Question

expalin three branches of accounting financial,cost and management? short answer please​

Answer 1

Answer:

the three branches of accounting are explained below:

Explanation:

Financial Accounting: It is that branch of accounting, which involves the recording of the transactions, inclined towards the preparation of trial balance and final accounts.

Cost Accounting: Cost account is the accounting discipline, which deals with costs, i.e. the unit costs of the goods produced and services provided. It helps the management of the organization in fixing the price, controlling costs and providing relevant information for the purpose of decision making.

Management Accounting: The accounting system which supplies the necessary information to the management, for rational decision making. The information may be concerned with funds, costs, profits and losses and so forth. This information is helpful in determining the effect of the decisions and analysing the performance of the entity.

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Financial accounting: Financial Accounting is based on a systematic method of recording transactions of any business according to the accounting principles. The main purpose of financial accounting is to calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date.

Cost accounting: The cost accounting is concerned with categorizing, tracing and collecting manufacturing costs of a business enterprise. The cost data collected so is used by management in planning and control. A well established cost accounting system is essential for every business enterprise to have a proper control over costs.

Management accounting: The object of managerial accounting is to communicate the relevant information periodically to the management of the business to enable it to take suitable decisions