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Which of the following is not a subfield of accounting?
- a)Management accounting.
- b)Cost accounting.
- c)Financial accounting.
- d)Book-keeping.
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Which of the following is not a subfield of accounting?a)Management ac...
The various sub-fields of accounting are as under:
1. Financial Accounting: It covers the preparation and interpretation of financial statements and communication to the users of accounts. It is historical in nature as it records transactions which had already been occurred. The final step of financial accounting is the preparation of Profit and Loss Account and the Balance Sheet. It primarily helps in determination of the net result for an accounting period and the financial as on a given date.
2. Management Accounting: It is related to internal reporting to the owner and management of a business unit. To discharge the functions of stewardship, planning, control and decision making, the owner and management needs variety of information. The different ways of grouping information and preparing reports as desired by managers for discharging their functions are referred to as management accounting. A very important component of the management accounting is cost accounting which deals with cost ascertainment and cost control.
3. Cost Accounting: The terminology of cost accounting published by the Institute of Cost and Management Accountants of England defines cost accounting is as follows:
"the process of accounting for cost which begins with the recording of income and expenditure or the bases on which they are calculated and ends with the preparation of periodical statements and reports for ascertaining and controlling costs."
4. Social Responsibility Accounting: The demand for social responsibility accounting stems from increasing social awareness about the undesirable by-products of economic activities. As already discussed earlier, social responsibility accounting for social costs incurred by the enterprise and social benefits created.
5. Human Resource Accounting: Human resource accounting is an attempt to identify quantity and report investments made in human resources of an organization that are not presently accounted for under conventional accounting practice.
So, Book-keeping is not a sub-field of accounting.
Most Upvoted Answer
Which of the following is not a subfield of accounting?a)Management ac...
Not a Subfield of Accounting
Book-keeping is not a subfield of accounting.
Subfields of Accounting
1. Management Accounting: This subfield of accounting involves providing information to internal stakeholders to help them make better business decisions. Management accountants analyze financial data and provide reports, forecasts, and recommendations to management.
2. Cost Accounting: Cost accounting is concerned with the cost of producing goods or services. Cost accountants analyze the costs of materials, labor, and overhead, and provide reports to management to help them make decisions about pricing, production, and other business activities.
3. Financial Accounting: Financial accounting involves the preparation of financial statements such as balance sheets, income statements, and cash flow statements. Financial accountants are responsible for ensuring that these statements accurately reflect the financial position of the company.
Conclusion
Book-keeping is a term used to describe the process of recording financial transactions. While book-keeping is an important part of accounting, it is not considered a subfield of accounting. Instead, it is a foundational skill that is necessary for all accountants to possess.
Book-keeping is not a subfield of accounting.
Subfields of Accounting
1. Management Accounting: This subfield of accounting involves providing information to internal stakeholders to help them make better business decisions. Management accountants analyze financial data and provide reports, forecasts, and recommendations to management.
2. Cost Accounting: Cost accounting is concerned with the cost of producing goods or services. Cost accountants analyze the costs of materials, labor, and overhead, and provide reports to management to help them make decisions about pricing, production, and other business activities.
3. Financial Accounting: Financial accounting involves the preparation of financial statements such as balance sheets, income statements, and cash flow statements. Financial accountants are responsible for ensuring that these statements accurately reflect the financial position of the company.
Conclusion
Book-keeping is a term used to describe the process of recording financial transactions. While book-keeping is an important part of accounting, it is not considered a subfield of accounting. Instead, it is a foundational skill that is necessary for all accountants to possess.
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Which of the following is not a subfield of accounting?a)Management accounting.b)Cost accounting.c)Financial accounting.d)Book-keeping.Correct answer is option 'D'. Can you explain this answer?
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