Due to rapid economic development and technological development has resulted in a more complex environment for the working of companies. Accounting has also evolve over last few decades resulting in various branches of accounting, here is the list of branches of accounting –
1. Financial – It involves recording of all transactions so that profit or loss earned by a company can be calculated and also the financial position of the company can be ascertained by various parties like shareholders, creditors, workers etc….
2. Cost – It involves ascertaining the cost of various products manufactured by the company which ultimately helps in cost control as well as fixing the right selling price for the product.
3. Management – It is that branch which helps management in taking right decisions by providing accounting information as and when required by them.