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Adnan Mustafa , Credit Controller , National Refreshment Company LLC
Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit.
There are several types of accounting which are as follows:
Main types of accounting are as follows:
1. Financial
2. Management
3. Governmental
4. Tax
5. Forensic
6. Project
7. Social
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Ahmed Tharwat , general accountant , Ocean Kitchen Furniture Fix IND.LLC
1 - Financial Accounting
2 - Management Accounting
3 - Cost Accounting
4 - Tax Accounting
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F.A : Report to External users Through a set of Financial Statements Produced with GAAP
has a Historical Foucs
M.A : Report to Internal users and produce reports that improve organizational decision makiing
Thus Future Oriented
C.A : Report to Both Internal & External users Through Information about the Cost of Resources Acquired and consumed . So it Support Both F.A & M.A
T.A : Focuses on Tax Issues ; This includes all Activities related to Filing Tax Returns and Planning for future tax obligations. US tax accounting was established by Title 26 of the Internal Revenue Code.
There are several types of accounting since its appearance to the present day
Vtaatadd diverge every day with the development of the world and the emergence of new problems did not appear in the past.
1 - Financial Accounting
2 - cost Almahsbh the
3 Tax Accounting
4 Governmental Accounting
5 - Management Accounting
6 - Accounting Environment
7 - Accounting oil
8 - Accounting inflation
And other species .......
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Khaja Moinuddin , Group Assistant Financial Controller , Confidential
Accounting is a vast and dynamic profession and is constantly adapting itself to the specific and varying needs of its users. Over the past few decades, accountancy has branched out into different types of accounting to cater for the diversity of needs of its users.
Main types of accounting are as follows:
1.Financial
2.Management
3.Costing
4.Governmental
5.Tax
6.Forensic
7.Project
8.Social .
As I understand from your question the types of accounting are financial accounting, cost accounting, managerial accounting, tax accounting, governmental accounting, responsibility accounting, and so on.
Public accounting: This group of accounting jobs has the broadest of scopes. If you choose this career path, your job may include all sorts of accounting, including bookkeeping, managing your client’s finances, preparing taxes and auditing financial statements. Your clients may be individuals, companies, corporations, governments and non-profit organizations.
• Management accounting: This type of accounting involves recording and analyzing the financial information of a company. As a management accountant, you would manage the finances of the company you work for, prepare budgets and taxes, evaluate performance, and perform cost accounting and asset management. Here, you may also be involved in strategic planning as part of the executive team. You may also be required to prepare financial reports for shareholders, creditors, tax authorities and regulatory bodies.
• Government accounting: This type of accounting involves handling the finances of federal, state and local government bodies. As a government accountant, your responsibilities may include bookkeeping, payroll, budgeting, managing revenues and expenditures, making sure that the accounting practices of government agencies comply with the law, auditing individuals and private businesses that are subject to government tax.
• Internal audit accounting: This type of accounting involves examining and verifying the company’s financial records to check for waste, mismanagement and fraud. As an internal audit accountant, you will evaluate your company’s financial information system, internal controls and management procedures to ensure the accuracy of records and adequacy of controls. You will also be required to review your company’s operations, evaluating their effectiveness, efficiency and compliance with the company’s policies and government regulations.
Accounting is the art of recording, summarizing, reporting, and analyzing financial transactions. An accounting system can be a simple, utilitarian check register, or, as with Microsoft Office Accounting, it can be a complete record of all the activities of a business, providing details of every aspect of the business, allowing the analysis of business trends, and providing insight into future prospects.
ACCOUNT TYPES
Asset
Liability
Equity
Income
Expense
The five account types
Double-entry accounting uses five — and only five — account types to record all the transactions that can possibly be recorded in an accounting system. There are sub-types of the following list, but all financial transactions can be recorded using these five types of accounts. The five account types are the following:
Balance sheet accounts:
1. Assets Things of value that are owned and used by the business.
2. Liabilities Debts that are owed by the business.
3. Equity The owner's claim to business assets.
Profit and loss accounts:
4. Revenue The amounts earned from the sale of goods and services.
5. Expenses Costs incurred in the course of business.