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Branches (Sub-Disciplines) of Accounting Video Lecture | Accountancy Class 11 - Commerce
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64 videos|153 docs|35 tests
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FAQs on Branches (Sub-Disciplines) of Accounting Video Lecture - Accountancy Class 11 - Commerce
| 1. What are the main branches of accounting? |  |
Ans.The main branches of accounting include Financial Accounting, Managerial Accounting, Tax Accounting, Auditing, and Forensic Accounting. Each branch serves a specific purpose, such as reporting financial information, assisting management in decision-making, ensuring compliance with tax regulations, evaluating financial statements for accuracy, and investigating financial discrepancies.
| 2. How does financial accounting differ from managerial accounting? | |
Ans.Financial accounting focuses on providing financial information to external stakeholders, such as investors and creditors, through standardized financial statements. In contrast, managerial accounting is aimed at providing detailed financial and operational information to internal stakeholders, such as managers, to assist in decision-making and performance evaluation.
| 3. What is the role of auditing in accounting? | |
Ans.Auditing plays a critical role in accounting by providing an independent evaluation of financial statements to ensure their accuracy and compliance with accounting standards. Auditors assess the reliability of financial reporting, which helps build trust among stakeholders and can prevent fraud and misrepresentation.
| 4. What is forensic accounting and how is it used? | |
Ans.Forensic accounting involves the use of accounting skills to investigate financial discrepancies and fraud. It combines accounting, auditing, and investigative skills to examine financial records and provide expert testimony in legal proceedings. Forensic accountants are often employed in cases of fraud, embezzlement, and other financial crimes.
| 5. Why is tax accounting important for individuals and businesses? | |
Ans.Tax accounting is important because it ensures that individuals and businesses comply with tax laws and regulations while optimizing their tax liabilities. It involves the preparation of tax returns, planning for future tax obligations, and understanding tax implications on financial decisions. Proper tax accounting can lead to significant savings and avoidance of penalties.
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Nov 25, 2024 Last updated |
Video Description: Branches (Sub-Disciplines) of Accounting for Commerce 2024 is part of Accountancy Class 11 preparation.
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