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Branches(Sub-Disciplines) of Accounting Video Lecture | Accountancy Class 11 - Commerce

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FAQs on Branches(Sub-Disciplines) of Accounting Video Lecture - Accountancy Class 11 - Commerce

1. What are the different branches or sub-disciplines of accounting?
Ans. The different branches or sub-disciplines of accounting include financial accounting, managerial accounting, auditing, tax accounting, and forensic accounting.
2. What is financial accounting?
Ans. Financial accounting is a branch of accounting that focuses on recording, summarizing, and reporting financial transactions of a business entity. It involves the preparation of financial statements such as balance sheets, income statements, and cash flow statements.
3. What is managerial accounting?
Ans. Managerial accounting is a branch of accounting that provides information to internal users, such as managers and decision-makers, to assist in planning, controlling, and decision-making within an organization. It involves the preparation of budgeting, cost analysis, performance reports, and other financial information for management purposes.
4. What is auditing?
Ans. Auditing is a branch of accounting that involves the examination and verification of financial records, transactions, and systems of an organization to ensure accuracy, compliance, and reliability. Auditors review financial statements, internal controls, and other relevant information to express an opinion on the fairness and reliability of the financial statements.
5. What is tax accounting?
Ans. Tax accounting is a branch of accounting that focuses on the preparation and analysis of tax returns and tax planning strategies for individuals, businesses, and organizations. Tax accountants ensure compliance with tax laws, minimize tax liabilities, and provide advice on tax-related matters. They stay updated with tax regulations and help clients optimize their tax positions.
82 videos|105 docs|42 tests

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