What Are The Different Branches Of Accounting?

Branches of accounting:
In order to meet the ever increasing demands made on accounting by different interested parties the various branches of accounting have come into existence.
Financial Accounting:
The main purpose of financial accounting is to ascertain the true result of the business operations during a particular period of time and to state the financial position of the business on a particular point of time. Financial accounting produces general purpose reports for use by the great variety of people who are interested in the organization but who are not actively engaged in its day-to-day operation. Financial accounting is the oldest and the other branches have developed from it. The objects of financial accounting can only be achieved by recording business transactions in a systematic manner according to a set of principals.
Cost Accounting:
The main object of cost accounting is to determine the cost of goods manufactured or produced by the business. It also helps the management of the business in controlling the costs by indicating avoidable losses and wastes.
Managerial Accounting:
The object of this accounting is to communicate the relevant information periodically to the management of the business to enable it to take suitable decisions.

Financial accounting
cost accounting
management accounting
inflation accounting
human resources accounting
audit accounting

There are three branches of accountuig
1) financial accounting
2) cost and management accounting
3) tax accounting

There are different types of accounting one is financial accounting and the second is the cost accounting. There is a difference between the both branches of accounting. In financial accounting you make up account relating to the business and accounts are closed at the end of the year. The important thing is financial accounting is the book keeping, Final account, Balance sheet. In the financial accounting we make general record keeping of expenses and incomes in the business. So this is different from other branches of accounting. The balance sheet is made at the end of the period usually after the end of one year.

The cost accounting is different form of the financial accounting and is used for other purposes. So the cost accounting is used for the manufacturing concerns usually the cost determination of the business. So there is different between two both. So the cost accounting is used to determine cost and price in the manufacturing concerns and it provides benefits to the users. The books are closed at the end of the year. So the cost accounting is very good field of study. In determination of the price and in the price mechanism, the consideration of cost accounting is very much.

Financial accounting, management accounting, government accounting and cost accounting.

Branches of accounting:
In order to meet the ever increasing demands made on accounting by different interested parties the various branches of accounting have come into existence.
Financial Accounting:

The main purpose of financial accounting is to ascertain the true result of the business operations during a particular period of time and to state the financial position of the business on a particular point of time. Financial accounting produces general purpose reports for use by the great variety of people who are interested in the organization but who are not actively engaged in its day-to-day operation. Financial accounting is the oldest and the other branches have developed from it. The objects of financial accounting can only be achieved by recording business transactions in a systematic manner according to a set of principals.

Cost Accounting:
The main object of cost accounting is to determine the cost of goods manufactured or produced by the business. It also helps the management of the business in controlling the costs by indicating avoidable losses and wastes.

Managerial Accounting:
The object of this accounting is to communicate the relevant information periodically to the management of the business to enable it to take suitable decisions.