BRANCHES OF

ACCOUNTING
By : Group 1
ACCOUNTING
BRANCHES
A system in which separate accounts are
maintained for each branch. Accounting branches
use many sorts of analysis and data to enlighten
management and assist the business in making
informed, constructive decisions for the company's
present and future.
MAIN BRANCHES OF
ACCOUNTING:
FINANCIAL ACCOUNTING
Financial accounting is also termed as the “general
purpose accounting” because the information
generated by it is published for the use of every one
connected with the business enterprise.
Management Accounting
Management/Managerial accounting create helpful
reports and information for internal management to
utilize in decision making using both historical and
estimated data.
Cost Accounting
Cost accounting is involved with categorizing,
tracking, and collecting a business's manufacturing
costs. This management uses the expense data
gathered in this manner for planning and control.
OTHER BRANCHES OF
ACCOUNTING:
Auditing
This branch's goal is to independently assess
the quality and dependability of an
organization's financial information and
internal controls.
Tax Accounting
The goal is to ensure that tax regulations are
followed and that a company's tax liabilities
are minimized.
Fiduciary Accounting
It deals with the accounts entrusted to the
person in charge of property custody or
management.
Project Accounting
This branch of accounting analyzes costs and
also generates reports at regular intervals to
track the financial progress of a project.
Forensic Accounting
Also known as "Legal Accounting", deals with
legal issues involving insolvency, fraud, or
mismanagement.
Fund Accounting
It collaborates with non-profit organizations
(NPOs) to guarantee that funds are allocated
correctly and accurately.
Government Accounting
Government accounting monitors and records
the distribution and payment of state and
federal funds.
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