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What are the different branches of accounting?
The different branches of accounting are explained below −
- Records daily transactions and gives the financial picture of business.
- Preparation of trial balances, profit and loss accounts and balance sheets.
- Creditors, financial institutions, banks, etc., use this type of accounts.
- Record, present and do the analysis of manufacturing costs.
- With the help of this account, management can control the production cost and prices.
- Forecast by analysing actual cost to budget cost.
- Gives information about business administration.
- Budgeting, cost analysis, decision making.
- Prepares tax reports using financial statements.
- External − Financial statements are scrutinized by external/independent parties.
- Internal − Focuses on the companies' internal structure.
- Prepares and files various tax returns.
- Minimizes tax, tax reporting.
- Tax related decisions are implemented.
- Records non-profit business funds.
- Different accounts are maintained for different sources.
- Records government and state government funds.
- Records utilisation of allocated funds.
- This is also called legal accounting.
- Settles the legal matters.
- Damage calculations are also conducted under this type of accounting.
- Third party handles accounts.
- Trust accounting, estate accounting, etc.
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