Classification of Accounting
... full full November 12, ification There are mainly three types of accounting, which include financial accounting, cost accounting, and management accounting. In this essay, we will discuss these three classifications in some detail with examples.
The first category of accounting is financial accounting. The main purpose of this type of accounting is to get an insight into financial matters using financial statements. It involves some core activities related to financial information, which are recording, reordering, and summarizing of the events that have occurred within in a given period. Some core examples of this category include preparation of profit and loss account, income state...