Accounting is one of the most common disciplines of academics. The study of numerous financial communication or transactions is known as accounting. Usually, the businesses or companies have hired accounts so that they analyze or record the financial aspect of the company or business. In addition, accounting is also defined as the complete study in which an accountant might review, analyze as well as present a report regarding the financial dealings of a particular business. In accounting, there are several branches which are used for numerous purposes. Particularly, there are six most common branches of accounting. The branches of accounting are Management Accounting, Fund Accounting, Tax Accounting, Auditing, Financial Accounting, and Forensic Accounting. All these branches have played an essential role in the business. Accounting procedures creates the transparency in the business. Management accounting is one of the branches of accounting. In this branch of accounting, financial statements are presented to the managers so that they will analyze the financial condition of the company.
Financial statements contain financial information about a particular company or business. They provide real time as well as complete and accurate information to the senior management of the company. Financial information is quite essential for management in order to make objectives or strategies for the company. In addition, it is also help in making the short term decisions after seeing the previous information. A number of processes are involved, if the management wants to make a successful strategy or objective. These processes are planning, implementation, and evaluation. It is necessary that the objective should be well planned, its implementation should also be properly organized and the evaluation criteria should developed in order to analyze the results of the objectives. Hire us for A grade Accounting Assignment Help and Accounting Homework Help. A large number of non-profit organizations that include Human Welfare Organizations or NGO’s are used this branch of accounting.
In order to record their revenues as well as expenditures, the non-profit organizations hire fund accountants. These accountants use their knowledge to maintain financial accounts of non-profit organization. Get your A grade Accounting Assignment Help and Accounting Homework Help from us. Fund accountants are responsible to record the earning and spending, compose the financial statement on monthly, quarterly, semiannually, or annually basis, and formulate the NAV (Net Asset Value) on a regular basis. Tax accounting is mainly followed by the government and regulation authorities. This type of accounting is generally focuses on the process of tax collection. The process to record the tax amount is paid by the companies, businesses or individuals, etc. is called as the tax accounting. Each country has its own procedures or tax ratios for the individuals or companies. The essential difference between the financial accounting and tax accounting is that tax accounting comprises on the laws of tax collections; whereas the financial accounting is based upon the operating activities of a business. Hire us for A grade Accounting Assignment Help and Accounting Homework Help.
Auditing is one of the most important branches of accounting discipline. Auditing is the procedure in which an auditor examines the financial results that include balance sheet, cash flows, income/statement and other financial documents. The reason to do auditing is to ensure that the practices which a business can be followed are ethical. The responsibility of the auditors is to inspect business procedures and verify the financial accounts. Feel free to contact us us for A grade Accounting Assignment Help and Accounting Homework Help. It is also the duty of auditors to highlight the unlawful practices, penalize the businesses or companies and guide them about following the ethical practices. In the branch of auditing, there are two kinds of auditors such as internal auditor and external auditor. Internal auditors inspect the internal environment of the business; whereas the external auditors scrutinize the external environment of the business. Financial accounting is also the part of accounting. It is considered as one of the most important branch of accounting discipline.