00 Types of accounting

1. Financial accounting

   1. gives info on financial performance and position of a company to external parties
   2. investors, creditors, financial institutions
   3. activities -
      1. record fin statement,
      2. comply with accounting standards

2. Managerial accounting

   1. Provide information for internal decision making, planning, control within an organization
   2. includes -
      1. Budgeting
      2. Cost accounting
      3. Performance evaluation
      4. Provide financial info to management

3. Cost accounting

   1. To analyze, Record and Control cost associated with production of goods and services
   2. includes -
      1. determine cost of production
      2. analyzing cost behavior
      3. helping management in decision making about cost control

4. Auditing

   1. Examine and verify financial information to ensure accuracy and compliance
   2. complying with accounting standards and regulations
   3. includes -
      1. independent exam of financial statement
      2. internal controls
      3. financial info

5. Tax accounting

   1. Ensure compliance with tax law regulations
   2. optimize companies tax policies
   3. includes -
      1. calculate and report income tax
      2. tax planning
      3. strategy to comply with tax law

6. Forensic accounting

   1. investigate uncovered financial fraud
   2. activities -
      1. examine financial records
      2. identify irregular activities
      3. provide evidence for legal proceeding

7. Government accounting

   1. accounts for financial transactions of government entities or organizations Muncipal commission, state or local govt
   2. Follow special laws for public sector
   3. prepare reports and ensure transparency

8. Non Profit accounting

   1. account for NPOs
   2. follow accounting standards specific to NPOs
   3. track donation, grants and expenses
   4. prepare fin. reports