Accounting

Accounting plays a major role to identifying, measuring, and communicating economic information to permit informed judgment and decisions depends upon it. Accounting is a backbone of all kind of businesses. Professional accounting shows the financial strategy and practical theories of business. Accounting guide to managers for decision making plans , development projects and make the business more profitable. Accounting is based on number of disciplines and activities related to this. Accounting plays more important role for banking services, creditors, shareholders , the government rules, the public areas to decision process for organization and its operational processes. It is functioning mainly on three processes these are planning, implementations and control process. Financial information is used to set budgets, analyzing all kind of cost basis options, modify necessary plans and control and monitor the work that is being done. Accounting is the degree of financial transaction measurement which is used to transfer legal property rights made under contractual relationships. Non-financial transactions are specifically excluded just due to conservatism and materiality based principles. There are few flecks on which the accounting depends:

  • Status of Stocks and shares
  • Flow reporting activities
  • Balance sheet status
  • Income statements
  • Cash flow process

Types of Accounting


Accounting governes following types:

  • Financial Accounting : This field of accountancy related to preparation of financial statements on the basis of decision makers like stockholders, suppliers, banks, employees, government agencies etc.
  • Fund Accounting : Fund accounting is also known as nonprofit organization or public sector. It works on special reporting procedures for financial statement users that provide the rules of money, how it is spent and how much profit was earned.
  • Forensic Accounting : Forensic refers to the suitable uses in a court of law. It is the specialty practice area of accountancy that depends upon the standard and potential outcome.
  • Governmental Accounting : It provides profitable term which refers to the various accounting systems which is used in various public sector entities.
  • Management Accounting : Management accounting is concerned with the provisions and managers use this accounting information within the organizations in order to find better equipment in control functions of the management.
  • Product control : Product control is generally related to compilation of profit and loss accounts from products which are traded by front office on a daily basis.
  • Social Accounting : Social accounting is the activity of communication between the social and environmental effects, economic actions and interest group of society of a particular organization .
  • Project Accounting : Project accounting is also called job cost accounting, is the practice of creating financial reports which helps to designed the track for financial progress of projects and its also beneficial for managers to aid project management.
  • Resource Consumption Accounting (RCA) : RCA is a major kind of accounting having a dynamic features, fully integrated, principle-based and comprehensive management accounting that offers decision support information to managers for enterprise optimization.

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