branches of accounting Flashcards
enumerate the sectors of accounting practice
public practice
commerce and industry
education
government
in this sector, accountants provide different businesses and accounting services to their clients
public practice
enumerate the examples of the services of public practice
auditing
tax preparation
management consultancy
accountants in this sector are considered private accountants. they are directly involved in the management of the company’s operations
commerce and industry
in this sector, CPAs are hired in many accounting and accounting-related positions in government agencies.
government
in this sector, accountants are employed as instructors in colleges and universities that offer accounting subjects
education
enumerate the major branches of accounting
financial accounting
cost accounting
management accounting
results of business operation (profit or loss)
financial accounting
costs incurred in business
cost accounting
decision making for managers and owners
management accounting
enumerate the other six branches/fields/areas of accounting
tax accounting government accounting auditing accounting education fiduciary accounting forensic accounting
this branch examine and monitor the validity of the accounting process itself.
auditing
what are the two types of auditing
external auditing
internal auditing
this branch focuses on on taxes rather than on financial statements.
tax accounting
this branch handles the accounts entrusted to the person responsible for custody or management of property.
fiduciary accounting
this branch aims to improve and develop accounting curriculum for colleges, universities, and other educational institutions to prepare students for the current and future challenges in the profession.
accounting education
this branch is concerned with the accounting of financial transactions related to the expenditures and revenues of government institutions.
government accounting
the fiduciary accounting includes ________, ________, and ________
receivership
trust accounting
estate accounting
this branch involves the investigation and analysis of numbers and financial data and records that are usually presented in court discussions.
forensic accounting
________ is a type of academic research which focuses on the study of economic events on accounting process and how information gathered in this research affects economic events in return.
accounting research
enumerate the advantages of computerized accounting
speed accuracy efficiency accounting document production up-to-date information availability of information staff motivation reduced frustration
this refers to the removal of control of the business or property from its owner/s
receivership
refers to the preparation and management of financial accounts by a person administering the properties of an individual who has passed away
estate accounting
involves the administration and management funds by a trustee for the benefit of individuals called beneficiaries
trust accounting
