The Main Types Of Accounting

TTranWhen it comes to financial tasks, most individuals think that these tasks are all the same. Of course, accountants can accomplish financial tasks such as recording and analyzing business transactions, bookkeeping, and assessing the financial capabilities of businesses. However, these tasks may differ depending on the business environment they work with. To know more about accounting, listed below are the four main types of accounting.

Public Accounting

Public accounting is also known as assurance services. As of now, public accounting is the broadest and most varied type of accounting which includes bookkeeping, financial analysis and account management services. In addition, public accountants also deal with tax preparation and advices, consultations in the areas of employee compensation, and accounting system design.

Management Accounting

Management accountants are those that are employed by a business in order to record and analyze the company’s financial data. Accountants in this field carry out tasks including asset management, budgeting, performance evaluation and cost management.

Governmental Accounting

Accountants in this field perform public accounting duties for government agencies to make sure revenues and expenditures are carried out with regards to the law.

Internal Accounting

Accountants under internal auditing review their company’s financial management practices, check for mismanagements, fraud and waste.

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