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The five main working areas of accounting. They are - managerial accounting, financial accounting, auditing, tax accounting, and accounting for governmental and not-for-profit organisations.
Business transactions are recorded and categorised as part of financial accounting. Here majority of the information is historical, or from the past. Managerial accounting is about a company’s operations to managers.
Internal and external auditing are the two distinct forms of auditing. An impartial third party examines a company's financial accounts during an external audit. Examining an organization's accounting division of labour is a component of internal auditing. Additionally, what standards and processes are in place, as well as who is qualified to do whatever accounting tasks.
Tax accounting include making preparations for tax season and filing tax returns. This area of accounting supports firms in adhering to IRS requirements. Public accounting, sometimes referred to as government accounting, manages all state and federal money distributions. Climate change, the utilisation of welfare money, social accounting, and the estimation of the cost to humanity are only a few examples.
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