Accounting means a systematic and a comprehensive and complete recording of the financial transactions that are a part of any organisation which also refers to the process of reporting, analysing and summarization of these transactions. In other words the financial statement that provides the record of cash inflow and cash outflow in large and small organisations and provides a complete summary of all the transactions that took place in the organisation in a given period of time is termed as the process of accounting. Accounting should be taught at school level so that the student’s build up a strong base in accounting for better application of accounting at work level.
Accounting can be classified under four parts that includes financial accounting, management accounting, tax accounting and auditing. Which can be further described as follows:
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Accounting can be classified under four parts that includes financial accounting, management accounting, tax accounting and auditing. Which can be further described as follows:
- Financial accounting: financial accounting is that field in accounting that describes all the financial transactions the cash inflow and cash outflow in any organisations. The payments investment in resources machinery payment of salaries all falls under financial accounting.
- Management accounting: management accounting which is also known as managerial accounting is that field where the managers normally uses the provision of the information about accounting in order to have a proper knowledge about it before presenting any idea and having any discussion before the organisation which adds to aids of their managerial performance and have a proper and full control over the functions that they perform for the organisation of management accounting.
- Tax accounting: tax accounting is that field that refers to accounting and management of tax in any organisation. That includes payment of taxes in one financial year. There are many portals that offers student accounting help. This help offered by the subject experts go a long way in making accounting concepts clear to the students.
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