Question

what are the main branch of accounting? explain the relevance and importance of accounting​

Answer 1

Answer:

Importance of accounting in points

It helps in making important decisions and controlling of various activities of the business. ... Management accounting serves the management's needs in decision-making regarding minimizing the cost factor and enhancing profit-making.

Answer 2

Hi mate here is your answer....

Branch accounting is a bookkeeping system in which separate accounts are maintain for each branch or operating location of an organization.

There are 8 types of branch of accounting.

1. financial accounting
2. cost accounting
3. MGT accounting
4. auditing
5. tax accounting
6. fund accounting
7. government accounting
8. forensic accounting
9. fiduciary accounting

but there are 3 main types of accounting.

1. tax accounting
2. financial accounting
3. management accounting

accounting plays a vital role in running a business because it helps you track income and expenditure, ensure statutory compliance, and provide investors management, and government with quantitative financial information which can be use in making business decisions.

hope this will help you.....

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