what are the different branches of accounting and what are they used for?
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Major are three
1. Financial accounting, where you maintain records of historical transactions and follow accounting principles.
2. Cost accounting, where you maintain records for ascertaining cost of producing items so that sales price can be calculated. Other reasons are cost control and effective management.
3. Managerial accounting, where you make predictions, analyse accounts, makes reports for management for their decision regarding whether this project should be done, whether this product should be made in our Factory or should be purchased from market, etc.
1. Financial accounting, where you maintain records of historical transactions and follow accounting principles.
2. Cost accounting, where you maintain records for ascertaining cost of producing items so that sales price can be calculated. Other reasons are cost control and effective management.
3. Managerial accounting, where you make predictions, analyse accounts, makes reports for management for their decision regarding whether this project should be done, whether this product should be made in our Factory or should be purchased from market, etc.
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⭐⭐There are various branches of accounting....
1)Financial accounting - - It is concerned with the recording of the transactions in financial books in order to find out the trading result in terms of profits or loss and financial position of the firm forthe given period of time..
2)) Cost accounting - - It is concerned with the classification, recording, allocation and summerisation of the current and budget cost. The object of cost accounting to find out the cost of goods produced or services rendered by the business...
3/// Managements accounting - - It is the presentation of accounting information in such a way so as to assist the management in creation of policy and day to day operations of the undertakings. It relates to the use of accounting data collected with the help of financial accounting and cost accounting for policy formulation....
☺☺☺☺⭐⭐♠♠♠⭐♠☺☺☺☺
⭐⭐There are various branches of accounting....
1)Financial accounting - - It is concerned with the recording of the transactions in financial books in order to find out the trading result in terms of profits or loss and financial position of the firm forthe given period of time..
2)) Cost accounting - - It is concerned with the classification, recording, allocation and summerisation of the current and budget cost. The object of cost accounting to find out the cost of goods produced or services rendered by the business...
3/// Managements accounting - - It is the presentation of accounting information in such a way so as to assist the management in creation of policy and day to day operations of the undertakings. It relates to the use of accounting data collected with the help of financial accounting and cost accounting for policy formulation....
☺☺☺☺⭐⭐♠♠♠⭐♠☺☺☺☺
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