accounting can be studied in Accounting Essay Writing Help.
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