The accounting profession is divided into five key working areas: Managerial accounting, Financial accounting, auditing, tax accounting, and governmental and not-for-profit accounting.
Accounting, also known as bookkeeping, is the measurement, processing and reporting of financial and non-financial information about economic entities such as businesses and corporations.
Managerial accounting, also known as management accounting, is an accounting method that produces reports, reports and documents that help management make better decisions regarding business operations. their. Management accounting is mainly used for internal purposes.
Financial accounting is a specific branch of accounting that deals with the recording, aggregating and reporting of a multitude of transactions arising from business activities over a period of time.
Tax accounting is a structure of accounting method that focuses on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code, which prescribes specific rules that businesses and individuals must follow when filing taxes.
Government accounting refers to the process of recording and managing all financial transactions conducted by the government, including government revenues and expenditures. Different government accounting systems are used by different public sector entities.
Nonprofit accounting is the only process by which nonprofits plan, record, and report their finances. While for-profit organizations are primarily focused on making a profit, nonprofit organizations are more focused on the accountability aspect of accounting.
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