4. Main Types of Accounting are listed
below
1 financial
2 Management
3 Government
4 Tax
5 Forensic
6 Project
7 Social
5. 1. Financial Accounting: It is also called financial
reporting,
it is the maintenance of daily record of ALL financial
transactions that would help in the preparation of
financial affairs of business.
2. Management Accounting: To provide information
to the management and enable informed decision
making.
Management accounting is used to monitor (to watch)
the financial performance of an organization.
6. 3. Government Accounting: Also known as public
accounting and federal accounting used in the public
sector.
4. Tax accounting: Tax accounting refers to accounting for
the tax related matters. Tax accounting consists
of accounting methods that focus on taxes.
5. Forensic accounting: The use of accounting to
investigate accountants loss or detection of a financial
fraud.
6. Project Accounting: It is the branch of management
accounting that focus on success of company project such
as the launch of a new project.
7. Social Accounting: Social accounting may be defined
as identification and recording of business activities
and social responsibilities.