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Sub-fields of Accounting

  • Financial accounting: It is the original form of accounting. It is the process of identifying, measuring, recording, classifying, analysing, interpreting, and communicating the financial transaction to the users of the same. It helps in determination of the net result of an accounting period and the financial position of the business.
  • Cost accounting: It is the process of accounting and controlling the cost of the product, operation or function. It deals with design and operation of various cost system and procedures. it measures standard and hostorical cost and forecast future cost. forecast standard cost, future cost, historical cost etc. and keeps record of production and distribution.
  • Management accounting: It is concerned with grouping information and preparing reports in different ways desired by managers for discharging their functions. It mainly deals with providing information to help all level of management in planning and controlling the activities of business enterprise and in decision making.
  • Human Resources accounting: It is concerned with identifying, quantifying and reporting the total investments made in human resources of a business entity. However, such investments are presently not recorded under conventional accounting practice.
  • Social Responsibility Accounting: It is concerned with the process of identifying, measuring and communicating the social effects of the business decisions. A business enterprise uses several social resources like, land, labour etc. to earn profit and to compensate this they provide some social benefits like employment opportunities, better quality product for consumption etc. Management is liable to contribute to the social well being and progress. It is accounting the social responsibility aspects of a business.

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