Anonymous

What Are The Fields Of Accounting?

13

13 Answers

Connor Sephton Profile
Connor Sephton answered
There are three fields of accounting; these are financial accounting, cost accounting, and management accounting. Many different accounting jobs and services fall under these three main categories. Most companies require accurate reckonings of their profits and losses; the practice of accounting presents this information in defined ways. For example, yearly fiscal reports, month-end statements, and payroll calculations may be part of an accountant's roster of services. Here are some guidelines regarding the types of tasks and jobs that fall under the three largest fields of the accounting industry:

Fields Of Accounting

 Financial Accounting - In this type of accounting, receipts and received funds are tracked in chronological order; when a specified time period is up, these losses and gains are analyzed according to a pre-defined format. Net gains and losses are easy to spot in the organized and efficient reports submitted by accountants to their valued clientele.
 Cost Accounting - This sort of accounting may also be referred to as manufacturing accounting. This business style of accounting is based on the concept that the price of an item or service will directly dictate how much profit it generates. Lower-cost products will increase profit ratio. Accountants perform record keeping and analysis to ensure that ideal pricing is in place, in order to help manufacturers boost their bottom lines. 
 Managerial Accounting -In this sort of accounting, financial information is recorded according to the specific requests of a board or directors or management team (or a single manager). Data may be analyzed in different formats, or dimensions, to facilitate business planning and more effective decisions about budgets, pricing, labor costs, and other variable expenses and business issues.

The fields of accounting are taught at universities, colleges, and community classes. High schools may also have more general coursework related to basic accounting practices. Understanding which type, or field, of accounting works for a specific type of business will help to ensure that records are kept as they should be, and that optimum analysis can occur.
Anonymous Profile
Anonymous answered
Some of them
1. Financial Accounting
2. Cost Accounting
3. Management Accounting
4. Auditing Accounting
5. Tax Accounting
6.Budgetary Accounting
Answered BY S.Jalal. Pakistan, Peshawar
Anonymous Profile
Anonymous answered
Financial Accounting
Auditing Accounting
Tax Accounting
Cost Accounting
Management Accounting
Budgetary Accounting
Anonymous Profile
Anonymous answered
Private accounting
Government accounting
Public accounting
*Auditing Service
*Tax Service
*Management Advisory Services
Anonymous Profile
Anonymous answered
-Financial accounting
-Cost accounting
-Managerial accounting
Erasmi  John Profile
Erasmi John answered

There are three fields of accounting which are,

Financial Accounting


Management accounting

Government Accounting

Call Tutors Profile
Call Tutors answered

Accountants tend to specialise in one of these fields, which leads to the different career tracks noted below:

  • Financial accounting:- This field is concerned with the aggregation of financial information into external reports. Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company's financial statements, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Or, if a company is publicly-held, it requires a knowledge of the standards issued by the government entity responsible for public company reporting in a specific country (such as the Securities and Exchange Commission in the United States). There are several career tracks involved in financial accounting.  There is a specialty in external reporting, which usually involves a detailed knowledge of accounting standards. There is also the controller track, which requires a combined knowledge of financial and management accounting.
  • Public accounting:- This field investigates the financial statements and supporting accounting systems of client companies, to provide assurance that the financial statements assembled by clients fairly present their financial results and position. This field requires excellent knowledge of the relevant accounting framework, as well as an inquiring personality that can delve into client systems as needed. The career track here is to progress through various audit staff positions to become an audit partner.
  • Government accounting:-This field uses a unique accounting framework to create and manage funds, from which cash is disbursed to pay for a number of expenditures related to the provision of services by a government entity. Government accounting requires such a different skill set that accountants tend to specialize within this area for their entire careers.
  • Forensic accounting:- This field involves the reconstruction of financial information when a complete set of financial records is not available. This skill set can be used to reconstruct the records of a destroyed business, to reconstruct fraudulent records, to convert cash-basis accounting records to accrual basis, and so forth. This career tends to attract auditors. It is usually a consulting position, since few businesses require the services of a full-time forensic accountant. Those in this field are more likely to be involved in the insurance industry, legal support, or within a specialty practice of an audit firm.
  • Management accounting:- This field is concerned with the process of accumulating accounting information for internal operational reporting. It includes such areas as cost accounting and target costing. A career track in this area can eventually lead to the controller position, or can diverge into a number of specialty positions, such as cost accountant, billing clerk, payables clerk, and payroll clerk.
  • Tax accounting:-This field is concerned with the proper compliance with tax regulations, tax filings, and tax planning to reduce a company's tax burden in the future. There are multiple tax specialties, tracking toward the tax manager position.
  • Internal auditing:- This field is concerned with the examination of a company's systems and transactions to spot control weaknesses, fraud, waste, and mismanagement, and the reporting of these findings to management. The career track progresses from various internal auditor positions to the manager of internal audit. There are specialities available, such as the information systems auditor and the environmental auditor.

For detailed information get help from calltutor's experts at calltutors.com.

Anonymous Profile
Anonymous answered
The two types of field accounting are:
1. Public Accounting
2. Private Accounting

---I hope you're happy to my answer... That's all.. Thank you..
ashish shrestha Profile
ashish shrestha answered
There  are three fields of accounting which are as
1) investment
2) return
3) risk management
just because account is related with finance and they are two sides of coin...
By prof DR. ASHISH SHRESTHA, NEPAL
Anonymous Profile
Anonymous answered
I'm not sure but I think it's Public accounting, Management accounting, Government accounting and Internal auditors? Correct me if I'm wrong. :-J
zhao wenjuan Profile
zhao wenjuan answered
The professional accounting industry, the company Yellow Pages , massive collection of professional accounting manufacturers, distributors, service providers, and provides professional accounting firms, the company released second-hand equipment, transfer of information and buy information.

Answer Question

Anonymous