BRANCHES OF ACCOUNTING

FINANCIAL ACCOUNTING- financial transactions

Financial statements, periodic, external and internal users, PFRs and Pas

MANAGEMENT ACCOUNTING- preparation of reports

Management reports, internal users, none

GOVERNMENT ACCOUNTING-government funds

Periodic financial reports; financial statements of the government, periodic,

external and internal, NGAs

AUDITING-examines and evaluates financial statements

Auditors report, after every audit, external, PSA

TAX ACCOUNTING-taxing authorities

Tax returns, periodic, taxing authorities, NIPC

COST ACCOUNTING-cost of specific cost of objects

Cost of production report; cost reports, internal, None

ACCOUNTING EDUCATION-promulgation of accounting knowledge

N/A, N/A, Students and members of the academe, None

ACCOUNTING RESEARCH- researches and studies

Research results, varies, members of the academe, None

USERS OF ACCOUNTING INFORMATION

CUSTOMERS- main source of income; acquire goods Patrons, clients

CREDITORS- providers of additional funds; lend resources banks, lending institutions

POTENTIAL INVESTORS-invest resources wealthy individuals, other businesses

GOVERNMENT-regulate businesses; studies financial statements government agencies,

taxing authorities, government
officials

ACADEME-academe purposes professors, lecturers, students, researchers

GENERAL PUBLIC-citizens and residents of the country common people not connected to the
company

MANAGEMENT-employees; brain of the company board of directors, top management, middle

level managers, supervisors

EMPLOYEES-persons in the company laborers, field workers, non managerial employees

OWNERS/STOCKHOLDERS-existing investors founders, owners, stockholders, partners