Branches of accounting

• Financial accounting is a branch of accounting that deals with the recording of business transactions and summarizes them into financial statements.
• Management accounting, also known as cost accounting, collects information to be used by the management for decision-making.
• Government accounting is a branch of accounting that deals with the recording of financial transactions of the government.
• Auditing is a branch of accounting that involves examining and verifying financial records.
• Tax accounting is a branch of accounting that deals with the preparation of tax returns.
• Accounting education and accounting research are fields of accounting where new accounting methods and theories are developed and studied.
• Economic or industrial accounting research is a research that is being applied in the industry or the work that we do.
• Accounting education involves teaching accounting, finance, and other technically related subjects to ABM students and accountants.
• External auditing is a process where a third-party accountant, known as an audit board, checks the financial statements for accuracy and compliance with a financial reporting framework.
• Academic accounting research is being applied in the academia more in education.
• There are two kinds of accounting research: academic accounting research and economic or industrial accounting research.
• In the Philippines, the big four accounting firms that provide audit services are SGV, CCOs, Vallejo & Company, KPMG, and PwC.
• To become an accounting instructor in colleges, a minimum requirement is a master's degree in a related field such as Master in Business Administration or a master's degree in accountancy.
• Accounting research is the creation of new knowledge that is applied in a company.
• Tax accounting is a branch of accounting that deals with the totality of the process of Taxation.
• Government accounting uses the same accounting process from the record being up to the preparation of financial statements.
• In government accounting, we use funds that are coming from taxes and other revenues of the government to build schools, bridges, and other public infrastructure.
• Management accounting is more flexible because it is used in decision making.
• In management accounting, we can go further into details so that the owners or the managers of the company can be able to do issues regarding the operations of it.
• Financial statements will be used by different users of elastic.
• Government accounting is a branch of accounting which deals with the receipt and disposition of public finance.
• Cost accounting is a branch of accounting which talks about anything that the company has sacrificed to be loss.
• In financial accounting, we need to continue strengthening product A because it's doing good but we need to improve our product B and we need to know the basis why we have a big expense in from the B.
• External audit is a branch of auditing in which an independent auditor checks the financial statements of a company.
• Cost accounting is used by both financial accounting for income statement purposes and it's also used in management accounting for management reports for decision making.
• Cost accounting provides information regarding all of the costs and sacrifices that the company has.
• Users of financial statements can be assured that these financial statements are correct because they have been audited.
• Financial accounting reports the operations of the company in totality.
• Internal auditing is a branch of auditing in which you are checking the operations of a company if it is in line with the management policies.