15 Types of Accounting Fields You Must Know

Rancakmedia.com – What types of accounting fields are there? Of course there are many types, some of which include accounting and education auditing and types, for details below.

Many people already understand what accounting is and need to realize that accounting is a broad subject. If you are interested in learning more about it, you should be familiar with many branches of accounting.

Use of Various Types of Accounting Fields

Accounting can be seen as a business service that provides organizations with valuable information if their purpose and use are taken into account.

This allows company leaders or people from outside the company to make informed decisions and choices.

When viewed from his point of view, accounting is a procedure that contains or analyzes, measures, and distributes economic information.

In practice, all financial transactions that occur at any given time are handled in the following stages:

1. Identify and measure
2. Recording
3. Classification (classification)
4. Summarize (summarize)
5. Preparation of Financial Reports (reporting)

Various Fields of Existing Accounting

The following types of accounting fields exist:

Financial Accounting (Financial Accounting)

This field deals with accounting for the economic unit as a whole. External financial reporting is the focus of financial accounting. These success stories can be used in a variety of situations. Among his responsibilities is financial record keeping duties which are aimed at producing reports.

One that shows a company's balance sheet, how to find out profits and losses, as well as any changes in capital or retained earnings over a certain period of time, is finance.

Financial reports that are usually prepared by accounting programs can be used by parties who need them for reasonable and relevant decision making and policy making.

Field of Accounting Auditing

Accounting is a field of accounting related to the audit of reports made by financial accounting. In auditing, the implementation of audit operations on the results of records and reports in the financial sector is

The main purpose of the audit is to ensure that accounting information given is accurate, but serves another purpose.

The purpose of an accounting audit is to ensure that rules and procedures are followed and to evaluate how well and efficiently something is working.

In this view, auditing provides the objectivity and independence of the examiner, as well as confidentiality and the ability to gather important information that can be used in court.

Cost Accounting

Cost accounting is an accounting field that records, calculates, and analyzes data in an industrial company to calculate the cost of producing an item or product.

By using this cost accounting method a price report will be made so that financial reports can be made. Cost accounting will lead to activity-based costing.

The main purpose of this tool is to collect and analyze information about costs that have been incurred and costs that may occur in the future. This type of accounting, although different from the others, is just as important.

Management Accounting (Management Accounting)

Management accounting is a branch of accounting that aims to provide management information in conducting business. Management accounting relies on many cost accounting metrics.

So, while these two areas of accounting serve different purposes, they can be implemented together. For example, management accounting can be used to oversee business operations, monitor cash flow, and weigh various options before making decisions.

So controlling the company through the activities carried out (activity based management) is a new trend in management accounting.

Field of Tax Accounting

Accounting is part of accounting that relates to the use of tax objects, which are the responsibility of the company, and its calculations to prepare tax returns.

Tax accounting assists management in making decisions about the types of transactions to be entered into with respect to tax implications. So, people working in this field of accounting must be familiar with the applicable tax laws.

Budgeting Accounting

Budgeting is the area of accounting that builds a budget for income and expenses. In the future, companies, people and governments may refer to budgets as a guide for their financial operations.

This field, on the other hand, is concerned with the creation, development and monitoring of long-term financial strategies for a company's operations.

The budget can be considered as a recommendation to explain the goals of the company; it includes a schedule of tasks to be completed and an estimate of how much money will be spent in the future.
Government Accounting (Governmental Accounting)

Government Accounting (Governmental Accounting)

This area of accounting focuses on the production of financial reports and the management and oversight of public finances. As a result, government accounting is able to manage state administration effectively.

This field involves recording and disclosing information about financial transactions in public sector organizations.

Accounting System (Accounting System)

The accounting system is the field of accounting that takes action by creating techniques to produce accounting records so that they are safe, effective and efficient. Starting from compiling documents to developing recording methods.

Budget Accounting

Financial budget accounting is a type of accounting whose activities are related to the collection and management of data on financial operations that have occurred, as well as estimates of the possibility that will occur to determine the company's financial operations plan (budget) in a certain period. .

Banking account

Given the notion of accounting as a process of recording, categorizing, analyzing and recording financial data, in general it can be observed that banking accounting is a bank accounting process which also includes recording, categorizing, analyzing and managing bank financial data which is carried out systematically to meet the demands interested parties both internal and external.

International Accounting

International accounting is a single accounting reporting standard that encourages expert judgment (revaluation) by being clear and honest about the contents of certain transactions.

However, with accounting standard norms or rules that control the preparation of reports, while the process of making or formulating accounting rules is called standard setting, so there are various reasons why accounting standards are important, including:

1. In many countries, the consequences of non-compliance with accounting laws tend to be simple and ineffective.
2. Companies may disclose more information than they should.
3. Some countries allow companies to know accounting standards if the company's activities and financial status are properly reported.
4. The formulation of accounting standards often includes a mix of commercial and public sector organizations, which includes the accounting profession.

The function and impact of these bodies in creating accounting standards varies from country to country.

Field of Education Accounting

Special accounting in accounting is provided by field of study. For example, in the study and teaching of accounting and other topics related to education as a whole,

People think that decentralization is a way to make education more effective, relevant, equitable and of high quality, as well as more equitable and democratic.

The results show that there are many parts to accounting education, including:

1. School budget
2. School infrastructure
3. School management
4. Parent participation
5. Implementation accountability

To fulfill the goal of decentralization of education, the government must reform the administration of education, particularly with regard to educational institutions.

Therefore, the government must develop a legal framework in the form of laws, government regulations and ministerial decrees to implement the decentralization of education in a way that is in accordance with the spirit and spirit of regional autonomy.

Social Accounting

“Social accounting” is the process of tracking how a company's business activities affect people and the environment. It is used to explain these effects to different stakeholder groups and the general public.

1. The use of social accounting is for corporate social responsibility projects.
2. Liability accounting is another name for this type of accounting.
3. An example of accounting for awarding scholarships to the public.

Public sector accounting

Public sector accounting as accounting for public funds, which can therefore be considered as a technical method and accounting analysis used for the management of public money in state higher institutions and institutions under them.

Types of Fields of Behavioral Accounting

Behavioral accounting is accounting science mixed with social science. In other words, behavioral accounting is a study that investigates the effects of human behavior so that it can affect accounting data and corporate decision making.

Human behavior and business decisions can be influenced by accounting, and vice versa. With the existence of the accounting field, it will be easy for everyone to make choices from the accounting field so that the test can be used.

Conclusion

Accounting can be seen as a business service that provides valuable information to organizations if its purpose and use is taken into account. This article has more information about what accounting is and how you can become more experienced in the art of the profession.

Cost accounting is an accounting field that records, calculates, and analyzes data in an industrial company to calculate the cost of producing an item or product.

Management accounting aims to provide management information in conducting business; budgeting is related to creation, development.