what are the Different fields of accounting?

2. Different Fields of Accounting:
Accounting is a vast subject and indeed the most important aspect in an organization as the
primary objective of accounting is to maintain company’s account. A sound accounting
principles in an organization can avoid possible financial turmoil like wrong investment or
paying extra tax in a fiscal year. Moreover the accounting process also involves keeping track of
all financial nitty-gritty that goes in organization. To sum-up, any financial dealings in an
organization is taken care by accounting.
Measuring the vastness of accounting, the same is broken in different fields based upon the
domain of work. Accounting doesn’t mean a unified approach but rather there are various
aspects that constitute accounting in general. However here lies a list of areas that are common in
the field of accounting:

Accounts payable: This method keeps track of outgoing payment or any debit.

Bookkeeping: This process requires maintenance of total financial transactions in an
organization.

Accounts receivable: This process involves keeping track of incoming payments to an
organization.

Tax accounting: This method of accounting involves preparation of company’s tax
based upon all the spending and amounts earned on a yearly basis.

Payroll accounting: This type maintains payroll of employees in an organization.
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3. Aforesaid are some of the basic responsibilities that are entitled to an accounting professional
based upon her experience and qualification. A bookkeeper is aware of all the principles of
accounting involved in bookkeeping while a tax accountant knows how to deal with the taxation
of an organization.
However based upon all the roles and responsibilities as mentioned above, accounting can be
further broken up in four different types. They are: Management accounting, government
accounting, internal audit accounting and public accounting. All these forms are based upon the
nature of firms. For instance government accounting deals with account of federal and state
government bodies while management accounting deals accounts management for a company.
Accounting is one fundamental aspect to run any form of organization and there are various
courses that offer accounting principles and management to impart training for an individual.
The accounting homework help session is also an important part during a course as it helps one
student to gain control of every possible aspect that lies in this ambit.
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