The following are the main branched of accounting.
1 financial accounting
It is a process of recording, classifying, summering, analyzing, interpreting and communicating transactions and events. The purpose of this branch of accounting is to keep systematic records to ascertain financial performance and financial position and communicate the accounting information to the interested parties.
2. Cost accounting
It is process of accounting and controlling the cost of a product, service, function or an operation. The purpose of this branch of accounting is to.
A. Ascertain the cost of various products and services.
B. Controlling the costs.
C. Communicate cost related information for decision making.
3. Management accounting
It is the application of accounting techniques for providing information to assist the management in the formulation of policies and in planning and controlling the activities of the business enterprise.
1 financial accounting
It is a process of recording, classifying, summering, analyzing, interpreting and communicating transactions and events. The purpose of this branch of accounting is to keep systematic records to ascertain financial performance and financial position and communicate the accounting information to the interested parties.
2. Cost accounting
It is process of accounting and controlling the cost of a product, service, function or an operation. The purpose of this branch of accounting is to.
A. Ascertain the cost of various products and services.
B. Controlling the costs.
C. Communicate cost related information for decision making.
3. Management accounting
It is the application of accounting techniques for providing information to assist the management in the formulation of policies and in planning and controlling the activities of the business enterprise.
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