1. Explain the meaning of accounting.
2. Discuss briefly the branches of accounting.
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They may be owners, shareholders, management, suppliers, creditors, taxation authorities and various government agencies, etc. There are three main accounting branches, which include financial accounting, cost accounting, and management accounting.
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a) Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
b) In this article, we'll cover:
- Financial Accounting.
- Cost Accounting.
Auditing.
Managerial Accounting.
Accounting Information Systems.
Tax Accounting.
Forensic Accounting.
Fiduciary Accounting.
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