Accounting

Accounting is generally known as “the language of business” because it is the vehicle for reporting financial information related to a business entity to many different categories of people. This article talks regarding the various branches of Accounting like Financial accounting, Management & Cost accounting, Social & Human resource accounting, Tax accounting, National accounting, etc.

Accounting can be described as the art of recording, summarizing, reporting, and evaluating financial transactions. Accounting is generally viewed as the process of monitoring a business’ finances by recording its accounts payable, accounts receivable and other monetary transactions. The main emphasis of accounting is on the double-entry book-keeping method. The three primary statements produced by accounting are the income statement, balance sheet, and the cash flow statement.