Branches of Accounting

Increased scale of business operations has made the management function more complex. This has given raise to specialised branches in accounting. The main branches of accounting are Financial Accounting, Cost Accounting and Management Accounting. 1.6.1 Financial Accounting : It is concerned with recording of business transactions in the books of accounts in such a way that operating result of a particular period and financial position on a particular date can be known. 1.6.2 Cost Accounting It relates to collection, classification and ascertainment of the cost of
production or job undertaken by the firm. 1.6.3 Management Accounting It relates to the use of accounting data collected with the help of financial accounting and cost accounting for the purpose of policy formulation, planning, control and decision making by the management. Branches of Accounting Accounting
Financial Accounting
Cost Accounting
Management Accounting

Basic Operations in Mathematics (Prev Lesson)

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