Accounting Is The Accounting Methods Of Keeping Detailed And Accurate Records

1792 WordsNov 5, 20148 Pages
Business Accounting is the accounting methods of keeping detailed and accurate records in relation to business Auditing The process of examining and then Verifying business financial statements. Auditing can be performed by an independent auditor that is not employed or affiliated with the company or a public auditor that has been elected. Financial Accounting The sector of accounting that gathers, records, analyzes, and produces a summary of a businesses financial performance from an annual reports or specific period of time. The reports that Financial Accountants typically prepare are balance sheets, income statements, and cash flow statements. Financial Accounting is typically used to share financial performance with external investors and creditors. Management Accounting is the internal financial analysis of a companies finances that are used by management to identify and make informed business decisions based off of a companies financial performance. Forensic Accounting is the gathering and analysis of a businesses financial information in order to investigate criminal activity (Fraud, money-laundering, theft etc.). The information that is gathered is typically used in legal action and proceedings. Tax Accounting Is the gathering, analyzing, and preparation of a businesses tax bill. All states have different business tax regulations and every business must conform to federal tax regulations. Non-Profit Accounting Non-profit institutions are not organized to make a

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