What are the different types of accounting?

Different types of accounting are –

Financial Accounting – This branch of accounting records, summarises and reports the business transactions that take place over a time period in an organisation. It is required in both the private and public sectors.

Administrative Accounting – Administrative accounting is focused on the administrative aspects of the company and is used above all to assess the fulfilment of the established objectives and improve the implemented strategy. It is very useful for making forecasts and planning the actions and resources to be used.

Tax Accounting -Tax accounting helps to register and prepare reports related to tax returns to the public treasury and payment of taxes.

Cost Accounting – This type of accounting is more focused on companies of an industrial nature. It helps to make a detailed analysis of the unit costs of production, sales, and, in general, the production process that the company carries out.

Management Accounting – Management accounting has a broader vision than cost accounting since it records all the economic and financial information of the company to be able to make short-term and long-term deci

sions.

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