Types of Accounting

Here are the details of types of accounting:-

1. Financial Accounting:
   Financial accounting is historical in nature as it records transactions which had already been occurred. It primarily helps in the determination of the net result for an accounting period and the financial position as of the given date.
2. Managerial Accounting:
   Management accounting is concerned with internal reporting to the manager’s business unit. It will be dealt with at higher levels of the Accountancy Course.
3. Cost Accounting:
   The process of accounting for cost begins with the recording of Income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs.
4. Social Responsibility Accounting:
   The demand for social responsibility accounting stems from increasing social awareness about the undesirable by-products of economic activities.
5. Human Resource Accounting:
   Human resource accounting is an attempt to identify, quantify and report investments made in the human resources of an organization that are not presently accounted for under conventional accounting practice.
6. Tax accounting:
   This is the preparation and filing of tax returns for businesses and individuals, ensuring compliance with tax laws and regulations.
7. Forensic accounting:
   This involves the application of accounting principles and techniques to investigate financial fraud, embezzlement, and other financial crimes.
8. Governmental accounting:
   This is the accounting system used by government entities to account for public funds and public assets. It includes financial reporting and budgeting for public services, such as education, healthcare, Defense, and transportation.

Here are some more types of accounting:-

• Auditing
• Public accounting
• Accounting information systems
• Project accounting