In this presentation, we are going to tell you some important types of accounting useful for accountants. And these types of accounting are helpful for accountants.

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2. Financial Accounting
Management Accounting
Governmental accounting
Public accounting
Cost accounting
Conclusion

3. Normally the financial accounting is that you expect an
accountant to keep track of a company’s financial dealings. This
is the book in which ledgers include black and red ink and the
book-keeping side of accountancy. By using the standard
guidelines which are found in Generally Accepted Accounting
Principles (GAAP) rules it should be done. By the Financial
Accounting Standards Board (FASB) these rules are set. To
present the financial reports to the shareholders and regulators,
financial accountants follow specific procedures.
• With the help of incomings, outgoings, debts and how funds
are moving through the company, the financial accountants
track the company’s current financial position of the company.
• By monitoring the value of the company’s shares they make
stockholder’s equity statements.
• The shareholders and investors use their reports, which means
the people who are outside the company, are using these
reports.

4. Management accounting and financial accounting are quite
similar in some ways. Financial accounting is all about the
tracking of the financial position and making their reports.
Financial accountants provide the report which is used externally,
and these reports are created by the management accountants
to be used internally.
• The mangers who need the financial information to make
business decisions are provided by the management
accountants for example reports which have been profitable
for the business areas.
• For decision-making, the data which supports it is used in the
form of charts and statistical techniques.
• At higher levels, business references perform by the
management accountants and also they can be a member of
the company’s senior management team.
Management accounting is not only stating the figures, but it is
also more than this, it about making predictions, and interpreting
trends, qualitative aspects of business too.

5. The accounting information system type which is used in
the public sector refers to the governmental accounting.
And also it is known as public accounting or federal
accounting. And in the private sector financial accounting
system there is a small aberration. By the GAAP rules,
financial accounting is directed and by the GASB
(Governmental Accounting Standards Board) rules
governmental accounting is directed.
For example, in the road improvement project, it would
keep track of the income and expenses. In most cases,
mainly there are five governmental funds which are used
and that funds are: General fund, Permanent fund, Special
revenue fund, Capital projects fund, Debt services fund.
Each and every fund is tracked to provide perfect report on
how money is used, and also the remaining funds are
tracked.

6. The customers, including service businesses, producers,
retailers, non-profit organizations, government organizations,
and individuals are provided by the accounting services by
the firms which are public accounting firms. Auditing, tax
preparation, tax advisory, and advisory activities, including
the preparation and analysis of financial statements is
focused by the field that is the public accounting field.
The companies which are public accounting companies are
advised on the different business strategies, mergers,
acquisitions, and internal accounting systems.And for clients
the responsibility of a public accountant is to ensure their
financial statements, records are filled accurately. With the
tax regulations and financial reporting, public accountants
work closely. If it is necessary to have accounting software
programs to the customers then public accounting
companies also advise the customers.

7. Cost accounting is one of the main accounting methods.
In this method, it captures the various costs of the
company’s production by evaluating the cost like input
cost, fixed cost, etc. Firstly, all the costs evaluated and
then it will be examined with the real cost acquired by
the company. In business, cost accounting is a
specialization field that seems closer to the actual cost.
In the manufacturing environment, cost accounting is
used internally. And also for the businesses, it can be
used.
For the fixed and variable costs, cost accounting looks at
both. In business, cost accounting incurs such as
material, labor maintenance and the cost for production.
Most businesses use the standard costing system, in
which for the production of any product they assign an
average cost. And the accounting which is focused on
the future is cost accounting and rather than describing

8. Now you have seen some main types of
accounting and these types of accounting help a
lot the accountants in their work.

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