Types of

Accounting
Dušan Stojaković
 Content

1. 4. 7.
Financial Auditing Government
Accounting Accounting

2. 5. 8.
Managerial Cost Nonprofit
Accounting Accounting Accounting

3. 6. 9.
Tax Forensic Conclusion
Accounting Accounting
Financial Accounting
• Records, summarizes, and reports
financial transactions of a business to
external stakeholders
• Follows Generally Accepted
Accounting Principles (GAAP)
• Produces three primary financial
statements: Balance Sheet, Income
Statement, and Cash Flow Statement
• Helps investors, creditors, and
regulatory bodies make informed
decisions about businesses
 Managerial Accounting
• Provides financial information to
internal stakeholders such as
managers and executives
• Helps with decision-making and
planning
• Examples of managerial reports
include budget reports, cost analysis
reports, and performance reports
• Helps businesses improve efficiency
and profitability
 Tax Accounting
Deals with complying with
01
tax laws and regulations

Calculates and files taxes

02 such as income tax, sales tax,
and property tax

Helps businesses minimize

03 tax liability while ensuring
compliance with tax laws

Includes tax planning and tax

04
preparation services
 Auditing

• Examines financial records and statements to

ensure accuracy and compliance with
accounting standards and laws
• Provides an independent opinion on the
financial statements of a business
• Types of audits include internal audit, external
audit, and forensic audit
• Helps businesses identify weaknesses in their
accounting processes and internal controls
 Cost Accounting
Deals with analyzing and
managing the costs
associated with a business
operation

Examples of cost accounting

reports include job cost
reports, process cost reports,
and variance reports

Helps businesses in making

informed decisions about
pricing, budgeting, and cost
reduction
 Forensic Accounting
• The use of accounting skills to
investigate financial crimes such as
fraud, embezzlement, and money
laundering
• Involves gathering and analyzing
financial evidence to support legal
proceedings
• Forensic accountants often work
closely with law enforcement
agencies and attorneys
• Helps businesses detect and prevent
financial crimes, and supports legal
proceedings related to financial
crimes
 Government Accounting

Concerned with the financial operations of government

entities such as federal, state, and local governments

Involves recording and reporting the financial

transactions of the government

Examples of government accounting reports include

budget reports, revenue reports, and expenditure reports

Helps government entities in managing their finances,

making informed decisions, and ensuring transparency
and accountability
 Nonprofit Accounting

• Concerned with the financial operations of nonprofit organizations such as charities, educational institutions, and
religious organizations
• Involves recording and reporting the financial transactions of the organization
• Examples of nonprofit accounting reports include statement of activities, statement of financial position, and
statement of cash flows
• Helps nonprofit organizations in managing their finances, demonstrating accountability to stakeholders, and fulfilling
legal and regulatory requirements

Accounting is a vital aspect of
any business operation
Conclusion
Different types of accounting
are used for various purposes
Each type of accounting has
its unique characteristics and
requirements, and businesses
should choose the type of
accounting that best meets
their needs
 Thanks!
Do you have any
questions?
Dušan Stojaković

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