Today, we talk about ACCOUNTING. What is accounting?, How many types are there? and also explore the chief difference between accounting and finance.
Accounting is the process of keeping financial records, summarizing tax tuitions and reporting financial transactions to regulators and oversight agencies. In short words, it is more like an information science. It is much more practical than theoretical, that is, you learn it better with the help of internship rather than lectures. Accounting is not just about recording and reporting but more of an analyzing sales and purchases, also. Every business needs reliable data to make wise decisions and accounting is, indeed, like a language of the business.
Let's move onto the types of accounting with brief description of each branch. First one is a managerial or management accounting. It collects data and deliver it to the manager. This data, in turn, helps managers to take decisions regarding a company's development. Next, Financial and cost accounting, they are actually the same, focusing on investment and spending. Finally, we have forensic accounting which mainly associated with legal fields, financial crimes and also tax regulation of companies.
As far as the difference between accounting and finance is considered, while the former responds for track of money, the latter directs attention to investment and financial planning.
Prepared by Ibrohim Eshmurodov
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