Types of Accounting

Types of Accounting

Basically there are three types of accounting

1. Financial Accounting
2. Cost Accounting
3. Management Accounting

Financial accounting is more related to reporting of financial result at the end of a period. This accounting is based on historical information and information is audited by independent auditor for accuracy.
Cost Accounting basically a branch of management accounting, it is closely deals with the cost of a product and have significant rule in manufacturing industry.
Management accounting is basically information provided to management to perform its functions i.e planning , decision making and controlling.