Learn About Accounting & Its Types
                     LEARN ABOUT 
ACCOUNTING & 
ITS TYPES
WHAT IS ACCOUNTING?
Accounting is a process that deals with the recording of 
financial transactions in a business. It includes numerous 
processes, which includes summarizing of finances, its 
analysis, reporting that are further forwarded to the 
regulatory authorities and tax collection entities.
TYPES OF ACCOUNTING
• Financial Accounting
• Managerial Accounting
• Cost Accounting
• Auditing
• Tax Accounting
• Accounting Information Systems
• Fiduciary Accounting
• Forensic Accounting
FUNCTIONS OF ACCOUNTING
HISTORICAL FUNCTIONS MANAGERIAL FUNCTIONS
• Recording of financial • Preparation of budget.
transactions. • Control of financial policy and 
• Classifying. formation of planning.
• Summarizing. • Evaluation of employees’ 
• Finding net results. performance.
• Exhibiting financial affairs. • Cost control.
• Analyzing financial data. • Prevention of errors and 
• Communicating financial frauds.
information.
ADVANTAGES OF 
ACCOUNTING
• Preparation of fi nancial statements
• Maintenance of business records
• Decision making
• Comparison of results
• Provides information to related parties
• Evidence in legal matters
• Valuation of business
• Helps in taxation matters
• Replacement of memory
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