Branches of

Accounting
HELLO!
I am Rajini Lee
Pulido
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1. Public Accounting
Public Accounting
Examples of Public Accounting Services are
as follows:
▪ External Auditing
▪ Tax Preparation and Planning Service
▪ Management Advisory Services

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External Auditing
Public Accountants examine the
financial statements in order to express an
opinion on whether statements have been
fairly presented or not.
The auditor examines the accounting
records of the client to check if business
transactions are recorded 6
Tax Preparation and Planning
Service
Certified Public Accountants offer tax
services wherein they advise and help their
clients in tax planning and preparing tax
returns.
Accountants are expected to be
knowledgeable about revenue regulations
and tax laws. 7
Management Advisory Services

Management consulting is an
area of public accountants that
involves financial planning, control,
and the development of accounting
computer systems.
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2. Private Accounting

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Private Accounting
Branches of Accounting under Private
Accounting are as follows:
 Financial Accounting
 Cost Accounting
 Budgeting
 Accounting Information System
 Tax Accounting
 Internal Auditing
Financial Accounting
Financial Accounting provides economic
and financial information for investors and
other external users.
Information from this branch of accounting
helps investors and creditors in deciding
where to place their scarce resources.

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Cost Accounting

Cost Accounting focuses on accumulating

manufacturing costs for financial reporting and
decision making purposes.
The primary role of a cost accountant is to
determine the inventory cost for financial
reporting purposes.

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Budgeting
Budgeting provides a detailed collection
and reporting of the expenditures and
revenues involved in a business or company
operations.
This branch of private accounting tracks
the financial details of the firm, including the
money taken in and the money spent by the
company and the staff. 14
Accounting Information
System
Accounting information system collects
and processes transaction data.
It also disseminates information to
interested parties.
It involves designing of both manual and
computerised data processing systems.
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Tax Accounting

It deals with the preparation of

various tax returns and doing tax
planning for the business.
This is similar to the tax services
done in public accounting.
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Internal Auditing
This branch of private accounting reviews
the business operations to check if they are
complying to management policies.
It also evaluates the efficiency of
business operations.
Normally, an internal auditor is a hired
employee of a company.
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3. Government
Accounting

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Government Accounting
Government Accounting is a system used
in government offices to record and report
financial transactions.
Government accounting reveals how
public funds have been generated and
utilised.
4. Accounting
Education

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Accounting Education

This branch of accounting is

responsible for training future
accountants.
It engages in teaching accounting,
financial management, taxation, and
other related business courses.
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CPAs in
Specialised Areas

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Forensic Accounting
Forensic Accountants provide the detective
work needed to investigate and examine
evidence of white-collar financial crimes such
as stealing and fraud.
They often act as expert witnesses in legal
proceedings and prepare evidence to be
presented in court.
Information Technology
Services
Businesses often seek individuals who can
design and implement costumized software
systems.
CPAs who posses strong skills in
information technology can work with e-
commerce ventures and consult with others to
determine which decisions are the most
financially and technologically sound for a 26

company.
Environmental Accounting

CPAs involved in environmental accounting

determine how companies can be both
profitable and environmentally responsible.
They do environmental compliance audits
and set-up preventative systems to ensure
compliance and avoid future environmental-
related claims or disputes.
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International Accounting

International accountants are

knowledgable in international trade rules and
regulations, international mergers, government
regulations, tax laws, and overseas
transactions.
CPAs who work in this area often travel
abroad and can speak and understand
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different languages.