Success Roar Classes

Types of Accounting

Types of Accounting - Success Roar Classes

What are the types of Accounting?

  1. Financial Accounting
    • Financial accounting is related to keeping a complete and systematic record of all financial transactions related to the business and the preparation and presentation of financial reports.
    • This accounting provides financial information to the stakeholders (users) related to organizational success and financial soundness. (Types of Accounting)
  2. Cost Accounting-
    • Cost accounting helps in ascertaining and analyzing the cost of various products manufactured or services rendered by the firm and fixation of prices thereof.
    • This accounting helps in controlling the costs and providing necessary costing information to management for decision-making.
  3. Managerial Accounting-
    • The purpose of this accounting is to provide the management the financial information in such a manner so that the management can make necessary decisions related to the operations of the business.
    • For making the information useful for management, the management accountant uses various techniques like cash flow statements, ratio analysis, etc.
  4. Tax Accounting-
    • The branch of accounting which is used for tax purposes is called Tax Accounting.
    • This accounting includes Various tax calculations like Income tax and GST etc, tax returns, payment of tax, etc.
  5. Social Responsibility Accounting
    • This accounting is becoming popular now these days.
    • Social responsibility accounting is the process of identifying, measuring, and communicating the contribution of a business to society.
    • This includes the report on the activities taken by the business for the welfare of society. These activities include providing employment to the under-privileged, contribution, product safety, etc.

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