How Many Branches of Accounting?

Financial Accounting	1. This is the original form of accounting and has been in use since the beginning. 2. It includes Book -keeping and Accountancy and is mainly related to recording and preparation of financial statements.
Management Accounting	1. It is that area of accounting, which assists the management in efficient and successful operation of the organization concerned. 2. It is concerned with analysis, interpretation of financial accounting to derive meaning full conclusions for future growth. 3. There are number of tools/techniques for the purpose like ratio analysis, fund flow & cash flow statement analysis, comparative statements etc.
Cost Accounting	1. It deals with the estimation, recording, allocation and control of cost. 2. It is followed by manufacturing concerns. The object is to: – 1. Compute the cost of product being manufactured. 2. Curb the cost though application of cost control techniques.

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