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Following are different branches of accounting:
1- Cost Accounting
2- Financial Accounting
3- Management Accounting
branches of accounting are two:
1-financial accounting
2-management accounting(cost a/c & managerial a/c)
Antonia Bins
Wiki User
∙ 14y agothere are 3 branches of accounting or accountancy : 1) financial accounting , 2) cost accounting , 3) management accounting
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What are the different of branches?
Following are different branches of accounting:1- Cost Accounting2- Financial Accounting3- Management Accountingbranches of accounting are two:1-financial accounting2-management accounting(cost a/c & managerial a/c)
What are different branches of?
Following are different branches of accounting:1- Cost Accounting2- Financial Accounting3- Management Accountingbranches of accounting are two:1-financial accounting2-management accounting(cost a/c & managerial a/c)
What are the recent branches of accounting?
How is this a Renters Insurance question?
What is stock and debtor method of accounting of inland branches?
They are used in order to make a profit. The branches will act in order to make the profit for the customers.
What are 3 accounting?
There are many branches of accounting. Some of the most important are given below:Annual AccountsManagement Accounts / Monthly ReportingStatutory AccountsMaintenance of Statutory RecordsAccounting for TrustsAccounting for Non-Profit Organisations and Charitable TrustsCompany Incorporations and Administration
What are similarities between accounting and auditing?
The similarities between auditing and accounting is that both are concerned with keeping records of a business. The other similarity is that both ensure that the correct financial statement of a business are prepared.
What are the major classifications of accounting?
Financial accounting refers to accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions. - Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs. - Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for the purpose of enhancing controls.
What are the differences and similarities among the branches of accounting?
branches of accounting 1 - Managerial 2 - Financial 3 - Theoretical 4 - Environmental what they do: 1 - find ways to spend money 2 - find ways to hide it 3 - find new ways to help #1 and #2 4 - clean up the mess caused by #1,2,3
What is Accounting for dependent branches?
This is the money that is flowing through separate parts of the business. They may not be considered the main part, but they still have to monitor the money.
Accounting Programs For A Successful Career?
Accounting is a profession that has been around for an extremely long time, and people with accounting degrees have a vast array of job opportunities available to them. Accountants work in many different settings including small, medium and large businesses and corporations. In addition to the different settings that accountants can work in, there are several branches of accounting they can work in, as well. These different branches include internal auditing, public accounting, management accounting, government and public auditing and forensic accounting. Among these various branches of accounting, public accounting typically offers more employment opportunities and larger salaries than the other branches. However, for those with excellent skills, other branches may be available that pay just as much. There is a vast array of accounting programs available both online and in traditional colleges that offer degrees in this lucrative field. For those people who like the idea of training online in the comfort of their own homes, there are many online programs available. People will want to make sure, however, that the sites offering the programs have proper accreditation. It is also a smart idea to look for any reviews that previous students may have posted concerning the sites. If there are many positive reviews, the site will have a satisfactory training program. Reviews are usually posted in forums or various chat sites. Another way to find top colleges or online programs for accounting is to search for top accounting programs in an online search engine such as Google. When people find schools or programs they may be interested in, they should also check to make sure that they offer a program in the branch of accounting that they desire. To be successful in accounting students will need to have excellent computer skills, as all accounting jobs require basic knowledge of computers. They also need to be familiar with the leading software programs before they can successfully understand the intricacies of accounting. In conclusion, a proper accounting program will teach students all they need to know to become an accountant, and make the auditing process easy. Once students complete their training in a traditional college or online program, it is best that they first apply for an internship to perfect their skills. After their internship, they can then go on to almost any accounting job they may want.
Distinguish between branch accounts and departmental accounts?
LocationOne of the primary differences in branch accounting and departmental accounting stems from how the business is structured. Businesses with their own accounting departments use departmental accounting when the accounting process takes place in a central location but is compartmentalized because the business consists of various departments. Each department might have some level of autonomy and might undergo separate audits. Branch accounting is used in industries such as banking where the business consists of branches that are generally independent of one another, even though they are all owned by a parent company or organization. CostOne way branch accounting and departmental accounting differ is the amount of manpower required to perform the jobs. With departmental accounting, most of the accounting procedures can be performed in-house and might be able to use an individual accountant or a small team that oversees the accounting for all departments. B.K. Banerjee, author of "Financial Accounting: Concepts, Analyses, Methods and Uses," notes that maintaining separate books for each department can be expensive. Instead, many companies opt for one group of accountants to maintain all of the books. This cost consideration can also affect businesses using branch accounting because they might need multiple accountants to maintain books in separate branch locations. ResponsibilityThe level of responsibility and oversight is greater with branch accounting than it is with departmental accounting. Lack of centralization requires that each branch keep accurate records of its own. However, this also requires the parent company or organization to keep a watchful eye over the accountant and the branch organization. In departmental accounting, these actions occur within the central organization. Although the need to keep watch over each department remains, it can be easier to do so because it occurs within the parent company. ProfitabilityWhile branch and departmental accounting both help create a financial portrait of the company, with branch accounting, the profitability of each branch can be equally important. Companies can make adjustments as necessary for each branch of their organization. Adjustments can be made within individual departments as well, but profitability is seen within the larger picture of the parent organization's profits, rather than on an individual level.
What is the difference between departmental accounting and branch accounting?
Followings are the main differences between branch and department:1. Branches are separated from the main organization. Departments are attached with the main organization under a single roof.2. Branches are the outcome of tough competition and expansion of business. Departments are the result of fast human life.3. Branches are geographically separated. Departments are not separated rather existed under a same roof.4. Branches are of different types like dependent, independent and foreign. There is no such classification in department because all are common under the same roof.5. Allocation of branch common expenses does not arise. Allocation of departmental common expenses is a tough job.6. To find out the net result of the organization, the reconciliation of different branch account is a main job. In departmental accounting, no reconciliation is necessary because there is a central account division.
