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Accounting is a unique process which involves Identification, Recording, measurement, summarization, reporting, analysis and classification of the required financial information.
The intent is to reveal profit or loss for a given period. It Also shows the value and the nature of a firm’s assets and liabilities along with its owners’ equity in a significant manner.
FOUR TYPES OF ACCOUNTING
• Corporate Accounting - corporate accounting mainly involves the use, handling, and filing of a company’s financial data often for the purpose of external reporting and tax compliance.
• Public Accounting - Public accounting is done with external clients i.e. general companies or individuals to prevent the inaccuracy in their financial statements, records, and filings.
• Government Accounting – It is no different than public accounting except that it has its own framework which covers the area which are within the context of local, state, or federal government entities.
• Forensic Accounting – forensic accounting is applied in a scenario where it is difficult or impossible to obtain complete financial data. It is a process of collection, recovery, and reconstruction of the financial data to obtain a clear picture about the firm or financial matter.
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We Are Living in The Era of Trade, Business and Commerce. We Got Liberalization, Privatization And Globalization After The Industrial revolution. Businesses Are Increasing Day by Day So Does Its Complexities. No Business Can Move and Progress Without Book Keeping and Maintaining Their Balance Sheet. Finding New Ways of Revenue Management and Accounting Has Become a High Demand Art Today
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