Please wait...
Contact Us
Contact
Need assistance? Contact us on below numbers

For Enquiry

10:00 AM to 7:00 PM IST all days.

Business Inquiry (North)

Business Inquiry (West / East / South)

OR

or

Thanks, You will receive a call shortly.
Customer Support

You are very important to us

For any content/service related issues please contact on this number

022-62211530

Mon to Sat - 10 AM to 7 PM

Briefly explain the three branches of accounting.

Asked by Topperlearning User 7th June 2016, 10:32 AM
Answered by Expert
Answer:

The management function has become more complex because of the increased scale of business operations. Hence, there are specialised branches in accounting to handle this situation. The main branches of accounting are financial accounting, cost accounting and management accounting.

  1. Financial accounting: It keeps a systematic record of financial transactions which represents the operating result of the organisation.
  2. Cost accounting: It relates to collection, classification and ascertainment of the production cost of the firm. It also helps to control the cost and provide the required information to management for making decision.
  3. Management accounting: It relates to the use of accounting data collected from financial accounting and cost accounting for the purpose of policy formulation, planning, control and decision making by the management.
Answered by Expert 7th June 2016, 12:32 PM
Rate this answer
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

You have rated this answer /10

Your answer has been posted successfully!

Chat with us on WhatsApp