Question

Explain the three branches of accounting

Answer 1

ANSWER

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The Three Branches Of Accounting Are As Follows :-

•Financial Accounting :-

Financial accounting may be defined as the science and art of recording and classifying business transactions and preparing summaries of them for determining the result of business transaction during a particular period of Time.

•Cost Accounting :-

Cost accounting is the process of accounting from cost from the point at which expenditure is incurred or commited to the establishment of it's relationship with cost centers and cost units.

•Management Accounting :-

Management accounting is the study of managerial aspects of accounting. It is that branch of accounting which helps management in carrying out his functions more efficiently.

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