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What is an account for any business?
An account is a financial statement that records debit amounts and the credit amount of the companies or business organization. It is also considered as a statement which discusses one’s conduct. Generally, there are main 3 types of account, and this classification is done on the basis of their nature,i.e., the liability, juristic entity, physical assets and final transaction, etc. Accounts are considered as the inflow or the outflow of cash in a particular financial year. For your complete study about accounts, you may take help of account classifications homework answers.
What are the main branches of accounting:
There are mainly six branches of accounting which are used for multiple purposes. These main branches are Tax Accounting, Management Accounting, Auditing, Financial Accounting, Fund Accounting, and Forensic Accounting. Each of these branches played a vital role in any business. Here is a brief discussion of this accounting.
- Tax Accounting:
This accounting is followed mainly by any government and the regulatory authorities.This accounting says about the tax collection procedure. The process of recording the tax amount paid by any company, business or by an individual is called the ‘Tax Accounting.’ This is the most important part of modern accounting.
- Management Accounting:
Under this accounting system financial statements in any particular year are presented to the managing body of the company so that they can analyze the financial condition of the company of that particular year. This financial statement helps the managing body to determine the objectives of the company.There is a number of a process like planning, implementation and the evaluation for management accounting.
Here the auditor evaluates the financial results like balance sheet, income statements, cash flows and other financial documents. Auditing ensures that the business procedure for any company or business is ethical. The auditor inspects the business procedure and financial documents, check the unlawful business practices, etc.
- Financial Accounting:
This is the most important part of accounting. It teaches us how a company presents its financial information to stakeholders. It helps to prepare a balance sheet, profit or loss statements, cash-flow statements, outflow and inflow of cash statements, etc.
- Fund accounting:
This is used mainly by a non-profit organization like Human Welfare Organization etc. This accounting helps to record revenues and expenditures of those concerns. Fund accountant prepares the financial statement on the monthly, quarterly or annual basis. This accounting guard the non-profit organization against any loss in its business.
- Forensic Accounting:
This type of accounting inspects frauds and scandals in accounting and normally used in a legal proceeding. The forensic professional is responsible for investigating key procedures to investigate a financial problem, and he collects data, prepare data and analyze them.
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Account classifications homework answers help guide you by giving you proper classification of accounting. These classifications are of two types—traditional and modern. Traditional classification is not accepted by the advanced countries as it is the old system of accounting. This type of accounting comprises personal accounting, real accounting, nominal accounting and valuation accounting. But the modern accounting is classified as assets, revenues, capital, liabilities, withdrawal, and expenditures, etc.
This modern accounting is used by the advanced countries. The expert team not only consider the case study of the traditional accounting system but they also deal with the modern accounting system. So, if you have any problem in accounting, the experts can handle the problem easily.
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