1. Financial Accounting:
- Records and reports financial information in accordance with established accounting principles and regulations.
- Provides an overview of a company's financial performance, position, and cash flows for external users such as shareholders, investors, and creditors.
2. Management Accounting:
- Provides internal information to managers for decision-making, planning, and performance evaluation.
- Focuses on short-term data and analysis, cost-benefit studies, and budgeting.
3. Tax Accounting:
- Prepares tax returns and ensures compliance with tax laws and regulations.
- Optimizes tax strategies to minimize tax liabilities while adhering to legal requirements.
4. Auditing:
- Examines and evaluates financial records, accounting systems, and internal controls.
- Provides assurance on the accuracy and reliability of financial statements for internal and external users.
5. Forensic Accounting:
- Investigates and analyzes financial data in legal disputes, fraud cases, and criminal prosecutions.
- Uncovers hidden assets, recovers lost funds, and provides expert testimony.
6. Public Accounting:
- Provides accounting services to external clients on a fee basis.
- Includes auditing, tax preparation, financial consulting, and other advisory roles.
7. Government Accounting:
- Applies accounting principles and regulations specific to government entities.
- Focuses on public sector budgeting, financial reporting, and compliance with government regulations.
8. Nonprofit Accounting:
- Maintains financial records and reports for nonprofit organizations.
- Adheres to specialized accounting standards and regulations for non-profit entities.
9. Cost Accounting:
- Identifies, collects, and analyzes costs associated with products, services, or processes.
- Supports decision-making, cost optimization, and performance evaluations.
10. International Accounting:
- Deals with accounting issues and standards that arise in international business transactions.
- Considers differences in accounting practices, financial regulations, and currency fluctuations.