Question

2. Explain the types of Accounting.
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Answer 1

Answer:

Explain the types of Accounting

Explanation:

Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting. Management accounting is useful to all types of businesses and tax accounting is required by the IRS.

Answer 2

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➦Tʜᴏᴜɢʜ ᴛʜᴇʀᴇ ᴀʀᴇ ᴇɪɢʜᴛ ʙʀᴀɴᴄʜᴇs ᴏғ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ɪɴ ᴛᴏᴛᴀʟ, ᴛʜᴇʀᴇ ᴀʀᴇ ᴛʜʀᴇᴇ ᴍᴀɪɴ ᴛʏᴘᴇs ᴏғ ᴀᴄᴄᴏᴜɴᴛɪɴɢ, ᴀᴄᴄᴏʀᴅɪɴɢ ᴛᴏ MᴄAᴅᴀᴍ & Cᴏ. Tʜᴇsᴇ ᴛʏᴘᴇs ᴀʀᴇ ᴛᴀx ᴀᴄᴄᴏᴜɴᴛɪɴɢ, ғɪɴᴀɴᴄɪᴀʟ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴀɴᴅ ᴍᴀɴᴀɢᴇᴍᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛɪɴɢ. Mᴀɴᴀɢᴇᴍᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ɪs ᴜsᴇғᴜʟ ᴛᴏ ᴀʟʟ ᴛʏᴘᴇs ᴏғ ʙᴜsɪɴᴇssᴇs ᴀɴᴅ ᴛᴀx ᴀᴄᴄᴏᴜɴᴛɪɴɢ ɪs ʀᴇϙᴜɪʀᴇᴅ ʙʏ ᴛʜᴇ IRS.

Explanation:

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