NAME: JHEY ROSSET C.

NOLEAL SECTION: OL22N17 BSA

STUDENT NO: CA202100274 SUBJECT: BPACTG01

CHAPTER 2 – ACTIVITY/ASSIGNMENT
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS
AND MANAGEMENT BPACTG01

1. WHAT ARE THE BRANCHES OF ACCOUNTING?

There are twelve types of financial accounting. Each branch has come
about thanks to technological, economic or industrial developments.
And each has its own specialized use.
Financial Accounting
Cost Accounting
Auditing
Managerial Accounting
Accounting Information Systems
Tax Accounting
Forensic Accounting
Fiduciary Accounting
Government Accounting
International Accounting
Fund Accounting
Political Campaign Accounting

2. WHAT IS GOVERNMENT ACCOUNTING?

Governmental accounting maintains tight control over resources, while also
compartmentalizing activities into different funds in order to clarify how resources
are being directed at various programs. This approach to accounting is used by all
types of government entities, including federal, state, county, municipal, and
special-purpose entities.

refers to the process of recording and the management of all financial

transactions incurred by the government which includes its income and
expenditures.
Various governmental accounting systems are used by various public sector
entities. In the United States, for instance, there are two levels of government
which follow different accounting standards set forth by independent, private
sector boards. At the federal level, the Federal Accounting Standards Advisory
Board (FASAB) sets forth the accounting standards to follow. Similarly, there is the
Governmental Accounting Standards Board (GASB) for state and local level
government.