branches of accounting

• Financial Accounting – The gathering, classifying, analyzing, and recording of financial data in the books of accounts and preparing reports to management on the financial data. It involves bookkeeping – the procedural aspect of recording financial data and preparing reports
• Managerial Accounting – The gathering and reporting to management of data necessary for management decisions (e.g., controlling cost, planning for future operations, discontinuing losing operations, and distribution of income to stockholders)
• External Auditing – The work of Certified Public Accountants (CPAs) outside the business organization in ascertaining the correctness of data in the financial statements for the statements’ acceptability to the public and government regulatory agencies
• Internal Auditing –Reviews the business operations to check if they comply with management policies. It also evaluates the efficiency of business operations. Usually, an internal auditor is a hired employee of a company
• Taxation – Deals with the preparation of various tax returns and tax planning for the business. The data prepared is to be reported to the revenue collection agencies of the government
• Government Accounting – Used by all branches of the government and by those who receive government funds to oversee the complicated business of providing government services andthe use of government funding in compliance with the imposed regulations(
• Cost Accounting –Analyzes the costs incurred by the business to help managers control expenses. Good cost accounting records guide managers in pricing their products and services to achieve greater profits. Also, cost accounting information shows management when a product is not profitable and should be dropped