Explain the importance of intergrating the three main branches of accounting into a company's reporting system
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There are eight types of financial accounting. Each branch has come about thanks to technological, economic or industrial developments and has its own specialized use. Accountants tend to specialize in one branch.
Some of these branches of accounting are important to small businesses. Their usefulness will be noted below, as applicable.
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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