ACCOUNTING FIELDS

ACCOUNTING FIELDS

Like other subjects, Accounting has also its specialized fields. These different fields, as described below, provide different types of accounting information. Also you may have the choice to select any of the specialized field for your career and accordingly to go for the related courses to study.

Financial Accounting
This applies to the overall accounting for the business enterprise. It covers recording of business transactions and preparation of periodic statements from these records. Various general purpose and special purpose reports and statements also prepared from these accounting records to provide information to management, owners, creditors, government agencies and general public.

Cost Accounting
This relates to determination and the control of costs, particularly the costs of manufacturing processes and manufactured products. The cost accountant prepares and interprets cost data, both actual and prospective, for use of management in controlling manufacturing operations and also in planning for the future.

Management Accounting
This involves the development and interpretation of accounting information intended specifically to assist management in running the business, dealing with day-to-day problems and planning for the future. It provides analysis of alternative courses of action and guides in selecting the best one. It also provides guidelines for evaluating performance of departments and individuals. It basically, therefore, provides assistance to the management in making economic decisions.

Auditing
This field of accounting activity reviews general accounting independently. It provides guidelines to examine accounting records and statements and to express opinion regarding their fairness and accuracy. Its activities also determine whether various operating divisions and departments are observing the policies and procedures prescribed by management.

Tax Accounting
This field relates to the preparation of tax returns and tax related accounting statements. It helps in providing guidelines about tax consequences of any business transaction. The tax laws of the country are also relevant in it.

Budgetary Accounting
This field relates to presentation of plans of financial operations for a period. It provides a combination of planning, coordination and control of future operations. It lays down guidelines for analysis of comparison of actual operations with the budgeted operations.

Government Accounting
This specialized field deals with accounting information related to business aspect of public administration. It provides guidelines to control the expenditure of public funds, according to laws and prescribed procedures.

Accounting Instructions (Teaching)
This field relates to teaching and covers different subjects of accounting. This field helps in creating a work force in different fields of accounting who engage themselves at various levels and help in running the economic activity of the country.