Accounting or accountancy is subject which includes preparing financial records of an organisation. It is also considered as a process of summarizing, analyzing and reporting these transactions to monitoring agencies, tax collection entities and regulators. Each and every business transaction is recorded, categories and summarised to determine financial position and cash flows of a business entity over a particular period of time. Accounting has 10 different sub categories as discussed below: Financial accounting - it includes recording and classifying business transactions of an organisation, in order to prepare and present the financial statement such as Trading account, Profit & loss account, balance sheet etc. to be facilitate internal or external use. Managerial accounting - its aim to provide information to be used internally, the management. It includes financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions etc. Cost accounting ...
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