Different fields of accounting
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Accounting can be broken down into different fields based on the domain of work. Some common fields include accounts payable, bookkeeping, accounts receivable, tax accounting, and payroll accounting. Accounting can also be categorized into four main types: management accounting, government accounting, internal audit accounting, and public accounting, with each type dealing with different organizations. Accounting plays a fundamental role in running organizations and there are various courses that teach accounting principles and management.
Different fields of accounting
- 2. Different Fields of Accounting: Accounting is a vast subject and indeed the most important aspect in an organization as the primary objective of accounting is to maintain company’s account. A sound accounting principles in an organization can avoid possible financial turmoil like wrong investment or paying extra tax in a fiscal year. Moreover the accounting process also involves keeping track of all financial nitty-gritty that goes in organization. To sum-up, any financial dealings in an organization is taken care by accounting. Measuring the vastness of accounting, the same is broken in different fields based upon the domain of work. Accounting doesn’t mean a unified approach but rather there are various aspects that constitute accounting in general. However here lies a list of areas that are common in the field of accounting: Accounts payable: This method keeps track of outgoing payment or any debit. Bookkeeping: This process requires maintenance of total financial transactions in an organization. Accounts receivable: This process involves keeping track of incoming payments to an organization. Tax accounting: This method of accounting involves preparation of company’s tax based upon all the spending and amounts earned on a yearly basis. Payroll accounting: This type maintains payroll of employees in an organization. http://www.tutorsonnet.com/accounting-homework-help.php Page 1
- 3. Aforesaid are some of the basic responsibilities that are entitled to an accounting professional based upon her experience and qualification. A bookkeeper is aware of all the principles of accounting involved in bookkeeping while a tax accountant knows how to deal with the taxation of an organization. However based upon all the roles and responsibilities as mentioned above, accounting can be further broken up in four different types. They are: Management accounting, government accounting, internal audit accounting and public accounting. All these forms are based upon the nature of firms. For instance government accounting deals with account of federal and state government bodies while management accounting deals accounts management for a company. Accounting is one fundamental aspect to run any form of organization and there are various courses that offer accounting principles and management to impart training for an individual. The accounting homework help session is also an important part during a course as it helps one student to gain control of every possible aspect that lies in this ambit. http://www.tutorsonnet.com/accounting-homework-help.php Page 2
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