Various branches of Accounting

Various branches of Accounting

Financial Accounting
It is commonly termed as Accounting. The American Institute of Certified Public Accountants defines Accounting as "an art of recoding, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least of a financial character, and interpreting the results thereof."

Cost Accounting
According to the Chartered Institute of Management Accountants (CIMA), Cost Accountancy is defined as "application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability as well as the presentation of information for the purpose of managerial decision-making."

Management Accounting
Management Accounting is concerned with the use of Financial and Cost Accounting information to managers within
organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions.

Social responsibility Accounting
Social responsibility accounting is concerned with accounting for social costs incurred by the enterprise and social benefits created.

Human Resource Accounting
Human resource accounting is an attempt to identify, quantify and report investment made in human resource of an organisation that are not presently accounted for under conventional accounting practice.

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