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Different Fields of Accounting:

Accounting is a vast subject and indeed the most important aspect in an organization as the

primary objective of accounting is to maintain company’s account. A sound accounting

principles in an organization can avoid possible financial turmoil like wrong investment or

paying extra tax in a fiscal year. Moreover the accounting process also involves keeping track of

all financial nitty-gritty that goes in organization. To sum-up, any financial dealings in an

organization is taken care by accounting.

Measuring the vastness of accounting, the same is broken in different fields based upon the

domain of work. Accounting doesn’t mean a unified approach but rather there are various

aspects that constitute accounting in general. However here lies a list of areas that are common in

the field of accounting:

Accounts payable: This method keeps track of outgoing payment or any debit.

Bookkeeping: This process requires maintenance of total financial transactions in an

organization.

Accounts receivable: This process involves keeping track of incoming payments to an

organization.

Tax accounting: This method of accounting involves preparation of company’s tax

based upon all the spending and amounts earned on a yearly basis.

Payroll accounting: This type maintains payroll of employees in an organization.

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Aforesaid are some of the basic responsibilities that are entitled to an accounting professional

based upon her experience and qualification. A bookkeeper is aware of all the principles of

accounting involved in bookkeeping while a tax accountant knows how to deal with the taxation

of an organization.

However based upon all the roles and responsibilities as mentioned above, accounting can be

further broken up in four different types. They are: Management accounting, government

accounting, internal audit accounting and public accounting. All these forms are based upon the

nature of firms. For instance government accounting deals with account of federal and state

government bodies while management accounting deals accounts management for a company.

Accounting is one fundamental aspect to run any form of organization and there are various

courses that offer accounting principles and management to impart training for an individual.

The accounting homework help session is also an important part during a course as it helps one

student to gain control of every possible aspect that lies in this ambit.

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