The types of accounting

There are several types of accounting which are up to the preparation of tax returns from audit. 
Accountants are experts in one of these areas, which leads to various career tracks mentioned below:

Financial accounting

This field is related to aggregating financial information into external reports. Financial accounting 
requires detailed knowledge of the accounting framework that the reader of the company's financial 
statements uses, such as generally accepted accounting principles (GAAP) and international financial 
reporting standards (IFRS). Alternatively, if a company is publicly owned, knowledge of standards issued 
by government agencies in charge of reporting by public companies in a specific country (such as the 
Securities and Exchange Commission in the United States) is necessary. Several career tracks are 
involved in financial accounting. External reports have expertise and usually require detailed knowledge 
of accounting standards. There is a controller track, and comprehensive knowledge about financial 
accounting and management accounting is necessary.

Public accounting. 

In this field we are investigating financial statements and accounting systems of client companies in order 
to provide assurance that financial statements gathered by customers fairly present financial results and 
positions. This field requires good knowledge of the relevant accounting framework and personality with 
inquiries that can drill into the client system when necessary. The career track here is to become an 
auditing partner through various audit staff positions.

Government accounting. 

In this field, cash is spent to create and manage funds using their own accounting framework from which t
o pay some expenditure related to the provision of services by government agencies. these 
types of Accounting government accounting, accountants need specialized field-specific skills in this 
field as a whole.

Forensic Accounting. 

This field includes the rebuilding of financial information when a complete set of financial records is not 
available. This skill set can be used for rebuilding records of abandoned business, rebuilding fraudulent 
records, converting cash-based accounting records to incidence criteria, and so on. This career tends to 
attract the auditor. Normally it is a consulting position because there are few companies that require 
full-time forensic accountants' services. Persons in this field are likely to be engaged in the professional 
work of the insurance industry, legal support, and auditing company.

Management accounting. 

This field pertains to the process of accumulating accounting information for internal operation reports. 
It includes areas such as costing and target costing. Carrier tracks in this area may ultimately lead to the 
controller's position. You can also branch to several professionals such as Cost Accountant, Invoice 
Manager, Payment Allowance, Payroll, etc.

Tax accounting.

This field relates to appropriate compliance with tax systems, tax return declarations, and taxation 
systems to reduce the tax burden of future companies. Multiple tax experts are tracking toward the 
position of tax managers.

Internal audit. 

This field is concerned with corporate systems and transaction investigations to discover management 
weaknesses, fraud, disposal, management deficiencies, and reporting of these findings to management. 
Career tracks will progress from various internal corporate auditor positions to internal audit managers. 
There are professionals such as information system judges and environmental auditors.

In these article Accounting courses in Chandigarh describe the types of Accounting. If you want to 
know more about Accounting career and related courses call us - 9914641983