Sub Fields of Accounting, Types or branches of accounting. Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers. The documents, which communicate these findings about the performance of an organisation in monetary terms, are called financial statements.Find Everything you want to know about Sub fields of Accounting like - what is Financial accounting, Details for Management accounting, Details for Cost accounting, Details for Human Resource accounting, Details for Social responsibility accounting etc. Recently we provide many Articles on Accounting like - What is Book Keeping and a comparison with Accounting, What is an Account & Types of Accounts – Complete Details etc. Now you can scroll down below and check complete details regarding "Sub Fields of Accounting"
Sub Fields of Accounting
(1) Financial accounting :Financial accounting consist of preparation and presentation of financial statements with actual interpretation. It's a language to communicate the performance of business in the form of a summary to the stakeholders of the entity.Financial accounting is historical in nature. Because in financial accounting we record and summarise the transactions which had already been occurred.
The main purpose of financial accounting is to generate financial statements and reports to depict the true financial position of the entity. It helps in taking sound financial decisions.