Sub-fields of Accounting

(1) Financial Accounting
                  Financial accounting covers the preparation and interpretation  of financial statement and communication to the users of accounts.The final step of financial accounting is the preparation of profit and loss Account and the Balance Sheet.

(2) Management Accounting
                It is concerned with internal reporting to the managers of a business unit.To discharge the function of stewardship,planning,control and decision making,the management needs variety of information.The different ways of grouping information and preparing report as desired by managers for discharging their functions are referred to as management accounting which deals with cost ascertainment and cost control.

(3) Cost Accounting
               "the process of accounting for cost which begins with the recording of income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs"

(4) Social Responsibility Accounting
                 Social  responsibility accounting is concerned with accounting for social costs incurred by the enterprise and social benefits created.

(5) Human Resource Accounting
                 Human resource accounting is an attempt to identity,quantify and report investment made in human resources of an organisation that are not presently accounted for under conventional accounting practice.

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