The 7 types of accounting: [Essay Example], 488 words GradesFixer

Haven't found the right essay?

Get an expert to write your essay!


Professional writers and researchers


Sources and citation are provided


3 hour delivery


Haven't found the right essay?

Get an expert to write your essay!

This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

The 7 types of accounting

Print Download now

Pssst… we can write an original essay just for you.

Any subject. Any type of essay.

We’ll even meet a 3-hour deadline.

Get your price

121 writers online

Download PDF

There are 7 types of accounting which is government accounting, forensic accounting, cost accounting, auditing, tax accountant, financial accounting and management accounting.

Government accounting or also known as public sector accounting, refers to the type of accounting information system used in the public sector. Government accounting includes accounting for legislative bodies and government department. The need to have a separate accounting system for the public sector arises because of the different aims and objectives of the state owned and privately owned institutions. It ensures the financial position and performance of the public major concern of many governments.

Forensic accounting is latest branch of accounting which involves the application of knowledge and accounting standards in the court of law. This field also involves the reconstruction of financial information when a complete set of financial records is not available. This set of skill can be used to reconstruct the records of a unlawful records. Forensic accountant also acts as expert witnesses in courts of law in civil and criminal disputes that require an assessment of financial effects of a loss or the detection of a financial fraud.

Cost accounting is an accounting method that aims to capture a company’s costs of production by assessing the input costs of each step of production as well as fixed cost. Cost accounting is often used within the company to aid in decision making. This branch of accounting that observes and calculate the actual costs of a company’s operations. Internal managers, rather than auditors use cost of accounting most the time to identify aspects of their company where cost can be cut or lessen.

Auditing is an efficient procedure of examining the financial information of an entity with the aim of giving an opinion on true, honest and fair view. Auditing is a critical, unbiased investigation of each and every aspect of the transactions. Moreover, mistakes and frauds manipulation in accounts or misappropriation can be detected through thorough inspection.

Tax accounting is an accounting that is tax related. It deals with business or company’s tax liabilities. Tax accountants are responsible to calculate taxes on behalf of business or company and individuals. Tax accountants tracks all the amount of transactions that the company have to pay and the due date of paying the tax. They will calculate to try lessen the amount needed to pay for tax in a legal tax framework.

Financial accounting is the process of preparing financial statements such as income statements and balance sheet for every transactions made. It is to be used by internal users and external users. External users such as shareholders or potential investor uses it to check on the financial state before making any decisions. It also allows financial accountants to track the current financial state based on incomings, outgoings, assets, liabilities and transactions made.

Management accounting includes activities to gather and prepare information intended for management for the purpose of planning, controlling, decision making, performance evaluating and managing the organization as a whole.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

100% plagiarism free

Sources and citations are provided

Cite this Essay

To export a reference to this article please select a referencing style below:

GradesFixer. (2019, January, 28) The 7 types of accounting. Retrived June 4, 2020, from
"The 7 types of accounting." GradesFixer, 28 Jan. 2019, Accessed 4 June 2020.
GradesFixer. 2019. The 7 types of accounting., viewed 4 June 2020, <>
GradesFixer. The 7 types of accounting. [Internet]. January 2019. [Accessed June 4, 2020]. Available from:

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.


Attention! this essay is not unique. You can get 100% plagiarism FREE essay in 30sec

Recieve 100% plagiarism-Free paper just for 4.99$ on email
get unique paper
*Public papers are open and may contain not unique content
download public sample

Sorry, we cannot unicalize this essay. You can order Unique paper and our professionals Rewrite it for you



Your essay sample has been sent.

Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

thanks-icon Order now

Hi there!

Are you interested in getting a customized paper?

Check it out!
Having trouble finding the perfect essay? We’ve got you covered. Hire a writer uses cookies. By continuing we’ll assume you board with our cookie policy.