Accounting: Branching, Uses, and Limitations
Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Accounting, however, is comprehensive. Accounting includes classifying, summarizing accounting information and presenting it, visit this link.
Accounting vs. Accountancy
Accounting is a body or knowledge. This includes concepts, principles, postulates assumptions, conventions and concepts that guide the science of recording, classifying and analysing financial transactions. Accounting is the practice and art in accounting. Each branch has been created. Financial AccountingThe goal of financial accounting, is to establish the result (profit/loss) of business operations during a specific period and to state the financial condition (Balance Sheet), at a given date.
Cost accounting is used to calculate the cost of goods and services produced by a company. It can also help a business control its costs by indicating possible losses and wastages. Management Accounting Financial accounting is a system that records financial transactions using a set of principles. The records must be classified, analysed and presented in such a way as to allow for the determination of financial results and financial position.