Financial accounting is concerned with reporting an organization's financial data to external users such as

investors, potential investors, and creditors. It follows GAAP to calculate and record company activities and
create financial statements for external users .[1]

On a yearly or quarterly basis, financial accounting provides past-oriented reports—for example, financial
statements are frequently produced six to ten months after the conclusion of the accounting period—generally
regarding the firm as a whole .[7]

Management accounting is concerned with the collection, analysis, and reporting of data that might assist
managers in making decisions that will help the organization achieve its objectives. Internal measures and
reports in management accounting are focused on cost-benefit analysis and are not required to follow generally
accepted accounting principles (GAAP).[7] CIMA produced the Global Management Accounting Principles in
2014. (GMAPs). The principles aim to guide best practice in the profession and are the outcome of research from
20 nations across five continents .[35]

Management accounting generates past-oriented reports with varying time spans, as well as future-oriented
reports such as budgets. Financial and non-financial data are frequently included in management accounting
reports, which may focus on specific products or divisions .[7]

Auditing is the "unbiased inspection and evaluation of the financial statements of an organization" in the context
of accounting, and it is the "verification of allegations made by others regarding a payout" .[38]

A financial statement audit tries to express or disclaim an independent view on the financial statements. In
accordance with generally accepted accounting standards (GAAP), the auditor gives an independent judgment
on the fairness with which the financial statements portray the financial situation, results of operations, and
cash flows of an organization "in all significant respects." An auditor must also look for instances when the
generally accepted accounting standards (GAAP) have not been followed consistently .[39]

An accounting information system is a part of an organization's information system that processes accounting
data.[40] Artificial intelligence-based information systems are employed by many organizations. In the banking
and financial industry, artificial intelligence is used to detect fraud. Customer service in the retail industry is
aided by artificial intelligence. In the cybersecurity market, AI is also used. It involves the use of statistics and
modeling in computer hardware and software systems .[41]

Accounting computer software has simplified many accounting procedures. A large organization's enterprise
resource planning (ERP) system provides a complete, centralized, integrated source of information that
businesses may utilize to manage all main business operations, from purchasing to manufacturing to human
resources. These systems can be hosted in the cloud and accessed on demand.

In the United States, tax accounting is concerned with the preparation, analysis, and presentation of tax
payments and returns. The United States' tax system necessitates the application of specialized accounting rules
for tax reasons, which differ from GAAP for financial reporting. Corporate and personal income are taxed at
separate rates, with marginal rates (taxed on each extra dollar of income) and average rates (set as a proportion
of overall income) fluctuating according to income levels .[42]
Forensic accounting is a type of accounting that describes engagements that arise from or are expected to arise
from disputes or litigation. "Forensic" means "fit for use in a court of law," and forensic accountants must
generally work to that standard and potential outcome.

Political campaign accounting is concerned with the design and execution of financial systems, as well as the
accounting of financial transactions, in accordance with the rules that regulate political campaign operations.
The Journal of Accountancy published the first formal introduction to this subject of accounting in March 1976. .
[43]