Q.List the branches of accounting

Accounting has grown into specialised branches — chiefly Financial accounting, Cost accounting and Management accounting.

To meet the varied needs of users, accounting has developed the following branches:

1. Financial accounting – records business transactions, and prepares the trading, profit and loss account and balance sheet to find the results and financial position of the business.
2. Cost accounting – ascertains and controls the cost of products and services, helping in cost reduction and pricing.
3. Management accounting – supplies accounting information in a form useful to management for planning, decision-making and control. …