TYPES OF ACCOUNTING

There are several different types or branches of accounting.   The most prevalent are: 

FINANCIAL ACCOUNTING

This is concerned with the systematic recording, presenting and interpreting of the financial transactions of an enterprise. 

COST ACCOUNTING

This is concerned with the systematic and prompt recording and analysis of finance, material, labour and expense,  and with the interpretation of this information to disclose the cost of particular services and products and to reveal any inefficiencies in the conduct of operations. 

MANAGEMENT ACCOUNTING

This includes the activities of a Cost Accountant and the areas of envisaging, formulating and co-ordinating future plans and measuring their execution. 

TAX ACCOUNTING

Involves the preparation of accounts for taxation purposes and advice thereon. 

AUDITOR

Involves the making of checks on presented financial reports and financial records and internal financial procedures to ascertain accuracy, compliance with policies set by the entity, to ascertain fraud or defalcation and to make recommendations for improvement in accounting procedures and policies.