What are types of accounting?

[Gsusangrey]

I’m learning about accounting and want to understand the different types. Can someone explain the main types of accounting, like financial, managerial, tax, or any others? How do they differ, and what are their primary purposes?

 

[alenaghose]

Main types of accounting include:

1. Financial Accounting – Prepares financial statements for external use.
2. Managerial Accounting – Provides internal reports for decision-making.
3. Cost Accounting – Tracks and controls production costs.
4. Tax Accounting – Handles tax returns and compliance.
5. Auditing – Reviews accuracy of accounts.
6. Forensic Accounting – Investigates fraud and disputes.

 

[deepak]

The five main types of accounting include cost accounting, financial accounting, forensic accounting, management accounting and tax accounting

 

[niyati]

Here are the main types of accounting:

1. Financial Accounting – Records and reports a company’s financial performance for external users like investors.
2. Managerial Accounting – Provides internal financial data to help management make business decisions.
3. Cost Accounting – Analyses production costs to improve efficiency and budgeting.
4. Tax Accounting – Focuses on tax returns and compliance with tax laws.
5. Auditing – Involves reviewing financial records to ensure accuracy and fairness.
6. Forensic Accounting – Investigates financial fraud or disputes.
7. Government Accounting – Used in the public sector to manage government funds.
8. Fund Accounting – Common in non-profits, tracks money for specific purposes.