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Business Accounting Notes 2

The document outlines 12 branches of accounting and provides a brief description of each one. The branches include: financial accounting, managerial accounting, cost accounting, auditing, tax accounting, fiduciary accounting, project accounting, forensic accounting, fund accounting, government accounting, political campaign accounting, and international accounting. Each branch specializes in a particular area of business or legal focus, such as providing financial reports, evaluating costs, handling taxes, or complying with international standards.

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250 views2 pages

Business Accounting Notes 2

The document outlines 12 branches of accounting and provides a brief description of each one. The branches include: financial accounting, managerial accounting, cost accounting, auditing, tax accounting, fiduciary accounting, project accounting, forensic accounting, fund accounting, government accounting, political campaign accounting, and international accounting. Each branch specializes in a particular area of business or legal focus, such as providing financial reports, evaluating costs, handling taxes, or complying with international standards.

Uploaded by

Ankita Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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BUSINESS ACCOUNTING (27.10.21 & 29.10.

21)
The world of accounting expanded into several branches that specialize in particular legal areas, or focus
on a certain aspect of business. Here is a list of 12 branches of accounting along with a description of
each area's focus:

1. Financial accounting

Financial accounting provides vital economic business information for: creditors, banks & financial
institutions, regulators, supplier, tax professional.

2. Managerial Accounting

Managerial accounting works to improve the company's administration, enhance it's profit and provide
management with financial report. That influence planning & budgets.

3. Cost accounting

Cost accounting consider a subset of Managerial accounting focusses on evaluating cost. This branch
considers all factors of manufacturing to accrutely determine the cost of the project or venture.

4. Auditing

Auditing is a branch of accounting that is usually done internally and externally. Auditors examine and
monitor a business for accurate reporting, compliance with tax laws and regulations, financial integrity.
There are two specialisation for auditors (Internal auditors and External auditors)

5. Tax accounting

Tax accounting follows state and federal tax rules during tax planning or in the preparation of tax
returns.

6. Fiduciary accounting

This branch handles the accounts interested to the person responsible for the custody or management
of property. Fiduciary accounting typically serves trust, receivership, estates.

7. Project Accounting

Project Accounting falls under the project management umbrella (project adopted by some industries
such as construction or engineering work on large projects that required a dedicated accountant.)
8. Forensic Accounting

Forensic Accounting also known as legal accounting handles legal matters related to bankruptcy, fraud
or mismanagement. This branch conducts investigation for court and litigation cases, calculate damages
and oversees dispute resolution. Forensic accounting serves lawyers, law enforcement, insurance
companies, government organisations, financial institutions.

9. Fund Accounting

Fund accounting works with non profit organization (NPOs) to insure the correct and accurate allocation
of funds. Users are : educational institutions, hospitals, government agencies, clubs, any religious
organization etc.

10. Government Accounting

Government Accounting oversees and records state and federal fund allocation and disbursement.
Government accountants works in state and federal program such as health care, housing, education
etc.

11. Political Campaign Accounting

This branch oversees the development and implementation of a political campaign finance system.

12. International Accounting

Global business expands so do international markets and the need for international accounting this
branch of accounting serves to learn laws and regulations in other countries in order to conduct
business, honestly and fairly. International accountants not only follow GAAP but they are well versed in
international financial reporting standards (IFRS, the accounting standard followed in most global
economies.

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