Types of accounting Flashcards
Is the process of recording, summarizing, and reporting a company’s financial transactions
Financial Accounting
Is a branch of accounting that focuses on identifying, measuring, and reporting the costs of products and services.
Cost Accounting
Is the process of examining a company’s financial statements to ensure that they are accurate and fair.
Auditing
Is a branch of accounting that focuses on providing information to internal users, such as managers.
Managerial Accounting
Is the system that collects, stores, processes, and reports accounting information.
Accounting Information Systems (AIS)
Is a branch of accounting that focuses on the preparation of tax returns and the planning for tax minimization.
Tax Accounting
Is a branch of accounting that uses accounting skills to investigate financial crimes
Forensic Accounting
Is a branch of accounting that deals with the management of assets that are held in trust for others.
Fiduciary Accounting
GAAP stands for
Generally Accepted Accounting Principles
Follows (GAAP) generally accepted accounting principles
Financial Accounting
Involves production(manufacturing), measurement, analysis
Cost Accounting
Process of reviewing and confirming, verification of buisiness financial record
Auditing
Internal Management, does not follow GAAP
Managerial Accounting
Accounting software management and book keeping
Accounting Information System
Focuses on preparing and filing tax return
Tax accounting
