Eco. 121—–21-8-2021 (Online Discussion Quiz 1–Types of Accounting)

Name: Ucheama Calista Ngozi
Reg No: 2019/243039
Email Address: calista.ucheama.243039@unn.edu.ng
Types of accounting
Accounting is a processing of consolidating all financial transactions of a business.
Types of accounting includes:
1. Forensic accounting: This accounting process combines accounting with investigation. It is used to investigate the accuracy of the financial statements prepared by financial accountants. It is used to reduce financial crime. It is frequently used by banks, police departments, attorneys and businesses.
2. Tax accounting: It is used to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations and individual taxpayers. The accountants must to be familiar with the various tax laws that change from year to year.
3. Auditing: Auditing provides an independent analysis of the financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.
4. Financial accounting: Is a type of accounting which records, analysis, prepare and keep all financial transactions and ultimately report on them by generating financial statements. It provides an accurate look at business performance over a specific period of time in the form of financial statements.
5. Governmental accounting: It is a process of recognising and reflecting in the appropriate books of account and record government generated revenue and distribute expenditure in such a way as to extract with ease relevant financial information vital for appropriate decision making.
6. Management accounting: Is a form of accounting used in businesses. It is used to provide management with the information necessary to make high-level decisions for the business.
7. Public accounting: It focuses on auditing, tax preparation, tax advisory and consulting activity including financial statements preparation and analysis of public enterprises.
8. Cost accounting: Is a specialty field that looks closely at the actual cost of doing business. It looks at both fixed and variable costs that a business incurs such as materials, labor,overhead, maintenance and production costs,ultimately providing management with important information such as break-even point.

Dickson Ezinne Edith
Reg no: 2020/242619
Email address: ejadickson952@gmail.com
Types of Accountants
** Management Accountant
A management accountant helps companies budget and perform better by identifying, measuring, analyzing, interpreting and communicating information to managers.
* Chartered Accountant
They focus on four main areas within the accountancy field: taxation, financial accounting and reporting, applied finance, and management accounting.
* Auditor
An auditor is a person who exams financial records to verify their accuracy and ensure they are in compliance with tax laws, regulations, and any other applicable accounting standards. They point out discrepancies and offer guidance for correction. Auditors also help protect businesses from fraud and also help businesses increase operational efficiencies.
* Forensic Accountant
Forensic accountants are often employed by insurance companies, banks, government agencies, or even public accounting firms. Because forensic accounting provides financial analysis that is suitable for use in legal proceedings, forensic accountants may give expert evidence during trials.
*. Government Accountant
Government accountants work in all branches of government, including local, state, and federal agencies, managing public funds, investigating white-collar crimes, and performing system audits. They must possess a knowledge of government statutes, as well as tax, business codes, and other regulations for both public and private sectors.
*. Investment Accountant
Investment accountants work specifically in brokerage and asset management firms and maintain investments for their clients. Working with asset managers and brokers, investment accountants process the investments and may also provide financial consulting and advice. Additionally, investment accountants may be responsible for helping develop the firm’s key financial strategies, as well as prepare tax reports on investment accounts.
* Project accountant
A project accountant focuses on the needs of project delivery, including tracking, reporting, and analyzing the financial results of a project. Project accountants provide regular reports to management and executives on whether a company’s project is over or under budget. They may also draft project proposals so teams can see the financial scope of a project, including how much it could potentially cost or earn.
* Tax Examiner
A tax examiner reviews federal, state, and local tax returns filed by small businesses and individuals. They determine how much is owed in taxes and collect this tax on behalf of the government.
* Financial advisor
A financial advisor helps individuals make short and long-term decisions about how they should spend or invest their money and create personalized financial plans that aim to help clients achieve their financial goals.

Name: Onyelonu Chidire Victory
Reg no: 2020/246205
Department: Combined social sciences (Economics and psychology)
Faculty: Social sciences
Email: victorychidi223@gmail.com
Different types of accounting
1. Financial accounting: The primary purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements. It also always looks at past performance, and does not look ahead like management accounting.
2. Management accounting is a form of accounting used in businesses worldwide. Management accounting is designed to provide management with the information necessary to make high-level decisions for the business.
3. Governmental accounting: it is governed by the Governmental Accounting Standards Board (GASB), which like GAAP, has developed tracking and reporting standards for all levels of the government.
4. Cost accounting: it is a specialty field that looks closely at the actual cost of doing business. It is typically used in a manufacturing environment, though it can be used for service businesses as well.
5. Public accounting: The firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals.
6. Forensic accounting: it is a unique combination of accounting, auditing, and investigative techniques.Forensic accountants are frequently used in fraud and embezzlement cases, using data collection and preparation technique etc.
7. Tax accounting: it is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations, and individual taxpayers.
8. Auditing: It is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

Ugwuanyi Nkeonye Laurel
2019/243315
Economics
Type of Accounting
Financial Accounting
Financial accounting involves recording and categorizing transactions for business. This data is generally historical, meaning it’s from the past.

It also involves generating financial statements based on these transactions. All financial statements, such a balance sheet and income statement, must be prepared according to the generally accepting accounting principles (GAAP), according to Accountingverse.

Public companies have to follow a set of rules set out by the government (this is the Securities and Exchange Commission in the U.S.).

Financial accounting is performed to conform to external regulations and is not for internal employees to analyze and make financial decisions—managerial accounting is used for this purpose.

2. Cost Accounting
Cost accounting is considered a type of managerial accounting. Cost accounting is most commonly used in the manufacturing industry, an industry that has a lot of resources and costs to manage. It is a type of accounting used internally to assess a company’s operations.

Cost accounting concerns itself with recording and analyzing manufacturing costs. It looks at a company’s fixed (unchanging and constant costs, like rent) and variable costs (changing costs, like shipping charges) and how they affect a business and how these costs can be better managed, according to Accounting Tools.

3. Auditing
There are two types of auditing: external and internal auditing. In external auditing, an independent third party reviews a company’s financial statements to make sure they are presented correctly and comply with GAAP.

Internal auditing involves evaluating how a business divides up accounting duties, who is authorized to do what accounting task and what procedures and policies are in place. Internal auditing helps a business zero in on fraud, mismanagement and waste or identify and control any potential weaknesses in its policies or procedures, according to Accounting Tools.

4. Managerial Accounting
Also known as management accounting, this type of accounting provides data about a company’s operations to managers. The focus of managerial accounting is to provide data that managers need to make decisions about a business’s operations, not comply strictly with GAAP.

Managerial accounting includes budgeting and forecasting, cost analysis, financial analysis, reviewing past business decisions and more. Cost accounting is a type of managerial accounting.

FreshBooks has simple online accounting software for small business that makes it easy to produce these reports.

5. Accounting Information Systems
Known as AIS for short, accounting information systems concerns itself with everything to do with accounting systems and processes and their construction, installment, application and observation. This can include accounting software management and the management of bookkeeping and accounting employees.

6. Tax Accounting
Tax accounting involves planning for tax time and the preparation of tax returns. This branch of accounting aides businesses be compliant with regulations set up by the IRS.

Tax accounting also helps businesses figure out their income tax and other taxes and how to legally reduce their amount of tax owing. Tax accounting also analyzes tax-related business decisions and any other issues related to taxes.

7. Forensic Accounting
This specialized accounting service is trending in accounting and is becoming increasingly popular. Forensic accounting focuses on legal affairs such as inquiry into fraud, legal cases and dispute and claims resolution.

Forensic accountants need to reconstruct financial data when the records aren’t complete. This could be to decode fraudulent data or convert a cash accounting system to accrual accounting. Forensic accountants are usually consultants who work on a project basis, according to Accounting Tools.

8. Fiduciary Accounting
This branch of accounting centers around the management of property for another person or business. The fiduciary accountant manages any account and activities related to the administration and guardianship of property.

Fiduciary accounting covers estate accounting, trust accounting and receivership (the appointing of a custodian of a business’s assets during events such as bankruptcy).

Name:. NDUBUISI Chinenye
Department: Economics
Metric no. :. 20786563DF
EMAIL:. ndubuisichinenye28@gmail.com
TOPIC:. TYPES OF ACCOUNTS

WHAT ARE THE TYPES OF ACCOUNTING?
Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting.

MANAGEMENT ACCOUNTING is useful to all types of businesses and tax accounting is required by the IRS. Financial accounting is only relevant to larger companies.

TAX ACCOUNTING:
In this type of accounting, all records and reports are made according to regulations established by the tax authorities. Small businesses can hire a tax accountant who specializes in making sure the accounting records are IRS-compliant and who transfers that information to the business tax return.

The IRS requires that businesses use one accounting system and stick to it (see below for an exception). Whether they use the cash or accrual method determines when they report revenue and expenses.

FINANCIAL ACCOUNTING:
Financial accounting is performed with potential lenders and investors in mind, as well as GAAP (generally accepted accounting principles). Using this standard accounting methods helps investors and lenders get an accurate read on a business’s financial health if a company is looking to finance a new purchase or venture.

It also helps businesses be transparent by reporting management’s income.

That said, small businesses usually aren’t required to use GAAP and its accrual method. Any business that makes, buys or sells products must use GAAP, according to the IRS.

Larger businesses often employ accountants in-house to help them comply with these standard accounting principles.

MANAGEMENT ACCOUNTING:
This category of accounting doesn’t follow GAAP but it does follow standard accounting practices taught in accounting school.

The focus here is on generating financial statements like budgets, product costings, cash flow projections and business acquisition analysis reports. Standard reports like balance sheets, profit and loss statements and cash flow statements are generated in a way to help managers analyze past decisions and plan for the future.

Small businesses may only use cash projections. Larger companies, especially manufacturers, will use many more report sheet.

NAME: ADAMGBE IORWUESE AMOS
MATRIC NO.2020/242575
COURSE CODE: ECO 121
DEPARTMENT: ECONOMICS

Types of accounting

Accountants can specialize in different types of accounting depending on their career interests and goals. Here the 10 most common types of accounting:

1. Financial accounting

Financial accounting is the process of compiling financial reports for external use. Financial accountants work with their colleagues and managers to strategize how a company can be more profitable. Also, they track all financial activity recorded in a ledger in addition to ensuring that internal procedures are being followed and that all financial activity appears on relevant financial statements.

They must abide by Generally Accepted Accounting Principles set for U.S. businesses and International Financial Reporting Standards if a company operates overseas. Overall, financial accountants need to have strong attention to detail to convey the current financial state to outside sources.

2. Managerial accounting

This type of accounting documents, monitors and assists in the financial planning of an organization. Their documentation is typically meant for internal stakeholders rather than the public. A managerial accountant must be careful in communicating confidential information and to whom. They work with their managers to analyze and create a budget to meet the needs of the short- and long-term goals of the organization.

3. Cost accounting

Cost accounting can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. They oversee all variable and fixed costs to see if output aligns with the cost to produce a product. They also work with managers to decide on future decisions based on the financial forecast and the progress of production.

4. Auditing

Internal and external auditing falls under the category of public accounting. External auditing is the action of a company providing financial statements to a third-party for financial feedback. In this instance, a third-party is a reliable source in describing if a company’s financial statement is a representation of GAAP.

Internal auditing determines the effectiveness of internal accounting processes. An internal auditor can review employee departmental responsibilities, management policies and approval procedures on related projects. In turn, they provide useful feedback that can help a company to become more profitable and efficient.

5. Tax accounting

Tax accountants help businesses stay in compliance with annual tax codes when they file each year. They also assist companies in planning for future tax returns, such as avoiding certain tax burdens and understanding the implications of specific tax decisions. Usually, larger organizations will hire a tax accountant to navigate the complexities of financial records

6. Accounting information systems

Accounting information systems, or AIS, manage the improvement of successful accounting procedures. Employees working in this field decide on the best times to install updated technology and monitor the progress of existing systems to determine if there is an increase in productivity over a given timeframe. They can make decisions in conjunction with the IT department to instill continuity with technological processes.

7. Fiduciary accounting

Fiduciary accounting is the procedure of trusting one individual to handle financial accounts. They’re obligated to serve on behalf of their clients for accounts tied to real estate, trust funds, investments and others. Also, they must give relevant financial information to their clients once a year, which includes a summary of all accounts, schedules of receipts, gains, losses and the assets they have at their disposal.

8. Forensic accounting

Forensic accounting requires accountants to reconfigure a company’s financial information when some information is missing or not available to review. The goal of forensic accounting is to gather all available documentation and accurately and comprehensively record all credit, debit and cash transactions in financial statements. These professionals often work on legal cases involving fraud, claims and disputes.

9. Public accounting

Public accounting refers to businesses that provide accounting advice to clients based on their needs. They can work in auditing, assist with tax returns, consult on procedures tailored to the installation of technology or computer programs and provide legal advice.

10. Government accounting

Government accountants manage the financial planning and allocation of resources to departments within a local, state or federal government. This type of accounting has standards that must comply with the Governmental Accounting Standards Board (GASB) who is responsible for developing consistent accounting procedures for local and state governments. They also monitor a government’s budget and allocate funds appropriately.

NAME: ONYEJE CHIDUMEBI ONYINYECHI
REG NO:20683830DF
DEPARTMENT: ECONOMICS

THE 8 TYPES OF ACCOUNTING:

Contrary to popular belief, accountants don’t only prepare taxes. Accountants can also investigate white collar crimes, audit businesses, or work exclusively in government and manufacturing environment.

1. Financial accounting:
The primary purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements.

This must be done using the standardized guidelines found in Generally Accepted Accounting Principles (GAAP) rules. These rules are set by the Financial Accounting Standards Board (FASB) and are designed to promote consistency in the reporting process, so Company A will use the same reporting methodology as Company B.

Financial accounting always looks at past performance, and does not look ahead like management accounting.

Instead, financial accounting provides an accurate look at business performance over a specified period of time in the form of financial statements. The completed statements are provided to outside stakeholders such as investors and financial institutions.

There are two types of financial accounting: cash and accrual accounting. Both methods use double-entry accounting to accurately record financial transactions.

2. Management accounting
Management accounting is a form of accounting used in businesses worldwide. Management accounting is designed to provide management with the information necessary to make high-level decisions for the business.

Management accounting information is shared exclusively with others in an organization. However when comparing managerial and financial accounting, the latter is designed to inform shareholders, investors, and financial institutes about the performance of a business for a specified period of time.

In addition, management accounting is forward-looking, devising ways to operate more efficiently while providing management with the tools and resources to form sound policies and procedures.

3. Governmental accounting:

Unlike financial accounting, which is governed by GAAP rules, governmental accounting is governed by the Governmental Accounting Standards Board (GASB), which like GAAP, has developed tracking and reporting standards for all levels of the government.

The main difference between financial accounting and governmental accounting is that governmental entities use separate funds to keep track of income and expenditures.

For instance, if a county undertakes a road improvement project, they would keep track of all income and expenses related to that project in a capital projects fund.

This method of tracking is necessary in order to accurately report how each fund or program is performing and how public money is being spent.

4. Public accounting:

Public accounting firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals. Public accounting focuses on auditing, tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis.

Public accounting firms can also consult on various business strategies, mergers, acquisitions, and internal accounting systems.

In addition, public accounting firms may offer other financial services to their clients such as complete bookkeeping, accounting management, financial consulting, and payroll services. Public accounting firms may also advise clients on accounting software applications if necessary.

5. Cost accounting:

Cost accounting is a specialty field that looks closely at the actual cost of doing business.

Used internally, cost accounting is typically used in a manufacturing environment, though it can be used for service businesses as well.

Cost accounting looks at both fixed and variable costs that a business incurs such as materials, labor, overhead, maintenance, and production costs, ultimately providing management with important information such as break-even points.

Most businesses will use a standard costing system, which assigns an average cost to product production, though other costing methods can be used.

Cost accounting is considered a form of management accounting.

6. Forensic accounting:

Forensic accounting is a unique combination of accounting, auditing, and investigative techniques.

Forensic accounting is used to investigate the financial activities of both individuals and businesses. It is frequently used by banks, police departments, attorneys, and businesses, examining financial transactions and later providing those findings in a completed report.

Forensic accountants are frequently used in fraud and embezzlement cases, using data collection and preparation techniques, data analysis, and reporting methods.

Furthermore, forensic accountants may be called upon to help recreate or reconstruct financial data, and are frequently asked to testify in court to explain their findings.

7. Tax accounting:

Unlike other forms of accounting, which is regulated by the FASB, tax accounting is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations, and individual taxpayers.

Tax accountants work with these entities to ensure accuracy when calculating and reporting tax liabilities for their clients.

Tax accounting requires accountants to be familiar with the various tax laws that change from year to year.

Additionally, tax accounting is used to accurately calculate tax due, lower tax liability, complete tax returns accurately, and file tax forms in a timely manner. This is necessary for individuals, businesses, government entities, and nonprofits.

In addition to preparing tax returns, tax accounting can also be used for tax planning, which helps both individuals and businesses develop a tax strategy in order to minimize taxes due.

8. Auditing:

While accounting involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

Accountant RoleAuditor RoleTracks and records all financial transactionsExamines the financial records kept by the accountant for accuracyProvides financial information to management for decision-making purposesIs not involved in the organization that is being auditedProduces financial statements at the end of the accounting periodOnce examination and analysis is complete, the auditor prepares a detailed audit report showing audit results

All financial auditors are accountants, though all accountants are not auditors.

A variety of audits may be performed including the following:

Compliance audit: A compliance audit examines the policies and procedures used by a company or a department within a company to determine if is currently in compliance with internal or regulatory standards.

Investigative audit: Though a standard investigative audit may not reveal criminal activity, it can be the first step in a criminal case, should suspicious activity be found.

Financial audit: A financial audit is the most frequent kind of audit performed and is designed to analyze financial statements for accuracy.

Tax audit: A tax audit is typically conducted by the IRS in order to obtain additional information regarding the accuracy of a tax return.

NAME: ONYEMA JANET NNEOMA
DEPARTMENT: ECONOMICS
FACULTY: SOCIAL SCIENCES
JAMB REG: 21323973GA
MATRIC NO: 2020\242640

TYPES OF ACCOUNTING

1. Financial accounting
Financial accounting is the process of compiling financial reports for external use. Financial accountants work with their colleagues and managers to strategize how a company can be more profitable. Also, they track all financial activity recorded in a ledger in addition to ensuring that internal procedures are being followed and that all financial activity appears on relevant financial statements.

2. Managerial accounting
This type of accounting documents, monitors and assists in the financial planning of an organization. Their documentation is typically meant for internal stakeholders rather than the public. A managerial accountant must be careful in communicating confidential information and to whom. They work with their managers to analyze and create a budget to meet the needs of the short- and long-term goals of the organization.

3. Cost accounting
Cost accounting can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. They oversee all variable and fixed costs to see if output aligns with the cost to produce a product. They also work with managers to decide on future decisions based on the financial forecast and the progress of production.

4. Auditing
Internal and external auditing falls under the category of public accounting. External auditing is the action of a company providing financial statements to a third-party for financial feedback. In this instance, a third-party is a reliable source in describing if a company’s financial statement is a representation of GAAP.

5. Tax accounting
Tax accountants help businesses stay in compliance with annual tax codes when they file each year. They also assist companies in planning for future tax returns, such as avoiding certain tax burdens and understanding the implications of specific tax decisions. Usually, larger organizations will hire a tax accountant to navigate the complexities of financial records.

6. Accounting information systems
Accounting information systems, or AIS, manage the improvement of successful accounting procedures. Employees working in this field decide on the best times to install updated technology and monitor the progress of existing systems to determine if there is an increase in productivity over a given timeframe. They can make decisions in conjunction with the IT department to instill continuity with technological processes.

7. Fiduciary accounting
Fiduciary accounting is the procedure of trusting one individual to handle financial accounts. They’re obligated to serve on behalf of their clients for accounts tied to real estate, trust funds, investments and others. Also, they must give relevant financial information to their clients once a year, which includes a summary of all accounts, schedules of receipts, gains, losses and the assets they have at their disposal.

8. Forensic accounting
Forensic accounting requires accountants to reconfigure a company’s financial information when some information is missing or not available to review. The goal of forensic accounting is to gather all available documentation and accurately and comprehensively record all credit, debit and cash transactions in financial statements. These professionals often work on legal cases involving fraud, claims and disputes.

9. Public accounting
Public accounting refers to businesses that provide accounting advice to clients based on their needs. They can work in auditing, assist with tax returns, consult on procedures tailored to the installation of technology or computer programs and provide legal advice.

10. Government accounting
Government accountants manage the financial planning and allocation of resources to departments within a local, state or federal government. This type of accounting has standards that must comply with the Governmental Accounting Standards Board (GASB) who is responsible for developing consistent accounting procedures for local and state governments. They also monitor a government’s budget and allocate funds appropriately.

TYPES OF ACCOUNTING
1. Financial Accounting
Financial accounting involves recording and classifying business transactions as well as preparing and presenting financial statements to be used by both internal and external users. While preparing these financial statements, there is strict compliance with the generally accepted accounting principles (GAAP)
2. Managerial Accounting
Managerial/Management accounting focuses on providing information for use by internal users. These internal users are the management,set in place in the company. This type of accounting deals with the needs of the management rather than strict compliance with the GAAP. Managerial accounting involves financial analysis, budgeting and forecasting, cost analysis and so on.
3. Cost Accounting
Cost accounting focuses on the recording, presentation and analysis of manufacturing costs. This type of accounting is very useful to manufacturing businesses since they have the most complicated cost.
4. Auditing
Auditing is a type of accounting that is of two types: External and internal.
External auditing refers to the examination of financial statements by independent party with the purpose of expressing an opinion as to the fairness of the presentation and if it is in compliance with the GAAP. Internal auditing focuses on evaluating the adequacy of a company’s internal control structure by testing segregation of duties, policies and procedures, degrees of authorization and other controls implemented by management.
5. Tax accounting
Tax accounting helps clients follow the rules set up by tax authorities. It includes tax planning and preparation of tax returns. It also involves determination of income tax and other taxes, tax advisory services such as ways to minimize tax legally and other tax related matters.
6. Accounting Information Systems (AIS)
This involves the development, installation, implementation and monitoring of accounting procedures and systems used in the accounting process. It includes the employment of business forms, accounting personnel direction and software management.
7. Fiduciary Accounting
It involves handling of accounts managed by a person entrusted with the custody and management of property of or for the benefit of another person. Examples of fiduciary accounting are trust accounting, estate accounting.
8. Forensic Accounting
This type of accounting involves areas that involve legal matters like court and ligation cases, fraud investigation, claim and dispute resolution etc. This is a popular trend in accounting today.
Reg no: 22244035DA

NAME: John okechukwu james
REG NO: 21445019hf
DEPT: Social Science Education ( Education Economics)
Email: sponkybrown3@gmail.com
title: Types of Accounting

1) FINANCIAL ACCOUNTING: financial accounting is the process of compiling financial report for external use. also they track all financial activities recorded in the ledger in addition to ensuring that internal procedures are being followed and that all financial activities appears in relevant financial statement.
2) MANAGEMENT ACCOUNTING: This is a type of accounting documents monitors and assists in the financial planning of the organization.there document is typically meant for internal stakeholdes rather than the public.
3) COST ACCOUNTING: Cost accounting can be seen as a subcategory of managerial accounting. cost accountant are responsible for documenting ,presenting and reviewing manufacturing costs.
4) AUDITING ACCOUNTING: this involves the tracking and reporting of all financial activities for a business.
5) TAX ACCOUNTING: Tax accounting help businesses stay in compliance the annual tax codes when they file each year.
6) FORENSIC ACCOUNTING: Forensic accounting it requires accountants to reconfigure a company’s financial information when some information is missing or not available to review.
7) PUBLIC ACCOUNTING: Public accounting refers to business that provide accounting advice to clients based on their need,.
8) GOVERNMENT ACCOUNTING: Government accounting manage the financial planning and allocation of resources to the department within a local ,state or federal government.
9) ACCOUNTING INFORMATION SYSTEM( AIS): they manage the improvement of successful accounting procedures.

Reg No: 20695008AF
(1) Financial Accounting
It involves the process of aggregation, compiling, and production of the financial information of the company in the form of financial statements used by the stakeholders of the company. financial statements such as Balance Sheet, Profit and loss account, Cash flow statement, and the statement of change in equity.

(2) Project accounting
It is used by the company to track the progress of the different projects undergoing from the financial perspectives. It plays an integral part in project management.

(3) Managerial Accounting
It is all about accumulating the information to be used for internal operational reporting., it is primarily for the internal working of the company. It is more detailed than the information given to the external users of the company.

(4) Government Accounting
Government accounting mainly focuses on the financial administration of the Government’s activities for promoting welfare to the maximum level in the form of the various services given by the Government. Therefore it is concerned mainly with the systematic recording of the income and expenditures of the Government offices.

(5) Forensic Accounting
It is associated by the recording of various documents and making a report, if any, required in the course of an area that involves legal matters. In it, the skills are used to investigate the frauds and to do analysis on the financial statements which are used in the legal proceedings.
(6) Tax Accounting
Accounting of the matters related to tax and tax payments

Name : Abonyi Ifebuche faith
Jamb reg no : 20691720BA
Email : ifebuchefaith51@gmail.com

1️⃣.. FINANCIAL ACCOUNTING : This is the type of accounting concerned with detailed information of the day to day financial running of an organization according to Generally Accepted Accounting Principles (GAAP). There are two types of financial accounting namely;cash accounting which is based on cash transactions either spent or received and accrual accounting which is based on the time it was incurred notwithstanding the time of payment.

2️⃣.. MANAGERIAL ACCOUNTING : This type of accounting provides data about a company’s financial operations to the managers or board of management. This is done to enable them make effective decisions on things like budgeting, cost analysis, reduction of expenses and so on.

3️⃣.. TAX ACCOUNTING: This accounting is used to ensure accuracy when calculating tax liabilities for clients. It is used for tax planning and to ensure that all current tax rules and regulations duly followed.

4️⃣.. PUBLIC ACCOUNTING: This field of accounting investigates the financial record of client companies like non-profit organizations, governmental organizations, etc to ensure that financial statements and results are fairly presented.

5️⃣.. COST ACCOUNTING: Cost accounting is a part of financial accounting which is used mostly by manufacturing industries to record the cost of the company’s operations, how they affect the business and how it can be managed better.

6️⃣.. GOVERNMENT ACCOUNTING: This accounting uses Government Accounting Standards Board(GASB) to investigate governmental fund from which a particular governmental project is sponsored e.g fund for building a standard hospital. It ensures the cash is used for that particular purpose.

7️⃣.. FORENSIC ACCOUNTING: It focuses on legal affairs such as investigations into fraud cases, disputes, resolution of claims, etc. It is used in settling financial cases.

8️⃣.. FIDUCIARY ACCOUNTING: This type of accounting centers on management of entrusted property for the benefit of another person. It covers estate accounting, trust account and receivership.

9️⃣.. AUDITING: This involves the examination of financial record. It has two types, namely ;external auditing in which an independent third party checks the records to ensure they are correctly presented and complies with GAAP and; the internal auditing which involves checking and understanding how a business divides up its accounting duties, the procedure they follow and policies in place.

Name: Igboji Divinegift Onyinyechi.
Email address: igbojidivinegift@gmail.com
Reg. No.: 20006946IA

TYPES OF ACCOUNTING
(1) Financial accounting: This involves the preparation of accurate financial statement. Which is to measure the performance of a business in an accurate way.
(2) Managerial accounting: This is the process of preparing reports gathered from financial accounting; this report serves to assist the management team to make tactical decisions.
(3) Government accounting: This is the process of recording and managing government transactions incurred in their income and expenditures.
(4) Auditing accounting: This is the examination and verification of a business or company financial transactions which includes income and expenditures.
(5) Public accounting: this refers to a business or individual who helps other firms to make financial documents.
(6): Forensic accounting: this accounting analysis business reports and financial evidence through the use of specific accounting procedures in investigating financial statements or irregularities.

Types of accounting
Accounting can be said to be of different types they are :
1.) Financial accounting :
this is the process of preparing financial statements to track records and ultimately report on financial transactions that companies use to show their financial performance and position to people outside the company including investors, creditors, suppliers and customers. This must be done using the standardized guidelines found in generally accepted accounting principles (GAAP) rules. These rules are set by the financial accounting standard board (FASB) and are designed to promote consistency in the reporting process, so company A will use the same reporting methodology as company B.

2.) Management accounting :
this is the provision of financial data and advise to a company for use in the organization and development of its business. It is designed to provide management with the information necessary to make high level decisions for the business. This form of accounting is used in businesses world wide .

3.) Governmental accounting
Unlike financial accounting, which is governed by GAAP rules, governmental accounting is governed by the Governmental Accounting Standards Board (GASB), which like GAAP, has developed tracking and reporting standards for all levels of the government.

4.) Public accounting
Public accounting firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals. Public accounting focuses on auditing, tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis.

5.)Cost accounting
Cost accounting is a specialty field that looks closely at the actual cost of doing business.
Used internally, cost accounting is typically used in a manufacturing environment, though it can be used for service businesses as well.

6.)Forensic accounting
Forensic accounting is a unique combination of accounting, auditing, and investigative techniques.
Forensic accounting is used to investigate the financial activities of both individuals and businesses. It is frequently used by banks, police departments, attorneys, and businesses, examining financial transactions and later providing those findings in a completed report.

7.)Tax accounting
Unlike other forms of accounting, which is regulated by the FASB, tax accounting is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations, and individual taxpayers.

8.)Auditing
While accounting involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

ASOGWA CHIMEZIE HENRY
Faculty: social science
Department: economics
Reg number: 20748585CA
Email: chimeziehenry841@gmail.com
Eco 121
Types of Accounting

Financial accounting
Governmental accounting
Public accounting
Cost accounting
Forensic accounting
Management accounting
Tax accounting
Auditing

1- Auditing: While Auditing involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

2- public accounting: Public accounting firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals. Public accounting focuses on auditing, tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis.

3_ financial accounting:The primary purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements.

This must be done using the standardized guidelines found in Generally Accepted Accounting Principles (GAAP) rules. These rules are set by the Financial Accounting Standards Board (FASB) and are designed to promote consistency in the reporting process, so Company A will use the same reporting methodology as Company B. There are three types of financial accounting
1-balance sheet
2_income statement
3- statement of cash flow.

4_management:Management accounting is a form of accounting used in businesses worldwide. Management accounting is designed to provide management with the information necessary to make high-level decisions for the business.
Management accounting information is shared exclusively with others in an organization. However when comparing managerial and financial accounting, the latter is designed to inform shareholders, investors, and financial institutes about the performance of a business for a specified period of time.
In addition, management accounting is forward-looking, devising ways to operate more efficiently while providing management with the tools and resources to form sound policies and procedures.
Three common types of management accounting are used:
Strategic management
Performance management
Risk management

NAME: REMIGIUS CHIDEBERE RICHARD
REG NUMBER: 21410757AF
EMAIL: bcrichardremigius@gmail.com
DEPARTMENT: ECONOMICS
FACULTY: SOCIAL SCIENCE

TYPES OF ACCOUNTING
{1} COST ACCOUNTING
You are doing Cost Accounting whenever you’re trying to figure out how to increase your margin, or deciding if raising prices is a good idea. Cost Accounting involves analyzing all of the costs associated with producing an output (whether it be a physical product or service) in order to make better decisions about pricing, spending and inventory.

{2} CREDIT ACCOUNTING
Credit Accounting can be one of the most difficult kinds of accounting to do well, because it usually involves telling someone something they don’t want to hear (like your accountant telling you that you should be borrowing less.) This is why Credit Accounting involves analyzing all of a company’s unpaid bills and liabilities and making sure that a company’s cash is not constantly tied up in paying for them.

{3} FINANCIAL ACCOUNTING
Every year, company will generate financial statements that people outside such as: People like investors, lenders, government agencies, auditors, potential buyers, etc. can use to learn more about the company’s financial health. Preparing the company’s annual financial statements this way is called Financial Accounting.

{4} MANAGERIAL ACCOUNTING
Managerial accounting is similar to financial accounting, with two important exceptions: The statements produced by managerial accounting are for internal use only. They’re generated much more frequently often on a quarterly or monthly basis.

If your business ever grows to the point where you need to hire an accountant full-time, most of their time will be taken up by managerial accounting. You’ll be paying them to produce reports that provide regular updates on the company’s financial strength and help you interpret those reports.

{5} TAX ACCOUNTING
This is when an accountant provides with recommendations for how to get the most out of tax return, that’s Tax Accounting.

Tax Accounting is regulated by the Internal Revenue Service (IRS). Tax Accounting is all about making sure that one don’t pay more tax than you are legally required to by the IRS.

Name: Ogenyi Deborah Oluchi
Reg no: 20645428FA
Email: debbyluchi01@gmail.com

There are different types of accounting but I will be discussing on the seven major types of accounting.
1) Financial accounting: This account is also termed as financial reporting as it is the procedure of generating financial information for internal as well as external use in form of financial statements.
2) Management accounting: This accounting is majorly focused on the management of the company. It is primarily made for the internal use by the management of an organization and provides information which are more detailed than the information needed for the external use.
3)Public accounting: It is also known as government accounting and it refers to the accounting which is used in the public sector at large.
4) Tax accounting: This is the type of accounting that is related to the matters of taxation, it is governed by the jurisdiction of tax laws and prescribed rules and regulations.
5) Forensic accounting: it is a different kind of accounting which is related to some investigation techniques, these professional are known as the Sherlock Holmes of accounting wirld. They use authentic way of accounting by investigation and auditing in case of litigation or accounting fraud or disputes related to law and regulations.
6) project accounting: It is an important constituent of project management. Accounting of these project are done through the accounting system in which there is a track of financial progress of a project via frequent financial reporting.
7) Social accounting: It is also called sustainability and corporate social responsibility reporting, it is the process of analysing the implication of ecological and social environmental factors that are related to the company.

Reg number:20022678IA
Department: Economics
Blog:Uzoetohclara.blogspot.com

Types of Accounting
Accounting can be classified into two categories:
*Financial accounting
*Managerial accounting

*Financial accounting:This involves the preparation of accurate financial statements. The focus of financial accounting is to measure the performance of a business as accurately as possible. It involves recording, classifying business transactions, preparing and presenting financial statements to be used by internal and external users. It is primarily concerned in processing historical data.

*Managerial accounting: It refers to the process of preparing reports about business operations. It allows an enterprise to achieve maximum efficiency by receiving financial accounting, deciding on the best following steps to take and then broadcasting the required steps to all internal business mangers. It involves financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions. An example of managerial accounting is cost accounting; cost accounting focuses on a detailed break up of costs for effective cost control.

Igbokwe Gloria somtoochukwu
20690485BA
igbokwegloria2003@gmail.com

TYPES OF ACCOUNTING.
There are two types of accounting.
they are:
1. Managerial accounting
2. Financial accounting

1. Managerial accounting:this is a type of accounting that involves the preparation of accurate financial statement. A type of accounting where managers use accounting information in making decisions and as well assist in the management and performance of their control function.it prepares report about business operations that helps managers make short term and long term decision. This method helps business to pursue their goal by identifying, measuring and analyzing, interpreting and communicating information to managers.its concepts and techniques includes a few pieces of information that are somewhat standard, like sales , costs, profits, assets, liabilities and so on.

2. FINANCIAL ACCOUNTING: This is the type of accounting that deals with the summary, analysis and reporting of financial transaction related to a business.it involves the preparation of financial statement. this type of accounting gathers information and produces report on an organization’s financial activity.

Name.Chukwuma ogochukwu susan
Course .Eco 121
Department.Combined social science
Reg number.2020/242910

Types of accounting

1 Financial accounting
This area of company focuses on external companies that have expressed interest in the business.Employees creates several financial statements to provide to investors the most common ones include the balance sheet, income statement and cash flows.These documents helps investors understand the financial strength of the company to decide whether to make investment or not

2 Managerial Accounting
This area of a company’s accounting department concerns itself with obtaining and preparing financial documents for management and other higher level staff.The documents prepared by managerial accountants remain within the organization only.Mangers use the financial documents they receive from this department to help them make the most appropriate business decisions and manage costs.

3 Cost Accounting
This is for a business to determine its production costs by considering how much it spends to purchase the supplies and labor needed to create it’s product

REG. NUMBER: 20022678IA
DEPARTMENT:Economics
BLOG: Uzoetohclara.blogspot.com

Types of accounting
Accounting can be classified into two major categories:
*Financial accounting
*Managerial accounting

*Financial accounting: This involves the preparation of accurate financial statements. The focus of financial accounting is to measure the performance of a business as accurately as possible. It involves recording, classifying business transactions, preparing and presenting financial statements to be used by internal and external users. It is primarily concerned in processing historical data.

*Managerial accounting: It refers to the process of preparing reports about business operations. It allows an enterprise to achieve maximum efficiency by receiving financial accounting, deciding on the best, following steps to take and then broadcasting the required steps to all internal business managers. It involves financial analysis,budgeting, forecasting, cost analysis, evaluation of business decisions. An example of managerial accounting is cost accounting; cost accounting focuses on a detailed break up of costs for effective cost control.

Attah kelechi Rita.
Kelechirita725@gmail.com
2020/242576
Eco 121_ Types of accounting
1 managerial accounting : Is the practice of identifying, measuring, analyzing, interpreting and communicating financial information to managers with the aim of maximizing profit and minimizing loss.
2 Financial accounting: This is the process of documenting, summarizing and reporting of transaction arising from financial statements. This type of accounting summarize a company’s transaction, describe who the account is with and list the date and amount of each transaction.
3. Governmental accounting: It refers to the process of recording and management of all financial transaction incurred by the government which includes it’s income and expenditure . It’s concerned with financial administration of government offices, department and agencies.
4 . Cost accounting: This is the method of managerial accounting which aims to capture the total production cost of a business by measuring the variables.

Eco 101_ Methods of Economics Analysis
There are two method of Economics Analysis
They include the following.
1. Deductive Method
In Deductive Method of Economics Analysis we proceed from the general to the particular. This is also known as hypothetical method for some of the assumptions may not correspond to actual facts, but very near actual facts which may be use as premise for starting, reasoning and drawing conclusions. The principles involve in this method include:
1 perception of the problem to be enquired
2. Defining precisely the technical terms and making appropriate assumptions
3. Deducing hypothesis
4 Testing of hypothesis deduced

2. Inductive Method:
Inductive Method derives economics generalizations on the basis of experience and observations . In this method, economist proceed from a practical angle to problems of science to reduce the gulf between theory and practice . Induction is done by two forms : experimentation and statistical form . Facts are collected first, arranged and conclusion are drawn . Then these general conclusion are further verified with reference to actual facts.

NAME: MBADIHE LUCY CHIDERA
DEPARTMENT:COMBINED SOCIAL SCIENCE (ECONOMICS AND PHILOSOPHY )
REG NO:2020/242899
EMAIL:Luhcey@gmail.com.
Topic: BRIEFLY EXP LAIN THE TYPES OF ACCOUNTING

DEFINITION OF ACCOUNTING
Accounting can be defined as the process of recording financial transactions pertaining to a business. The accounting process includes summarizing,analyzing and reporting these transactions to oversight agencies. It is the skill,system,or job pf keeping the financial records ofa business or person.

TYPES OF ACCOUNTING
FINANCIAL ACCOUNTING
This refers to the bookkeeping of the financial transactions by classifying, analyzing,summarizing and recording financial transactions. It reveals profit or loss for a given period, the value and nature of a firms assets and liabilities.
The three major financial statements produced by accounting are profit and loss statement, balance sheet cash flow statement.
The main objective of financial accounting is to accurately prepare an organisation’s financial accounts for a specific period otherwise known as Financial statements.

MANAGERIAL ACCOUNTING
This is also called Management Accounting or cost accounting, is the process of analyzing business costs and operations to prepare internal financial report,records and account to aid manager’s decision making process in achieving business goals.
Managerial Accounting often focuses on making future projections for segments of a company.
For example, sportwear company might measure the percentage of defective products produced or the percentage of on-time deliveries to customers.
The main objective of managerial accounting is to maximize profit abd minimize losses.it is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions. Managerial accounting helps managers make operational decisions.

1. Financial Accounting: This means the tracking, recording and reporting financial transactions by generating financial statements.
2. Cost Accounting : This involves both fixed and variable costs that a business incurs and ultimately providing important information.
3. Management Accounting: This is a form of accounting that provide management information for high level decisions in a business
4. Public Accounting: This focuses on auditing and tax preparation, provides accounting services to individuals, organizations, etc
5. Governmental Accounting: This is a type of accounting that uses governmental entities to separate funds and keep track of income and expenditures.

Oha Ujunwa Emmanuella
20684741EA

NAME-Edeh loveth ifeoma
Department-combined social science (Economic
and political science)
MATRIC NUMBER-2020/242988
EMAIL- ifeomaloveth33@gmail.com
TYPE OF ACCOUNTING.
Firstly Accounting is an indispensable component of any organization. An accountant can specialized in different types of accounting namely
1; financial Accounting- financial Accounting is the process of compiling financial report for external use financial accountant cooperate with his/her colleague or managers to strategizes how a company can be more profitable.
2; Managerial Accounting- Managerial accounting document, monitors and assist in the financial planning of an organization.
3; cost Accounting- cost Accountant are responsible for documenting presenting and reviewing manufacturing costs they oversee all variable and fixed cost to see if output aligns with the cost.
4: Auditing- Auditing provide useful feedback that can help a company to become more profitable and efficient.
5; Accounting information system- they manage the improvement of successful Accounting procedure. They can make decision in conjunction with the IT department to instill continuity with technological processes.
6; tax Accounting- They assist companies in planning for future tax burdens and understanding the implication of specific tax decision.
7; Fiduciary Accounting-This Accounting is the process of trusting one individual to handle financial account.
8; public accounting- public accounting is a businesses that provide Accounting advice to client based on needs.
9; forensic accounting- this Accounting requires accountant to reconfigure a company financial information when some information is missing or not available to review.
10; Government Accounting- it manage the financial planning and allocation of resources to a department within a local state or federal government. This type of Accounting has standards that must comply with the government Accounting standard board (GASB) who is responsible for developing consistent Accounting procedure for local and state governments.

OLUCHUKWU FAVOUR ONYEDIKACHI
ECONOMICS DEPARTMENT
2020/242610
oluchukwufavour619@gmail.com

Types of Accounting

Financial Accounting
Financial accounting refers to the processes that deals on the preparation of an accurate annual financial statement. The results of all financial transactions that occur during an accounting period are summarized as a report. It also helps to make decisions in an organization.

Managerial Accounting
Managerial accounting uses the data gathered from financial accounting, but it organizes and analyzes the information in different ways. Managerial accounting also encompasses many other similar accounting works, including forecasting, budgeting and various financial analysis tools. An example of managerial accounting is cost accounting which focuses on a detailed break up of costs for effective cost control.

Other types of Accounting are;
Tax, Forensic, Fiduciary, Auditing, Governmental, Public, Accounting information System (AIS) etc.

Okelekwe Chiamaka Mediatrix
Department of Economics
2020/242609
Qs: Briefly discuss on the types of accounting.
Answer:
There are two types of accounting
1. Financial accounting
2. Managerial accounting

1. Financial accounting: involves the preparation of accurate financial statements. The focus of financial accounting is to measure the performance of a business as accurately as possible. They must be understandable not only to the financial accountants but to the shareholders and stakeholders. The main difference between financial accountants and basic accountants is that the financial accountant focus mainly on planning and directing the financial transactions for an organization while the basic accountants focus on recording and reporting of those transactions.

2. Managerial accounting: they anyze the information gotten from financial accountants. It refers to the process of preparing reports about business operations. The reports serves to assist the managerial team to make tactical decisions. The main objectives of managerial accounting is to maximize profits and minimize losses. It is used for short-term and long-term decisions involving the financial health of a company.

Dept; Economics
Reg ; 2020/242639
Email ; godu430@gmail.com
Types of Accounting
Accounting can be classified into two types.
1. Financial Accounting.
Financial Accounting involves the preparation of financial statements. The focus of financial accounting is to measure the performance of a business as accurately as possible.
2. Managerial Accounting
Managerial accounting is a process that allows an enterprise to achieve maximum efficiency by reviewing financial accounting, deciding on the best following steps to take and then broadcast the required steps to all internal business managers. The reports serve to assist the management team to make tactical decision.

NAME: PULIFE EMMANUEL ONYEKACHI
DEPARTMENT: ECONOMICS
REG NO: 20680103FA
E-mail: pulifeemmanuel2020@yahoo.com

QUESTION
Discuss types of accounting ?
ANSWER
1. Financial accounting
The primary purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements.
This must be done using the standardized guidelines found in Generally Accepted Accounting Principles (GAAP) rules. These rules are set by the Financial Accounting Standards Board (FASB) and are designed to promote consistency in the reporting process, so Company A will use the same reporting methodology as Company B.
Financial accounting always looks at past performance, and does not look ahead like management accounting.
2. Managerial accounting :
Management accounting is a form of accounting used in businesses worldwide. Management accounting is designed to provide management with the information necessary to make high-level decisions for the business.
Management accounting information is shared exclusively with others in an organization. However when comparing managerial and financial accounting, the latter is designed to inform shareholders, investors, and financial institutes about the performance of a business for a specified period of time.
3. Cost accounting :
Cost accounting is a specialty field that looks closely at the actual cost of doing business.
Used internally, cost accounting is typically used in a manufacturing environment, though it can be used for service businesses as well.
Cost accounting looks at both fixed and variable costs that a business incurs such as materials, labor, overhead, maintenance, and production costs, ultimately providing management with important information such as break-even points.
4.Public accounting :
Public accounting firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals. Public accounting focuses on auditing, tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis.
Public accounting firms can also consult on various business strategies, mergers, acquisitions, and internal accounting systems.
5. Governmental accounting:
Unlike financial accounting, which is governed by GAAP rules, governmental accounting is governed by the Governmental Accounting Standards Board (GASB), which like GAAP, has developed tracking and reporting standards for all levels of the government.
The main difference between financial accounting and governmental accounting is that governmental entities use separate funds to keep track of income and expenditures.
6. Forensic accounting:
Forensic accounting is a unique combination of accounting, auditing, and investigative techniques.
Forensic accounting is used to investigate the financial activities of both individuals and businesses. It is frequently used by banks, police departments, attorneys, and businesses, examining financial transactions and later providing those findings in a completed report.
Forensic accountants are frequently used in fraud and embezzlement cases, using data collection and preparation techniques, data analysis, and reporting methods.
7. Tax accounting :
Unlike other forms of accounting, which is regulated by the FASB, tax accounting is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations, and individual taxpayers.
Tax accountants work with these entities to ensure accuracy when calculating and reporting tax liabilities for their clients.
Tax accounting requires accountants to be familiar with the various tax laws that change from year to year.
8.Auditing:
While accounting involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

NAME: Magbo Chidimma Joy
MATRIC/ REG NO: 2020/242674
DEPARTMENT: Economics Education
COURSE CODE: Eco 121: Element of Accounting

THE TYPES OF ACCOUNTING WE HAVE ARE

1. Financial Accounting: The primary purpose of financial accounting is to track, record and ultimately reports on financial transactions by generating financial statements this must be done using the standardized guidelines found in generally Accepted Accounting Principles (GAAP) Rules. The rules are set by the Financial Accounting Standard Board (FASB). and are designed to promote consistency in the reporting process.

They are two types of financial Accounting Cash and Accural Accounting.
Both methods use double entry accounting to accurately record financial transactions.

2. Management Accounting: This is a form of Accounting used in business world wide.
Management Accounting is designed to provide Management with information necessary to make high level decision for the business.
Three common types of Management Accounting are:
Strategic Management
Performance Management
Risk Management

3. Governmental Accounting: Governmental Accounting is governed by Governmental Accounting Standard Board (GASB) which like GAAP has developed tracking and reporting standards for all levels of government.

Governmental Accounting keeps track of all income and expenses in capital project fund.

4. Public Accounting: Public Accounting firms provides accounting service to a variety of clients, including service businesses, manufacturers, retailers,non-profit organizations, governmental organization and individuals

Public Accounting focuses on:
Auditing,
Tax preparation,
Tax advisory and
Consulting activity.

5. Cost Accounting is a specialty field that works closely at the actual cost of doing business. Cost Accounting is typically used in a manufacturing environment. though it can be used for services businesses, cost accounting looks as both fixed and variable cost that a business incurs such as materials, labour, overhead, maintenance and production cost. Ultimately providing management with important information such as break-even points

6. Forensic Accounting: Forensic Accounting is a unique combination of accounting auditing and investigative techniques.
Forensic Accounting is used to investigate the financial activities of both individuals and businesses.
It is frequently used by banks, police department,attorneys and businesses.

7. Tax Accounting: Tax Accounting designed to ensure that all current tax rules and regulations are followed by business, non-profit organizations and individual taxpayers.

Tax accountant work with these entities to ensure accuracy when calculating and reporting tax liability for clients.

Additionally tax accounting is used to accurately calculate tax due, lower tax liability, complete tax returns accurately and tax forms in a timely manner.

8. Auditing: Auditing is a type of accounting designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

We have different varieties of audits:
a. Compliance Audit: A compliance audit examines the polices and procedures used by a company or department.
b. Financial Audit: A financial Audit is the most frequent kind of audit performed and is designed to analyze financial statements for accuracy.
Other variety are investigative Audit and tax Audit.

Anelechukwu precious kelechi
Reg number: 21268671CF
Email: preciousanelechukwu@gmail.com
There are 8 different types of Accounting
1) Financial Accounting: Financial Accounting involves the preparation of accurate financial statements.Accounting principles such as GAAP (General Accepted Accounting Principle) IFRS (International Financial Reporting Standards) .or ASPE (Accounting Standards for private enterprises) are standards that are widely adopted in financial accounting. The accounting standards are important because they allow stakeholders and shareholders to easily understand and interpret the financial statement.
2) Managerial Accounting: This analyzes the information gathered from financial accounting is the practice of identifying measuring, analyzing, interpreting and communicating financial information to managers for the pursuit of an organization’s goals,it assist the management of a company in efficiency performing it’s functions. it serves as a vital source of data for planning
3) Governmental Accounting: Unlike financial accounting which is governed by GAAP rules Governmental Accounting is governed by the Governmental Accounting Standards Board (GASB), which like GAAP has developed tracking and reporting standards for all levels of the government
The main difference between financial and governmental accounting is that Governmental entities use separate funds to keep track of income and expenditures.
In most cases five governmental funds are used
1. General fund
2. Permanent fund
3. Special revenue fund
4. Capital project fund
5. Debt services fund

4 ) Public Accounting: This provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, non profit organizations m, governmental organizations and individuals.
Public accounting focuses on auditing,tax preparation,tax advisory and consulting activity including financial statement preparation and analysis

5) Cost Accounting: This is a specialty field that looks closely at the actual cost of doing business.cost accounting looks at both fixed and variable costs that a business incurs such as materials, labor, overhead, maintenance and production costs ultimately providing management with important information such as break- even prints
Cost Accounting is considered a form of management accounting focusing on the future; and is primarily used as an aid in the decision- making process rather than as a way of reporting past performance

6) Forensic accounting: This is a unique combination of accounting is used to investigate the financial activities of both individuals and businesses.it is frequently used by banks,police departments attorneys and businesses examining financial transactions and later providing those findings in a completed report .it’s frequently used in fraud and embezzlement cases, using data collection and preparation techniques,data analysis and reporting methods.

7) Tax Accounting: unlike other forms of Accounting,which is regulated by the FASB ,tax accounting is regulated by the Internal Revenue Code ( IRC),and is designed to ensure that all current tax rules and regulations are followed by businesses,non profit organizations and individuals tax payers tax accounting works with these entities to ensure accuracy when calculating and reporting tax liabilities for their clients tax accounting can also be used for tax planning,which helps both individuals and businesses develop a tax strategy in order to minimize taxes due.

8) Auditing accounting: While accounting involves the tracking and reporting of all financial activity for a business auditing is designed to provide an Independent analysis of that financial transactions following the acceptable rules and standards that apply.

Name: Igboanugo jacinta ugochukwu
Reg no:20158488JA
Email: jacintaugochkwu@outlook.com
Department: Education and Economic

ACCOUNTING
1.Financial Accounting : financial accounting involves the preparation of accurate financial statement. The primary purpose of financial accounting is the track record and ultimately report on financial transaction by generating financial statement.

2.Mangement accounting: management accounting is the analysis the information gathered from financial accounting.It is designed to provide management with information necessary to make high level of decisions for the the business

3.Government accounting: government accounting is that governmental entities use separate fund to keep track of income and expenditures.

4.public accounting: Public accounting firm provide accounting service to a variety of clients including service to business,manufacturers,retailer,non-organization, governmental orangziation and individual.

5. Cost accounting:cost accounting is a specially Field that looks at actual cost of doing business.It looks at both fixed and variable cost that a business incur such as material, labour, overhead, maintenance and production cost ultimately providing management with important information such as break even point.

6. Tax Accounting:tax Accounting is designed to ensure that all current tax rules and regulations are followed by business,non profit organization and individual taxpayers.

7. forensic Accounting: It is a unique combination of accounting, auditing and investigative techniques.it is frequently used by bank, police department, attorney and business, examining, financial transaction and later provide those finding in a completed report.

8. auditing: Auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transaction following the acceptable rules and standard that apply.

ACCOUNTING
1.Financial Accounting : financial accounting involves the preparation of accurate financial statement. The primary purpose of financial accounting is the track record and ultimately report on financial transaction by generating financial statement.

2.Mangement accounting: management accounting is the analysis the information gathered from financial accounting.It is designed to provide management with information necessary to make high level of decisions for the the business

3.Government accounting: government accounting is that governmental entities use separate fund to keep track of income and expenditures.

4.public accounting: Public accounting firm provide accounting service to a variety of clients including service to business,manufacturers,retailer,non-organization, governmental orangziation and individual.

5. Cost accounting:cost accounting is a specially Field that looks at actual cost of doing business.It looks at both fixed and variable cost that a business incur such as material, labour, overhead, maintenance and production cost ultimately providing management with important information such as break even point.

6. Tax Accounting:tax Accounting is designed to ensure that all current tax rules and regulations are followed by business,non profit organization and individual taxpayers.

7. forensic Accounting: It is a unique combination of accounting, auditing and investigative techniques.it is frequently used by bank, police department, attorney and business, examining, financial transaction and later provide those finding in a completed report.

8. auditing: Auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transaction following the acceptable rules and standard that apply.

NAME:OZOR PAMELLA CHISOM
REG NO:21465238GA
DEPARTMENT: EDUCATION ECONOMICS
FACULTY: SOCIAL SCIENCE
JAMB EMAIL: ozorpamella05@agmail.com

TYPES OF ACCOUNTING
1. FINANCIAL ACCOUNTING: this is a type of accounting that involves recording, summarizing and reporting of financial transaction information for internal and external use by generating financial statement . It must be done by using the standardized guidelines found in Generally Accepted Accounting Principle (GAAP).
2. COST ACCOUNTING:It shows the profitability of a business, it is also an aspect of managerial accounting. Cost accounting checks the variables and fixed cost to check the cost of producing a goods or products.
3. PUBLIC ACCOUNTING: This accounting shows the financial statement of companies in other to check their cash flow, cost, expenses and balances in big organization to be able to detect fraudulent activities. It provides service to a variety of clients, manufacturers, retailers, government organization and individuals.
4. MANAGERIAL ACCOUNTING:It involves the compiling of accounting information for internal use or operation. It is also designed to provide management with the information necessary to make high-level decision for businesses.
5. TAX ACCOUNTING:It involves the accumulation of tax filings, regulations and planning to reduce a company burden in the future it Ensures accuracy when calculating and reporting tax liabilities for third clients .
6. FORENSIC ACCOUNTING:it is involved in the reconstruction of financial formation when a set of financial information or record is not available it is used to investigate the financial activities of both individuals and businesses.
7. GOVERNMENTAL ACCOUNTING:This accounting involves the recording, summarizing the financial cash flow in a government sectors showing the expenditure, checks and balances. This shows how each fund or public money is being spent in the various government sectors for allocation of resources .
8. AUDITING. It checks the company’s system and their cash transaction to detect fraudulent and mismanagement in the business be it internal or an external organisation.

Omeje Deborah Mmesoma
2020/242625
omejedeborahmmesoma@gmail.com
Financial accounting is the field of accounting concerned with summarising, analyzing and reporting of financial transaction related to business. Itq is also the preparation of financial statements available for public use. Financial accounting is governed by a both local and international accounting standards which are GAAP and IFRS . With these standards, financial accounting has become more consistent between global organisations.

Managerial accounting also known as Empirical accounting involves partnering in management decision making, devising planning and performance Management systems and providing experts to control financial reports and assist management in the formulation and implementation of organisations strategy. It also analyze information to advise business strategy and drive sustainable business success.

NAME: ONUAH PRECIOUS ONYINYECHUKWU
REG NO: 20184874CA
DEPT: ECONOMICS
FACULTY: SOCIAL SCIENCE

From the research I conducted, I found out they are many types of accounting but I will briefly explain 5.
1.) *Managerial accounting:* This type of Accounting analyzes the information from financial accounting for better administration and efficient decision making . This helps to enhance the profit . It is also useful to creditors and shareholders. Managerial accounting focuses on providing information for use by internal users. This branch of Accounting deals with the needs of the management rather than strict compliance with generally accepted accounting principles. It involves analysis, forecasting, budgeting and evaluation of business decisions.
2.) *Financial accounting:* This can be said to be the systematic way or method of recording transaction to ascertain the financial position of any firm at a particular point in time. This financial accounting is useful to creditors,banks and other financial institutions. This type of accounting tends to focus more on following the generally accepted accounting principles that are widely adopted in the financial world. This helps the parties involved ( shareholders and stakeholders) for easy interpretation of the firm’s financial position
3*) *Tax Accounting:* This is the type of accounting concerned with preparation and filing of tax returns.it ensures compliance to tax laws. it helps to advocate for reduction of tax in a legal permissible means. It helps the firm in considering different aspects of taxes and knowing it’s effects on the firm
4.) *Forensic accounting:* This mainly calculates damages or settling disputes in legal matter. The investigation carried out is also called legal accounting.Forensic accountanting is also referred to as an inter-disciplinary field that involves the use of specific accounting procedures to investigate financial statements or irregularities.Forensic accountants analyse business reports and financial evidence, and their findings can be used in legal proceedings.
5.) *Auditing accounting* : is a type of accounting that describes the examination and verification of a company’s financial records. This type of accounting helps to ensure that financial statements are prepared in accordance with the relevant accounting standards. This inturn reduces the rate of financial crimes that is embezzlement of funds in any business organization.

NAME: ODOH MMESOMA JESSICA
JAMB NUMBER: 22001056GF
DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS/PHILOSOPHY)
E-mail: odohmmesoma2@gmail
Accounting is the systematic recording of financial transactions and presentation of the related information to the appropriate persons.
Accounting involves making financial transactions clear and understandable to everyone, even to a lay man.
Accounting is of two types, they are;
(1) FINANCIAL ACCOUNTING: This involves creating an accurate financial statement of a business in order to measure the performance of a business. Financial accounting is important to a business, because it clearly shows whether a business firm is doing well or not, financially.

(2) MANAGERIAL ACCOUNTING: This involves gathering information from the financial accounting for the purpose of making decisions.
Managerial accounting is also important in preparing reports about business operations.

Anyanwu Chinazaekpere Mavis
Departmaent: Economics Education
Reg no 20156360JA
Email: mavisanyanwu8@gmail.com

TYPES OF ACCOUNTING

1 FINANCIAL ACCOUNTING;This is a process of compiling financial reports for external use. Financial accountants work with their colleagues and managers to strategize how a company can be more profitable. Also they track all financial activity recorded in a ledger in addition to ensuring that internal procedures are being followed and that all financial activity appears on relevant financial statements. They must abide by Generally Accepted Accounting Principles set for U.S businesses and international financial reporting standards of a company operated overseas.

MANAGERIAL ACCOUNTING:This type of Accounting documents,monitors and assists in the financial planning of an organization. Their documentation is typically meant for internal stake holders rather than the public. A managerial accountant must be careful in communicating confidential information and to whom. They work with their managers to analyze and create a budget to meet the needs of the short and long term goals of the organization.

COST ACCOUNTING: This can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. They oversee all variable and fixed cost to see if output aligns with the cost to produce a product . They also work managers to decide on future decisions based on the financial forecast and progress of production.

AUDITING: Internal and External auditing falls under the category of public accounting. External auditing is the action of a company providing financial statements to a third party financial feedback. Internal auditing determines the effectiveness internal accounting process. An internal auditor can review employee departmental responsibilities, management policies and approval procedures on related projects.

TAX ACCOUNTING: Tax accountants help businesses stay in compliance with annual tax codes when they file each year. They also assist companies in planning for future tax returns, such as avoiding certain tax burdens and understanding the implications of specific tax decisions.

FORENSIC ACCOUNTING: This requires accountants to reconfigure a company’s financial information when some information is missing or not available to review. The goal of forensic accounting is to gather all available documentation accurately and comprehensively record all credit debit and cash transactions in financial statements. They often work legal cases involving fraud, claims and disputes .

PUBLIC ACCOUNTING: This refers to businesses that provide accounting advice to clients based on their needs. They can work in auditing, assisting with tax returns consult on procedures tailored to the installation of technology or computer programs and provide legal advice.

GOVERNMENT ACCOUNTING: They manage the financial planning and allocation of resources to departments within a local, state or federal government. This type of accounting has standards that must comply with the Governmental Accounting Standards Board (GASB) who is responsible for developing consistent accounting procedures for local and state governments. They also monitor a governments budget and allocate funds appropriately.

FIDUCIARY ACCOUNTING; This is a procedure of one individual to handle financial accounts. They are obligated to serve on behalf of their clients for accounts tied to real estate, trust finds, investments and others. They must give relevant financial information to their clients once a year, which includes summary of all accounts, schedules of receipts, gains, losses and the assets they have at their disposal.

TYPES OF ACCOUNTING
The majorly classified into two types which are:
1. Financial accounting: Financial accounting is a branch of accounting which entails the recording of daily transactions of a business concern, the preparation and the presentation of financial statements. These financial statements includes the balance sheet, income statements, and cash flow statements basically measuring the performance of a business concern over a specified period of time. It must be prepared according to the General Accepted Accounting Principles (GAAP). Financial accounting either follows the actual basis or the cash basis of accounting. It is performed to conform to external regulations and is not for internal employees to analyze and make financial decision. A more recognized and licensed accountant in Nigeria is one who is certified under the institute of chartered accounting of Nigeria (ICAN).
2. Managerial accounting: This branch of accounting deals with the analyzing, interpreting and the use of financial statements by users of accounting to make rational and important business decisions. IFAC ( International federation of Accountants) defined managerial accounting process as the process of preparing, interpreting, communicating of financial information used by management to plan evaluate and control an organization to assure appropriate use and accountability for its resources.
A type of managerial accounting also known as Management accounting is cost accounting. Cost accounting determines the actual cost associated with manufacturing a product or providing a service by looking at all expenses within the supply chain. The information obtained from the process is useful to managers in determining which products, departments or services are most profitable and which needs improvement.
OTHER TYPES INCLUDES:
3.Fiduciary accounting: is a branch of accounting which is involved in management, administration, and guardianship of any account and activities related to property. It covers estate accounting, trust accounting and receivership (the appointing of a custodian of a business assets during events such as bankruptcy).
4.Forensic accounting: It deals with matter on legal affairs such as inquiry into fraud, legal cases, dispute and claims resolution. This specialized accounting service is trending in accounting and is becoming increasingly popular. It carefully analyze, interpret and summarize complex financial and business records to determine their accuracy.
5.Auditing accounting which involves examining of financial records to verify their accuracy and ensure they are in compliance with tax laws, regulations, and any other applicable accounting standards.
6. Government accounting: it encompass es the process of analyzing, recording, classifying, summarizing and communication of all transactions involving the receipts and disposition of government funds and property and interpreting the results thereof. The governmental accounting equation is assets plus deferred outflows of resources minus liabilities and deferred inflows of resources.

NAME-Ozioko Nneka Cynthia

Dept-Combined social science (Economics & social and anthropology)

Reg num-21488077ff

TYPES OF ACCOUNTING
1)Financial Accounting
The primary purpose of financial accounting is to track,record & untimely report on financial transactions by generational financial statement.
Financial accounting always looks at past performance and does not look ahead like management acting.

2) Management Accounting
is a form of accounting used in business worldwide, management accounting is designed to provide management with the information necessary to make high level decisions for the business.the three common types of manager account are;strategic, performance and risk management

3) Government Accounting
unlike financial accounting which is governed by GAAP rules, government accounting is a usually governed by the governmental Accounting standard body which like GAPP has developed tracking reports standards for all levels of government
The difference between financial and government Accounting is that governmental entities use separate funds to keep track of income expenditure.

4) Public Accounting
Public accounting forms provide accounting services to a variety of client’s, including service businesses,manufacturers,retailers, nonprofit organizations,governmental organizations,and individuals.Public accounting focuses on auditing,tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis
In addition, public accounting firms may offer other financial services to their clients such as complete bookkeeping, accounting management, financial consulting, and payroll services.

5)Cost Accounting
Cost accounting is a specialty field that looks closely at the actual cost of doing business.
Cost accounting looks at both fixed and variable costs that a business incurs such as materials, labor, overhead, maintenance, and production costs, ultimately providing Management with important information such as break-even point.

6) Forensic accounting
Forensic accounting is a unique combination of account,auditing,and investigative techniques.

7)Tax Accounting
Unlike other forms of accounting, which is regulated by the FASB,tax accounting is regulated by the internal revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by business, non-profit organizations, and individual taxpayers.
Tax accountants work with these entities to ensure accuracy when calculating and reporting tax liabilities for their client’s
Additionally, tax accounting is used to accurately calculate tax due, lower tax liability, complete tax returns accurately, and file tax forms in a timely manner. This is necessary for individual’s, businesses, government entities,and non-profits.

8)Auditing
while accounting involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that Financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

Name: Abosi Peter Osita
Reg: 20868749hf
Email: abosiosita@gmail.com

We have two types of Accounting.
1. Financial Accounting
2. Managerial Accounting

1. Financial accounting is the type of Accounting that dealings with the preparation of accurate financial statement. It focuses on aggregating information into financial statements which are used both internally or externally.

Financial accounting adopt important standards which allows shareholders and stakeholders to easily understand and interpret the reported financial statement from year to year. The standards are:
1. GAAP: Generally Accepted Accounting Principles
2. IFRS: International Financial Reporting Standard
3. ASPE: Accounting Standards for Private Enterprises

2. Managerial accounting… It is the process of preparing reports about business operations. It focuses on internal accounting processes and results in reports that are used by management.

Managerial accounting allows enterprises to achieve maximum efficiency by reviewing financial accounting in order to decide the best step to follow and then broadcast the required steps to all internal business managers. Example of managerial accounting is cost accounting. It helps in decision making.

NAME: EKE JOSHUA OKWUCHUKWU

JAMB REGISTRATION NUMBER: 20033384DF

MATRIC NUMBER : 2020/242585

DEPARTMENT : ECONOMICS

G-MAIL ADDRESS : ekejoshuaokwuchukwu@gmail.com

TYPES OF ACCOUNTING:

1. FINANCIAL ACCOUNTING:
Financial Accounting is a type of accounting that deals with the preparation of accurate financial statements.
These financial statements can be for internal use as well as for external use for decisions making. It also helps in measuring the performance or progress of a business firm or organization. It is a branch of accounting involving a process of recording, summarizing, and reporting multiple/ numerous transactions resulting from business operations over a period of time.

2. MANAGERIAL ACCOUNTING:
Managerial Accounting is a type of Accounting that deals with the analysis of information or financial statements gathered from Financial Accounting.
It involves the reviewing of financial accounting records.
It varies from financial accounting because the intended purpose of managerial accounting is to assist internal users in the company in making well-informed business decisions.
An important aspect of managerial accounting is cost counting/ cost accounting. It involves accessing a company’s cost of production by accessing it’s fixed as well as it’s variable cost at each stage of production.

3. GOVERNMENTAL ACCOUNTING:
Governmental Accounting is governed by GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB). It involves tracking and reporting standards for all levels of government.
In this case, separate funds are used to keep track of income and expenditures. The main aim of this tracking is to correctly/ accurately report how well or bad each fund or program is performing and how public fund is used.

4. FORENSIC ACCOUNTING:
FORENSIC accounting is more like an investigative accounting. It involves investigative and and auditing techniques. It is useful in the investigation of financial activities of a business firm or an individual. Forensic Accountants are mostly employed in embezzlement cases to recreate or reconstruct financial data and are frequently asked to testify in court to explain their findings. This method/ type of accounting is frequently used by the police, banks, businesses, etc.

5. TAX ACCOUNTING :
This is regulated by Internal Revenue Code (IRC).
It’s purpose is to make sure that all correct tax rules and regulations are followed by businesses and tax paying individuals as well as non profit organizations.
Also, tax accounting involves tax accountants who are very much familiar with the changing tax laws.

Matric number: 2020/242646
Department: Economics
Level: 100

The different types of accounting are as follows;
1) Financial Accounting
2) Management Accounting
3) Government Accounting
4) Public Accounting
5) Cost Accounting
6) Forensic Accounting
7) Tax accounting and,
8) Auditing

1) FINANCIAL ACCOUNTING: This type of Accounting provides an accurate look at business performance over a specified period of time in the form of financial statements. It primary purpose, is to track, record, and accurately report financial transactions by generating financial statements.
Financial Accounting are of two types namely;
*Cash Accounting frequently used by very small businesses and,
*Accrual Accounting used by larger business and publicly traded businesses.

2) MANAGEMENT ACCOUNTING: This type of Accounting is specifically designed to provide management with the information necessary to make high-level decisions for businesses. It has three common types in use. They are;
* Strategic Management
* Performance Management and,
* Risk management.

3) GOVERNMENT ACCOUNTING: in this type of Accounting, separate funds are used to keep tracks of income and expenditures in order to accurately report how public money is being spent as well as account for any remaining funds. This type of Accounting is governed by the governmental accounting standards board.

4) PUBLIC ACCOUNTING: This type of Accounting is used for tax preparation, tax advisory and consulting activity, auditing, as well as financial statement preparation and analysis.

5) COST ACCOUNTING: This type of Accounting is used to determine the actual cost of daily business and is used in manufacturing environment, though it can be used for service businesses as well.

6) FORENSIC ACCOUNTING: This type of Accounting is mostly used by Banks, Police departments, Attorneys and Businesses in checking financial transactions and later providing those findings in a compelled report. It is used to investigate the financial activities of individuals and businesses.

7) TAX ACCOUNTING: This type of Accounting is used to accurately calculate tax due and file tax forms as well as tax planning which helps both individuals and businesses develop a tax strategy in order to minimize taxes due.

8) AUDITING: This type of Accounting is used to provide analysis of financial activities to make sure that a business is recording transactions following the acceptable rules and standards that apply.

Name :Orji David Kenechukwu
Reg no:2020/242635
Department: Economics 100L
E-mail :davidorji2002@gmail.com

Types of Accounting
(1) Financial Accounting : Financial accounting involves the preparation of a accurate financial statements . The main objective or aim of financial accounting is to measure the performance of a business as accurately as possible .Financial statements are mainly for external usage . They may also be of help to the internal management in order to enhance decision making.
Standards adopted by financial accounting includes IFRS ( International Financial Reporting Standard ) GAAP ( General Accepted Accounting Principles ) . The accounting standards are necessary because they allow all stakeholders and shareholders to easily understand and interpret the reported financial statements from year to year .

(2) Managerial Accounting : Managerial accounting analyzes the information gathered from financial accounting it is refers to as the process or preparing reports about business activities or operation . The reports serve to assist the management team to make tactical decision . Managerial accounting is a process that allows an enterprise to achieve maximum efficiency by receiving financial accounting deciding on the best steps to take and then broadcasting the required steps to all internal business managers
An example of managerial accounting is cost accounting focuses on a detailed break up of cost for effective cost control .Managerial accounting is important in decision making process

Name: Orji David Kenechukwu
Reg no: 2020/242635
Department: Economics 100L
E-mail :davidorji2002@gmail.com

Types of Accounting
(1) Financial Accounting : Financial accounting deals with the preparation of accurate financial statements. The aim of financial accounting is to measure the performance of a business as accurately as possible. While the Financial statements are mainly for external use they may also be for internal management use to help in decision making .
Accounting principles such as IFRS (International Financial Reporting Standard ) ,GAAP (Generally Accepted Accounting Principles) e.t.c are the standards that are widely adopted in financial accounting.

(2). Managerial Accounting : Managerial Accounting analyzes the information gathered from financial accounting it refers to the process of preparing reports about the business activities or operations. The report serve to assist the management team to make a critical decisions .
Examples of managerial Accounting is cost accounting .Cost accounting focuses on a detailed break up of cost for effective cost control .

Name:Ezeuduji Bright ifechukwu
Matric no :2020/242590
Types of Accounting
Finacial accounting:The financial accounting involves the preparation of financial statement which it main function is to give a financial statement or information to the shareholders and stakeholders. The accounting standards such as GAAP(Generally accepted accounting principle)IFRS(International financial reporting standards)are also important because the also helps in sharing understandable Information to the shareholders and stakeholders
Managerial accounting:Managerial accounting helps in analysing the information from the financial accounting. There main function is to analyse and give report to the shareholders and stakeholders to make tactical decisions. The helps in assisting the shareholders and stakeholders in making decisions by giving them report

Name: Mpama Onyinyechi ada
Reg no:20678320df
Types of accounting
1) Financial accounting; This is feild Is concerned with the aggregation of financial information into external reports. Financial accounting requires details of knowledge of accounting framework used by the reader of a company’s financial statement i.e Generally Accepted Accounting Principle(GAAP)etc. It requires a knowledge of the standard issued by the government entity responsible for the public company reporting In a specific country( such as the securities and exchange commission in the unitef states).

2) Cost Accounting; Cost accounting is considered a type of manegarial accounting. Cost accounting is most commonly used in the manufacturing industry, an industry that has alot of resources and cost to manage. It is also a type of accounting used internally to access a company’s opearation.
Cost accounting concerns recording and analizing manufacturing costs. It works at a company’s fixed (unchanging and constant cost like rent) and variable costs (hanging cost like shipping charges) and how they affect a business and how the cost can be better managed.

3) Auditing; there are two types of accounting;( external and internal auditing). i) In external auditing an independent third party reviews a company’s financial statement to make sure they are presented correctly and comply with GAAP. ii) internal auditing involves evaluating how a business divides up accounting duties,who is authorized to do what accounting task and what procedures and policies are in place.internal auditing helps a business Zero in on fraud, mismanagement and waste or identity and control any potential weaknesses in it’s policies according to accounting tools.

4) Managerial accounting: It is also known as manage accounting, this type of accounting provides data about a company’s operation to managers. The focus of managerial accounting is to provide data that manages need to make decision about a business operation,not to comply strictly with GAAP.
Managerial accounting includes budgeting and forecasting, cost analysis, financial analysis, reviewing past business decisions and more. Cost accounting is a type of managerial accounting.

5) Accounting information system; it is also known as Ais for short, accounting information system concerns itself with everythings to do with accounting systems and processes and other construction, installment, application and observation. This can also include accounting software management and the management of book keeping and accounting employees.

6) Tax accounting; Tax accounting involves planning of tax time and the preparation of tax returns. This branch of accounting aides businesses be complete with regulations set by the IRS. Tax accounting also helps businesses figure out their income tax and other taxes and how to legally reduce their amount of tax owning. Tax accounting also analyze tax related business decision and any other issues related to taxes.

7) Forensic accounting; this specialized accounting servicesn is trending in accounting and is becoming increasingly popular. Forensic accounting focuses on legal affairs suchnas inquiry into fraud,legal cases and dispute claims resolution.
Forensic accountant need to reconstruct financial data when the records aren’t complete. This could be to decode fraudulent data or convert a cash accounting system to accrual accounting. forensic Accountant are u usually consultants who work on a project basis according to accounting tool.

8) Fiduciary Accounting; this branch of accounting centers around the management of another person business. The fiduciary accountant manages any account and activities related to the administration and guardianship of property.
Fudiciary accounting covers estate accounting, trust accounting and receivership( the custodian of a business assest during events such as bankruptcy).

Name: Odo Kosisochukwu Agatha
Faculty: physical science
Dept: Pure and industrial chemistry
Reg: 2019/242722
Code: Eco 121
Level: 200
Email: kosisochukwuodo@yahoo.com

Assignment
Types of Accounting
1 Financial Accounting: This area of account focus on the aggregation of financial information into external report. It requires well knowledge of the accounting framework use by the readers of a company’s financial statement.
2. Managering Accounting: This area of Accounting is concerns with obtaining and preparing financial documents for management and other level higher staff. It is concerned with the process of accumulation of accounting information for internal operational reporting. The documents prepared by managerial accounts remain within the organization only.
3. Government: This area uses a unique accounting method to build and manage funds from which cash is disbursed to pay for a number of expenditures.
4 Tax Accounting: It is concerned with proper compliance with tax regulations, tax filings and tax planning.
4 Cost Accounting: This field helps to know it’s production cost like how much it spends to purchase the supplies and labour needed to make it’s product.

Name} Onah Lotanna
Reg No} 20733473FF
Dept} Economics

{Types of Accounting}
There are right (8) types of Accounting which are listed below;

1} Financial Accounting;
This aspect of accounting involves the preparation of accurate financial statement. The focus of financial accounting is to measure the performance of a business as accurately as possible. White financial statements are for external use, they may also be for internal management use to help make decisions.

2} Managerial Accounting;
Managerial accounting analyses the information gathered from financial accounting. It refers to the process of preparing reports about business operation. The reports serve to assist the management team to make tactical decision.

3}Cost accounting;
Cost accounting can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. They oversee all variable and fixed costs to see if output aligns with the cost to produce a product. They also work with managers to decide on future decisions based on the financial forecast and the progress of production.

4}Auditing;
Internal and external auditing falls under the category of public accounting. External auditing is the action of a company providing financial statements to a third-party for financial feedback. In this instance, a third-party is a reliable source in describing if a company’s financial statement is a representation of GAAP. Internal auditing determines the effectiveness of internal accounting processes. An internal auditor can review employee departmental responsibilities, management policies and approval procedures on related projects. In turn, they provide useful feedback that can help a company to become more profitable and efficient.

5}Tax accounting:
Tax accountants help businesses stay in compliance with annual tax codes when they file each year. They also assist companies in planning for future tax returns, such as avoiding certain tax burdens and understanding the implications of specific tax decisions. Usually, larger organizations will hire a tax accountant to navigate the complexities of financial records.

6}Accounting information systems;
Accounting information systems, or AIS, manage the improvement of successful accounting procedures. Employees working in this field decide on the best times to install updated technology and monitor the progress of existing systems to determine if there is an increase in productivity over a given timeframe. They can make decisions in conjunction with the IT department to instill continuity with technological processes.

7}Fiduciary Accounting;
Fiduciary accounting is the procedure of trusting one individual to handle financial accounts. They’re obligated to serve on behalf of their clients for accounts tied to real estate, trust funds, investments and others. Also, they must give relevant financial information to their clients once a year, which includes a summary of all accounts, schedules of receipts, gains, losses and the assets they have at their disposal.

8}Forensic accounting;
Forensic accounting requires accountants to reconfigure a company’s financial information when some information is missing or not available to review. The goal of forensic accounting is to gather all available documentation and accurately and comprehensively record all credit, debit and cash transactions in financial statements. These professionals often work on legal cases involving fraud, claims and disputes

NAME: Orji Harrison Chukwuemeka
REG NUMBER: 21841174FA
EMAIL ADDRESS: emekavalentine20@gmail.com

TYPES OF ACCOUNTING
1. Financial accounting
The purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements. It provides an accurate look at business performance over a specified period of time in the form of financial statements.There are two types of financial accounting: cash and accrual accounting. Both methods use double-entry accounting to accurately record financial transactions.

2. Management accounting
This is a field of accounting used in businesses which is widely accepted all over the world. It is developed to provide management with the information necessary to make very important decisions for an organization.It is a straight forward means of creating efficient ways to operate meanwhile providing the organization with theresources to form and create solod policies and regulations.

3. Governmental accounting
This an accounting which is governed by Generally Accepted Accounting Principles (GAAP) rules, governmental accounting is governed by the Governmental Accounting Standards Board (GASB),it has developed tracking and reporting standards for all levels of the government.

4. Public accounting
This accounting firms provide accounting services to a different types of organization, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals.

5. Cost accounting
This field is a specialty field that looks very closely at the actual and total cost of doing business.It is mostly used internally, cost accounting is specifically used in a manufacturing organization, it can also be used for service business as well.

6. Forensic accounting
This accounting field is a very rare combination of accounting, auditing, and investigative methods.It is used to investigate the financial activities of both individuals and organizations. Although it is mostly used by banks, police departments, attorneys, and businesses, examining financial transactions and to help provide those results in a compiled and detailed report.

7. Tax accounting
This accounting field is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by business organization, nonprofit organizations, and individual taxpayers.
It’s accountants work with these entities to ensure accuracy when calculating and reporting tax liabilities for their customers.it’s used to accurately calculate tax due, lower tax liability, complete tax returns accurately, and file tax forms in a timely composed form.

8. Auditing
This accounting process is created to provide a self independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and regulations that govern and apply to it.

Name:Onoka Esther Chika
Department: Combined Social Sciences (Economics/Psychology)
Reg Number:2020/242905

TYPES OF ACCOUNTING

(1)Financial Accounting:This has to do with the preparations, recording, summarizing and reporting of a financial statements of business organizations. financial accounting is very necessary in an organization because it helps to ascertain the financial status of an organization,it helps to know if a business organization is running a profit or loss This financial statements must be done using the guidelines found in Generally Accepted Accounting Principles which are set by Financial Accounting Standard Boards.

(2) Managerial Accounting: Managerial accountng analysis the informations gotten from financial accounting.these analysis will help the organization to take decisions and make policies for the betterment of organization.managerial accountng is usually prepared quantitatively.Managerial accountng provides informations to shareholders, investors on the financial activities of a business for a particular time.

(3) Public Accounting:This type of accountng deals mostly on the provision accountng services/financial statements to a public body such as the public limited liability companies,PHCN,etc .It also deals on auditing,tax preparations and tax advisory as well as the financial status of the public organization .

(4)Cost Accounting:this type of accountng which is related to manufacturers,deals with the total cost of fixed and variable costs which a company incurred during product,eg,cost of raw materials, electricity, labour etc.cost accountng aids in the decision making process of an organization,cost accountng will help producers have an idea of their total cost of production which will help them decide on the prices the goods produced should be sold on. Cost accountng acts as an aid in the decision making process of an organization rather than a way of reporting or accountng for past performances.

(5) Forensic Accounting:This simply involves the reconstruction of financial accounting of an organization when their financial information is not available.,this type of accountng can be used to reconstruct the records of w destroyed business. Accountants in this field are mostly found in the insurance companies.

(6) Internal Auditing Accounting:This is concerned with the investigation on a company’s system and transactions to see if any form of fraud, waste or mismanagement would be found,and if any is found,it will be reported to the management immediately.

Name:Ayogu Madeleine ukamaka
Reg.no:2020/242568
Department: Economics
TYPES OF ACCOUNTING
1.Financial accounting
Financial accounting is the type of accounting that specializes in converting results and information in to financial statement.It also a branch of accounting that helps in generating financial result and statement. Investors, creditors and lenders benefit from it.
2.Managerial accounting
Managerial accounting enhance the result and financial position of an entity.It is the branch that examine the financial and operational result of a business. They also participate in cost analysis project.
3.Tax accounting
Tax accounting ensures that business complies with tax regulation. They make sure that tax are filed in different manner.Managerial team benefit from them.
4.Internal auditing
Internal auditing type of accounting examine the weakness and mismanagement of fund.They also advice and the management team benefit from them, because it eliminate excessive expenditures and reduce the risk of loss.
5.public accounting
It is the branch of accounting makes sure basic information are circulated to the clients. This branch of accounting deals with verification of prepared documents like budget,expenses e.t.c
6.Governmental accounting
Governmental accounting manage the use of federal, state,local tax payers dollars.They manage the use of revenue and perform financially.
7.Cost accounting
This type of accounting help in budget planing and recommendation of appropriate cost saving opportunities. They also understand where company are spending money and products.
8.Forensic accounting
This accounting specialise on accounting analysis that is sustainable to to court which will form basis,debate and ultimately dispute resolution.

Ezeuba Gloria Chinecherem
29771704CA
Economic

Types Of Accounting

1. Financial Accounting: It involves the process of aggregation compiling and production of the financial information of the company in the form of financial statements used by the stakeholders of the company. And the financial statement in the company include cash flow statements profit and loss account, balance sheet and the statement of change in equity.
2. Managerial Accounting: This accounting documents monitors and assist in the financial planning of an organisation. Their documentation are typically meant for the internal stakeholders rather than the public. It us more detailed than the information given to the external users of the company.
3. Tax Accounting: Accounting of the matters related to the tax comes under tax accounting
. It involves compliance with various tax-related statutes along with the tax planning with the aim of preparation of tax returns. This process consists of the calculation of income tax and various other taxes and their timely payment to the tax authorities.
4. Public Accounting: Public accounting refers to businesses that provide accounting advice to clients based on their needs. They can work in auditing, assist with tax returns, consult on procedures tailored to the installation of technology or computer programs and provide legal advice.
5. Government Accounting: Government accounting mainly focuses on the financial administration of the Government’s activities for promoting welfare to the maximum level in the form of the various services given by the Government. Thus it is concerned mainly with the systematic recording of the income and expenditures of the Government offices.
6. Project Accounting: Project accounting is the accounting that is used by the company to track the progress of the different projects undergoing from the financial perspectives. It plays an integral part in project management.
7. Cost Accounting: Cost accounting can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. Cost accounting is the accounting method that is used for capturing the various cost of production of the company by assessing these costs like input cost, fixed cost, etc. In cost accounting, all the costs will first be evaluated, and then it will be compared with the actual cost incurred
by the company to analyze the variance thereof.
8. Fiduciary Accounting: Fiduciary accounting is the procedure of trusting one individual to handle financial accounts. They’re obligated to serve on behalf of their clients for accounts tied to real estate, trust funds, investments and others. Also, they must give relevant financial information to their clients once a year, which includes a summary of all accounts, schedules of receipts, gains, losses and the assets they have at their disposal.

NAME: ICHIE JOY CHINAZAEKPERE
REG NUMBER: 2020/242595
Email ADDRESS: ogbonnaichie85@gmail.com

Types of Accounting:
1. Financial Accounting: This is concerned with the aggregation of financial reports into external reports.
Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company’s financial statement such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)

2. Managerial Accounting: This field is concerned with the process of collecting accounting information for internal operational reporting. It includes such areas as cost accounting and target costing.

3. Public Accounting: This field investigates the financial statements and supporting accounting systems of client companies, to provide assurance that the financial statements assembled by clients fairly presents their financial results and financial position. This field requires an inquiring personality that can delve into client system as needed.

4. Government Accounting: This field uses a unique accounting framework to create and manage funds from which cash is disbursed to pay for a number of expenditures related to the provision of services by a government entity.

5. Forensic Accounting: This field involves the reconstruction of financial information when a complete set of financial records is not available. This accounting can be used to reconstruct fraudulent records, reconstruct sthe record of a destroyed business, to convert cash basis accounting record to accrual basis.

6. Tax Accounting: This field is concerned with the proper compliance with tax regulations, tax filings and tax planning to reduce a company’s tax burden in future.

7. Internal Accounting: This field is concerned with the examination of a company’s system and transactions to identify control weakness, fraud, waste and mismanagement, and the reporting of these findings to the management.

NAME-Edeh loveth ifeoma
Department-Combined social science
Option-Economics/political science
Matric number- 2020/242988
Reg number- 21427904FF
Email- ifeomaloveth33@gmail.com
TYPES OF ACCOUNTING
Accounting is an indispensable component of any organization. An accountant can specialized in different types of accounting depending on their career interest and goal.
There are ten common types of accounting namely
1;Financial accounting-Financial accounting is the process of compiling financial reports for external use, financial accountant cooperate with his/her colleague or managers to strategizes how a company can be more profitable.
2; Managerial accounting- Managerial accounting is an accounting that document, monitors,and assist in financial planning of an organization.
3;Cost-accounting -Cost accounting are responsible for documenting, presenting,and reviewing manufacturing costs. They oversee all variable and fixed cost to see if output aligns with the cost to produce a product.
4;Auditing -Auditing accounting provide useful feedback that can help a company to become more profitable and efficient.
5; Accounting information system-This system manage the improvement of successful Accounting procedure. They can make decision in conjunction with the IT department to instill continuity with technological processes.
6;Tax Accounting-Tax Accounting assist companies in planning for future tax returns such as avoiding certain tax burdens and understanding the implication of specific tax decision
7; Fiduciary Accounting-This Accounting is the procedure of trusting one individual to handle financial account.
8; public Accounting-Public Accounting is a business that provide Accounting advice to client based on needs.
9;Forensic accounting-this Accounting requires accountant to reconfigure a company financial information when some information is missing or not available to review.
10; Government Accounting-Government Accounting manage the financial planning and allocation of resources to department within a local, state, or federal government. This type of Accounting has standards that must comply with the governmental Accounting standard board (GASB),who is responsible for developing consistent Accounting procedure for local and state governments.

TYPES OF ACCOUNTING
* Financial Accounting involves recording and classifying business transaction, preparing and presenting financial statement to be used by internal and external uses.
It is the type of accounting that focuses on external companies that have expressed interest in the business examples the balance sheet, income statement and statement of cash flows which helps investors understand the financial strength of the company.
Financial accounting is the track, record on financial transaction by generating financial statement which must be done by using the standardized guidelines found in General Accepted Accounting Principles (GAAP) rules. These rules are set by the Financial Accounting Standard Board (FASB)
TYPES OF FINANCIAL ACCOUNTING
Cash and Accrual accounting
* Both methods uses double entry Accounting to accurately record financial transaction while very small business frequently use cash accounting, all larger businesses are required to use accrual accounting.

*Managerial Accounting: Involves financial analysis, budgeting and forecasting, co analysis, evaluation of business decision and similar areas. It also looks forward, devising way to operate more efficiently while providing management with the tools and resources to form sounds policies and procedures.
TYPES OF MANAGERIAL ACCOUNTING
– Strategic management
– Performance management
– Risk management

*COST ACCOUNTING focus on the future and is primarily used internally for business to determine its production cost by considering how much it’s spend to purchase the supplies and labor needed to create it’s product.
It is refers to the recording, presentation, and analysis of manufacturing costs

* Tax Accounting involves tax planning and preparation of tax returns, determination of income and other tax by following rules set by tax authorities

* Government Accounting involves governmental entities used to separate funds to keep track of income and expenditures which is governed by Governmental Accounting Standard Board (GASB).

* Public accounting is field investigates the financial statement and supporting accounting systems of client companies.

Ogbuagu daniella agnes
Reg number: 2020/242618
kweendee44@gmail.com
Economics

•Financial accounting: this is the process of compiling and gathering reports for external use . They deal with the tracking of all financial activities recorded in the ledger account and ensuring all procedures are followed.

•Managerial accounting: This set of accountant assist the financial accountants in planning of the organization. They basically document for only internal stake holders rather than the public. They analyze and create budget to meet the needs of short and long term goals of an organization.

°Cost accounting,: this is a sub category of managerial accounting. They are responsible for documenting, presenting and reviving mandatory cost . They oversea variables and fixed cost to see if the output aligns with the cost of product.

•Fiduciary accounting: the trusting of an individual to handle financial accounts. They serve on behalf behalf of their clients for account of real estate, trust funds and investment. They must have relevant and important financial information of their clients annually.

•Tax accounting: they help business in compliance with annual or yearly tax codes . They assist in planning future tax returns for companies

°Forensic accounting: this requires accountant to reconfigure a companies financial information when some information are missing or unavailable. They offer work on legal cases involving fraudulent acts ,claims and disputes.

•Public accounting: they to provide accounting advice to their clients based on their needs and help tax returns.

°Government accounting: they manage the financial planning and allocation of resources to department within local or state government. They have standards and must be complied with

Name: Mbonu Chinazo Kosisochukwu
Department: Economics
Matric No.: 2020/242597
Reg No.: 20116052EA
Email address: chinazokosi03@gmail.com

TYPES OF ACCOUNTING
1. Financial Accounting: This refers to the process of recording, measuring, interpreting and communicating financial data of an organisation which is used in determining the financial position of the organisation. It incorporates measuring and reporting of profit and loss.

2. Managerial Accounting: This type of accounting deals with the practice of identifying, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization’s goals. It aids directors inside an organization in making decisions.

3. Governmental Accounting: This involves the process of recording, analysing and interpreting the financial transactions of the government. It deals with the the receipts and disbursements of public fund in all levels of government. It is used to determine the surplus or deficit over a period of time.

4. Cost Accounting: This is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by calculating the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

5. Public Accounting: This deals with businesses that offer accounting expertise and services to corporations, governments, non-profit organizations, or individuals. Its main work consists of accounting, auditing, tax, and consulting activities.

6. Auditing Accounting: This involves the examination of accounting and financial records that is undertaken independently. This is done to determine if the business undertaking has conformed its operations to the laws and the generally accepted accounting principles. 

7. Forensic Accounting: This is an area of accounting that investigates whether firms engage in financial misconduct. It is mainly used in fraud and embezzlement cases.

8. Tax Accounting: This branch reports on the effect of taxes on a business and may offer advisory services on minimizing taxes or the consequences of tax decisions.

Name: Orji Uzoamaka .J.
Matric Number: 2020/242612
Email Address: orjiuzoamaka2019@gmail.com
Department: Economics

Different types of accounting includes:
Financial Accounting- it involves the process of aggregation, compiling and production of the financial information of the company in the form of financial statements used by the stake holders and shareholders. This includes company balance sheet, profit and loss account and cash flow statements e.t.c

Managerial Accounting- it is concerned with obtaining and preparing financial documents for management and other higher-level staff. This type of accounting help the organization to make the most appropriate business decisions and manage costs. This includes cost-volume, profit analysis, risk management, Variance analysis.

Governmental Accounting- this type of accounting is governed by the Governmental Accounting Standard Board (GASB). It helps to develop tracking and reporting standards for all levels of Government. In Governmental Accounting, governmental entities use separate funds to keep track of all income and expenditures, this makes use of general fund, permanent fund, special revenue fund, capital projects fund, Debt service fund to Provide a complete report on how money is spent, as well as account for any remaining funds.

Forensic Accounting- this is used to investigate the financial activities of both individuals and business. It is usually used by banks, police departments, attorneys to examine financial transactions and later providing a complete report from the investigations, it is frequently used in fraud and embezzlement cases using data collection, preparation techniques, data analysis.

Public Accounting- it focuses on auditing, tax preparation and advisory including financial statement preparation and analysis. It also offers other financial services to business agencies such as complete book keeping, accounting management, financial consulting and pay roll services.

Cost Accounting- This can be seen as a sub category of managerial accounting. It is responsible for documenting, presenting and reviewing manufacturing costs. They work with managers to decide on future decisions based on the financial forecast and the progress of production.

Tax Accounting- it focuses on assisting companies in planning future tax returns, compliance with annual tax codes, avoidance of certain tax burdens and understanding the implications of specific tax decisions.

Fiduciary Accounting- this involves handling of accounts managed by a person entrusted with the custody and management of property or for the benefits of another person. It includes Trust Accounting, receivership and Estate Accounting.

Name: Orji Uzoamaka .J.
Matric Number: 2020/242612
Email Address: orjiuzoamaka2019@gmail.com
Department: Economics

Different types of accounting includes:
Financial Accounting- it involves the process of aggregation, compiling and production of the financial information of the company in the form of financial statements used by the stake holders and shareholders. This includes company balance sheet, profit and loss account and cash flow statements e.t.c
Managerial Accounting- it is concerned with obtaining and preparing financial documents for management and other higher-level staff. This type of accounting help the organization to make the most appropriate business decisions and manage costs. This includes cost-volume, profit analysis, risk management, Variance analysis.
Governmental Accounting- this type of accounting is governed by the Governmental Accounting Standard Board (GASB). It helps to develop tracking and reporting standards for all levels of Government. In Governmental Accounting, governmental entities use separate funds to keep track of all income and expenditures, this makes use of general fund, permanent fund, special revenue fund, capital projects fund, Debt service fund to Provide a complete report on how money is spent, as well as account for any remaining funds.
Forensic Accounting- this is used to investigate the financial activities of both individuals and business. It is usually used by banks, police departments, attorneys to examine financial transactions and later providing a complete report from the investigations, it is frequently used in fraud and embezzlement cases using data collection, preparation techniques, data analysis.
Public Accounting- it focuses on auditing, tax preparation and advisory including financial statement preparation and analysis. It also offers other financial services to business agencies such as complete book keeping, accounting management, financial consulting and pay roll services.
Cost Accounting- This can be seen as a sub category of managerial accounting. It is responsible for documenting, presenting and reviewing manufacturing costs. They work with managers to decide on future decisions based on the financial forecast and the progress of production.
Tax Accounting- it focuses on assisting companies in planning future tax returns, compliance with annual tax codes, avoidance of certain tax burdens and understanding the implications of specific tax decisions.
Fiduciary Accounting- this involves handling of accounts managed by a person entrusted with the custody and management of property or for the benefits of another person. It includes Trust Accounting, receivership and Estate Accounting.

NAME:NNAJI CHINAZA EDITH
REG.NUMBER:21407079GA
DEPARTMENT: ECONOMICS
EMAIL: chinazannaji320@gmail.com
1) Financial Accounting: financial accounting is concerned with the aggregation of financial information into external report. this must be done using the standard guideline found in the general accepted accounting principles (GAAP)the rules are set by the financial accounting standards board(FASB) and are designed to promote consistency in the reporting process.it provide accurate look at business performance for a specific period of time a form of financial statement. The two types of financial accounting are cash and accrual accounting, both use double entry to accurately record financial transactions.mangement accounting focus on internal while statement accounting focus on company performance.
2) management accounting:management accounting is a form of accounting used in business worldwide management accounting is designed to provide Management with information necessary to make high-level decisions for the business. management accounting information is shared exclusively with others and organisation however while comparing managerial and financial accounting coletta is designed to inform shareholders investors and financial institute about the performance of a business for a specified period of time in addition management accounting is found looking devising ways to operate more effectively while providing Management with the tools and resources to form sound policies and procedures. the three commonly used management accounting are
Strategic management
Performance management
Risk management.
3)Governmental accounting:unlike financial accountant which is governed by GAAP rule governmental accounting is governed by the governmental accounting standards board GASB)which like GAAP has developed tracking and reporting standard for all level of the government.
Themain difference between financial accounting and governmental accounting is that governmental entries use separate phone to keep track of income and expenditures
There are five governmental funds
General fund
Permanent fund
Special revenue fund
Capital projects fund
Debt service fund
each fund must be track separately in order to provide a complete report on how money is spent as well as account for any remaining fund.
4)Public accounting:public accounting firm provides accounting services to a variety of clients including services business manufacturers non-profit organisation governmental organisations and individuals public accounting focus on auditing tax preparation tax advisory and consulting activities including financial statement preparation and analysis. public accounting firms can also consult on various business strategies merger acquisition and internal accounting system. it can also offer services to clients such as complete bookkeeping accounting management and payroll services.
5)Cost accountingcost accounting is a special field that looks closely at the actual cost of doing business used internally.
cost accounting is typically used in a manufacturing environment though it can be used for service businesses as well.it’s look at both fixed and variable cost that a business in case such as materials labour overhead maintenance and production cost.
6) forensic accounting:forensic accounting is used to investigate the financial activities of both individuals and businesses it is frequently used by the bank police department attorneys and businesses examining financial transactions and letter providing those findings in a complete report .
It is a unique combination of accounting auditing and investigative techniques
it is used in fraud and embezzlement cases using data collections and preparation techniques data analysis and reporting method
7)Tax accounting:tax accounting is regulated by the internal revenue code IRC is designed to ensure that all current tax rules and regulations are followed by businesses nonprofit organizations and individuals.
tax accountant must be familiar with the various tax laws that changes from year to year. Tax accounting is used to accurately calculate tdue tax dues lower tax liabilities complete tax return and due tax forms in timely manner.
8) Auditing:while accounting involves the tracking and reporting of all financial activities for a business
Auditing is designed to provide an independent analysis of that financial activities to ensure that a business is recording the transaction following the acceptable rules and standard that applies
notes all financial auditors are accountants but not all accountants are auditors

Name:- Chianumba precious chioma
Department :-Economics
Matric number:-2020/242581
1. Financial Accounting:- It refers to the bookkeeping of financial transaction by classifying, analyzing, summarizing and recording financial statement It can also be said to be the preparing of financial statement that the companies use to show their financial performance and position.
2. Management Accounting:- It can also be referred to as mangerial accounting. It can be defined as a process of providing financial information and resources to the manager in decision making. It is only used by internal team of the organization and this is the only thing which makes it different from financial accounting
3. Governmental Accounting:- It is concerned with the systematic and scientific recording of govery revenues and expenditure .It reveals how public funds have been generated and utilized for the welfare of the general public.
4. Cost:- A form of managerial accounting that aims to capture a company’s total cost of production by assessing it’s variable and fixed cost

Ekwegbara Everestar Chibugo
Reg no.20860808HA
ekwegbaraeverestar@gmail.com
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. Below are types of accounting.

1- FINANCIAL ACCOUNTING; Is concerned with the aggregation of financial information into external reports. Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company’s financial statements, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Or, if a company is publicly-held, it requires a knowledge of the standards issued by the government entity responsible for public company reporting in a specific country. There are several career tracks involved in financial accounting. There is a specialty in external reporting, which usually involves a detailed knowledge of accounting standards. There is also the controller track, which requires a combined knowledge of financial and management accounting.

2- PUBLIC ACCOUNTING; This field investigates the financial statements and supporting accounting systems of client companies, to provide assurance that the financial statements assembled by clients fairly present their financial results and financial position. This field requires excellent knowledge of the relevant accounting framework, as well as an inquiring personality that can delve into client systems as needed. The career track here is to progress through various audit staff positions to become an audit partner.

3-GOVERNMENT ACCOUNTING; This field uses a unique accounting framework to create and manage funds, from which cash is disbursed to pay for a number of expenditures related to the provision of services by a government entity. Government accounting requires such a different skill set that accountants tend to specialize within this area for their entire careers.

4- FORENSIC ACCOUNTING; This field involves the reconstruction of financial information when a complete set of financial records is not available. This skill set can be used to reconstruct the records of a destroyed business, to reconstruct fraudulent records, to convert cash-basis accounting records to the accrual basis, and so forth. This career tends to attract auditors. It is usually a consulting position, since few businesses require the services of a full-time forensic accountant. Those in this field are more likely to be involved in the insurance industry, legal support, or within a specialty practice of an audit firm.

5- MANAGEMENT ACCOUNTING; This field is concerned with the process of accumulating accounting information for internal operational reporting. It includes such areas as cost accounting and target costing. A career track in this area can eventually lead to the controller position, or can diverge into a number of specialty positions, such as cost accountant, billing clerk, payables clerk, and payroll clerk.

6- TAX ACCOUNTING; This field is concerned with the proper compliance with tax regulations, tax filings, and tax planning to reduce a company’s tax burden in the future. There are multiple tax specialties, tracking toward the tax manager position.

6- INTERNAL AUDITING; This field is concerned with the examination of a company’s systems and transactions to spot control weaknesses, fraud, waste, and mismanagement, and the reporting of these findings to management. The career track progresses from various internal auditor positions to the manager of internal audit. There are specialties available, such as the information systems auditor and the environmental auditor

Name: Nsofor Ekperebuike Leonard
Registration number: 2020/242605
Email: Nsoforekperebuikeleonard@Gmail.com
Answer:
Types of Accounting information
I) Information of the financial position of Business: This type of information provides the financial status of a business, it shows the share holders their profit OK r loss and also reviles this status to potential share holders. It also gives the business owners an idea of what their next final coal decision.
II) Information of total cost and per unit cost: This type of accounting information helps to determine the cost of your product and to know how much to add as profit.
III) Information for planning and control of business: This information helps us in knowing how much and how fast a business can credit their creditors, it also helps in the budget of the business.
IV) Information for the management: This information is vital in calculating the businesses tax. It shows them their appropriate tax rate and amount.
V) Information for social responsibility: This information deals with the social effect of a business. It also deals with the pollution a business makes during production of their products.
VI) Information of Net profit and Loss: This information deals on profit and loss and how to cut down on cost in order to make more profit.

THE TYPES OF ACCOUNTING
1. Financial accounting
The primary purpose of financial accounting is to track, record, and ultimately report on financial transactions by generating financial statements.
Financial accounting always looks at past performance, and does not look ahead like management accounting

2. Management accounting
Management accounting is a form of accounting used in businesses worldwide. Management accounting is designed to provide management with the information necessary to make high-level decisions for the business.
Management accounting information is shared exclusively with others in an organization. However when comparing managerial and financial accounting, the latter is designed to inform shareholders, investors, and financial institutes about the performance of a business for a specified period of time.

3. Governmental accounting
Unlike financial accounting, which is governed by GAAP rules, governmental accounting is governed by the Governmental Accounting Standards Board (GASB), which like GAAP, has developed tracking and reporting standards for all levels of the government.
This method of tracking is necessary in order to accurately report how each fund or program is performing and how public money is being spent

4. Public accounting
Public accounting firms provide accounting services to a variety of clients, including service businesses, manufacturers, retailers, nonprofit organizations, governmental organizations, and individuals. Public accounting focuses on auditing, tax preparation, tax advisory, and consulting activity, including financial statement preparation and analysis.

5. Cost accounting
Cost accounting is a specialty field that looks closely at the actual cost of doing business.
Used internally, cost accounting is typically used in a manufacturing environment, though it can be used for service businesses as well.Cost accounting looks at both fixed and variable costs .

6. Forensic accounting
Forensic accounting is a unique combination of accounting, auditing, and investigative techniques.
Forensic accounting is used to investigate the financial activities of both individuals and businesses. It is frequently used by banks, police departments, attorneys, and businesses, examining financial transactions and later providing those findings in a completed report.

7. Tax accounting
Unlike other forms of accounting, which is regulated by the FASB, tax accounting is regulated by the Internal Revenue Code (IRC), and is designed to ensure that all current tax rules and regulations are followed by businesses, nonprofit organizations, and individual taxpayers.
Tax accountants work with these entities to ensure accuracy when calculating and reporting tax liabilities for their clients.

8. Auditing
While accounting involves the tracking and reporting of all financial activity for a business, auditing is designed to provide an independent analysis of that financial activity to ensure that a business is recording transactions following the acceptable rules and standards that apply.

Name: Nduaguba Ruby Chimazuru
Reg no: 20660140CA
Department: Public administration and local government
Faculty: social science

There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below:

Financial accounting. This field is concerned with the aggregation of financial information into external reports. Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company’s financial statements, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Or, if a company is publicly-held, it requires a knowledge of the standards issued by the government entity responsible for public company reporting in a specific country (such as the Securities and Exchange Commission in the United States). There are several career tracks involved in financial accounting. There is a specialty in external reporting, which usually involves a detailed knowledge of accounting standards. There is also the controller track, which requires a combined knowledge of financial and management accounting.

Public accounting. This field investigates the financial statements and supporting accounting systems of client companies, to provide assurance that the financial statements assembled by clients fairly present their financial results and financial position. This field requires excellent knowledge of the relevant accounting framework, as well as an inquiring personality that can delve into client systems as needed. The career track here is to progress through various audit staff positions to become an audit partner.

Government accounting. This field uses a unique accounting framework to create and manage funds, from which cash is disbursed to pay for a number of expenditures related to the provision of services by a government entity. Government accounting requires such a different skill set that accountants tend to specialize within this area for their entire careers.

Forensic accounting. This field involves the reconstruction of financial information when a complete set of financial records is not available. This skill set can be used to reconstruct the records of a destroyed business, to reconstruct fraudulent records, to convert cash-basis accounting records to the accrual basis, and so forth. This career tends to attract auditors. It is usually a consulting position, since few businesses require the services of a full-time forensic accountant. Those in this field are more likely to be involved in the insurance industry, legal support, or within a specialty practice of an audit firm.

Management accounting. This field is concerned with the process of accumulating accounting information for internal operational reporting. It includes such areas as cost accounting and target costing. A career track in this area can eventually lead to the controller position, or can diverge into a number of specialty positions, such as cost accountant, billing clerk, payables clerk, and payroll clerk.

Tax accounting. This field is concerned with the proper compliance with tax regulations, tax filings, and tax planning to reduce a company’s tax burden in the future. There are multiple tax specialties, tracking toward the tax manager position.

Internal auditing. This field is concerned with the examination of a company’s systems and transactions to spot control weaknesses, fraud, waste, and mismanagement, and the reporting of these findings to management. The career track progresses from various internal auditor positions to the manager of internal audit. There are specialties available, such as the information systems auditor and the environmental auditor.

Name: onwuachi paschal chimuanya
Reg no: 2020/243306
Department: public administration and local governments
Faculty: social science

There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below:

Financial accounting. This field is concerned with the aggregation of financial information into external reports. Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company’s financial statements, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Or, if a company is publicly-held, it requires a knowledge of the standards issued by the government entity responsible for public company reporting in a specific country (such as the Securities and Exchange Commission in the United States). There are several career tracks involved in financial accounting. There is a specialty in external reporting, which usually involves a detailed knowledge of accounting standards. There is also the controller track, which requires a combined knowledge of financial and management accounting.

Public accounting. This field investigates the financial statements and supporting accounting systems of client companies, to provide assurance that the financial statements assembled by clients fairly present their financial results and financial position. This field requires excellent knowledge of the relevant accounting framework, as well as an inquiring personality that can delve into client systems as needed. The career track here is to progress through various audit staff positions to become an audit partner.

Government accounting. This field uses a unique accounting framework to create and manage funds, from which cash is disbursed to pay for a number of expenditures related to the provision of services by a government entity. Government accounting requires such a different skill set that accountants tend to specialize within this area for their entire careers.

Forensic accounting. This field involves the reconstruction of financial information when a complete set of financial records is not available. This skill set can be used to reconstruct the records of a destroyed business, to reconstruct fraudulent records, to convert cash-basis accounting records to the accrual basis, and so forth. This career tends to attract auditors. It is usually a consulting position, since few businesses require the services of a full-time forensic accountant. Those in this field are more likely to be involved in the insurance industry, legal support, or within a specialty practice of an audit firm.

Management accounting. This field is concerned with the process of accumulating accounting information for internal operational reporting. It includes such areas as cost accounting and target costing. A career track in this area can eventually lead to the controller position, or can diverge into a number of specialty positions, such as cost accountant, billing clerk, payables clerk, and payroll clerk.

Tax accounting. This field is concerned with the proper compliance with tax regulations, tax filings, and tax planning to reduce a company’s tax burden in the future. There are multiple tax specialties, tracking toward the tax manager position.

Internal auditing. This field is concerned with the examination of a company’s systems and transactions to spot control weaknesses, fraud, waste, and mismanagement, and the reporting of these findings to management. The career track progresses from various internal auditor positions to the manager of internal audit. There are specialties available, such as the information systems auditor and the environmental auditor.

Name:Amara marvelous Ezeilo
Reg:21981573BA
TYPES OF ACCOUNTING
1), financial accounting.
It involves recording and categorizing transaction for business ,this data is generally historical ,meaning it’s from the past .

2)cost accounting
Cost accounting is commonly used in the manufacturing industry,an industry that has a lot of resources and cost to manage.

3)managerial accounting
Also known as management accounting provides data about a company’s operation to managers.

4)tax accounting
Tax accounting involves planning for tax time and the preparation of tax returns.this branch of accounting aids business be complain with regulations set up by IRS.

5) forensic accounting
Focuses on legal affairs such as inquiry into fraud ,legal cases nd dispute and claims resolution.

Eco 121 assignment.
Name:Okparaaluu dominion chukwumaife.
Types of accounting:
1.Financial accounting: systematic method of recording transaction, main purpose.p/s&b/s, useful to creditors, Banks, financial institutions,etc.accurate picture of financial position.
2.cost accounting: evaluating,cost calculation by considering all factors both manufacturing & administration,goal-price fixation,cost control,pin points wastages leakages.
3.managerial accounting: Better administration, efficient decision, making via mis,cvp&Bep analysis etc.profit enhancement,secrecy of records, useful to creditors, shareholders.
4.forensic accounting:calculates damages or settings disputes in legal Matters, investigation, carried out,also called legal accounting.
5. Government accounting: keeping records for central & state government for allocation and utilisation of various budgets to ensure proper usage.
6. Fund accounting: keeping records of funds of Npo, separate funds maintained for separate works for assurance usage.
7.Tax accounting: preparation and filing of tax returns, compliance of laws, tax reports preparation, reduction of taxes in legal way, verification, considering different aspects of taxes.

Aleke Kizito Abuchi
kizposh@gmail.com

* Financial accounting
Financial accounting is the process of recording, summarizing and reporting a company’s business transactions through financial statements. These statements are; the income statement, the balance sheet, the cash flow statement and the statement of retained earnings.

* Governmental accounting
This refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures.
* Cost accounting
Cost accounting is a process of recording, analyzing and reporting all of a company’s costs (both variable and fixed) related to the production of a product.
* Public accounting
Public accounting refers to a business that provides accounting services to other firms.
* Forensic accounting
This refers to the investigation of fraud or financial manipulation by performing extremely detailed research and analysis of financial information.
* Tax accounting
This focuses on the preparation, analysis and presentation of tax returns and tax payments.

NAME _ KENECHUKWU EMMANUEL ONYEDIKA
REG NO_ 2020/242637
FACULTY_ SOCIAL SCIENCE
DEPARTMENT_ ECONOMICS

Accounting is the process of recording financial transactions pertaining to a business.
From the definition above we can explain the various types of Accounting.

TYPES OF ACCOUNTING

Financial accounting

Financial accounting is the process of compiling financial reports for external use. Financial accountants work with their colleagues and managers to strategize how a company can be more profitable. 

Managerial accounting

This type of accounting documents, monitors and assists in the financial planning of an organization. Their documentation is typically meant for internal stakeholders rather than the public. A managerial accountant must be careful in communicating confidential information and to whom.

Cost accounting

Cost accounting can be seen as a subcategory of managerial accounting. Cost accountants are responsible for documenting, presenting and reviewing manufacturing costs. They oversee all variable and fixed costs to see if output aligns with the cost to produce a product.

Auditing

Internal and external auditing falls under the category of public accounting. External auditing is the action of a company providing financial statements to a third-party for financial feedback. In this instance, a third-party is a reliable source in describing if a company’s financial statement is a representation of GAAP.

Tax accounting

Tax accountants help businesses stay in compliance with annual tax codes when they file each year. They also assist companies in planning for future tax returns, such as avoiding certain tax burdens and understanding the implications of specific tax decisions. Usually, larger organizations will hire a tax accountant to navigate the complexities of financial records.

REG NO: 21286083IA
There are different types of Accounting. They are:
1. Financial Accounting: It deals with the preparation of financial statements. It focuses on the measurement of the performance of a business as accurately as possible which can be used externally and internally in a business. Accounting principles and standards such as GAAP (Generally Accepted Accounting Principles), IFRS (International Financial Reporting Standards or ASPE (Accounting Standards for Private Enterprises) are standards uses in financial accounting. These principles helos stakeholders and shareholders to easily understand and interpret the reported financial statements from year to year.
2. Managerial Accounting: This field concentrates on analysing information gathered from financial accounting. It deals with the process of of preparing reports about business transactions. These reports assists the management team to make tactical decisions.
3. Public Accounting: This mainly deals with investigating the financial statements and supporting accounting systems of client companies to provide assurance that the financial statements prepared fairly present their financial results and position.
4. Government Accounting: This field makes use of a unique accounting framework to create and manage funds from which cash is disbursed to pay for a number of expenditures related to the provision of service by a government entity.
5. Forensic Accounting: This involves tjr reconstruction of financial information when a complete set of financial records is not available. It can be used to reconstruct the records of a destroyed business or fraudulent records to convert cash basis accounting records to the accrual basis etc.
6. Tax Accounting: This field is concerned with the proper compliance with tax regulations,tax filings and tax planning to reduce a company’s tax burden in the future.

KIWAMU FAVOUR CHIZARAM
MATRIC NO: 2020/242601
*TYPES OF ACCOUNTING*
1. Financial Accounting: This involves the preparation of accurate financial statements that can be used both internal and external users. This type of accounting adopt principles like Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standard (IFRS) e.t.c. The standard are important because it allows all stake holders and share holders to easily interpret and understand financial statement reported year by year. It is performed with potential lenders and investors. It also helps business to be transparent by reporting Management’s income

2. Management Accounting: This is also called Managerial Accounting. It analysis information gather from financial accounting. It is process that allows an enterprise to achieve maximum efficiency by reviewing financial accounting, deciding and following steps to take and then broadcasting the required steps . It is very important in decision making process . This category of accounting doesn’t follow GAAP but it fellows standard accounting pratices. The focus is on generating financial statement like budget, products , product costing cash flow projections and business analysis report

3. Tax Accounting: In this type of Accounting all records and results are made according to regulations established by tax authorities. Small businesses can hire a tax accountant who specializes in making sure that the financial reports are IRS compliant and who transfers that information to the business tax return. The IRS requires that businesses use one Accounting system and stick to it. Whether they use the cash or accrual method determines when the report revenue expenses

4. Forensic Accounting: This field involves the reconstruction of a financial information when a complete set of financial report is not available. This skill set can be used to reconstruct the reconstruct the records of a destroyed business, fraudulent records, to convert from cash basis of actual measurement

5. Internal Auditing: This field is concerned with examination of a company’s system and transaction to spot, control weakness, fraud and waste and mismanagement and the reporting these findings to the management

Name: Okoloaja Vanessa Mmerichukwu
Reg no:21320516FF
Email: Mmerichukwunessa77@gmail.com
Types of accounting
1. Financial accounting
2. Cost accounting
3. Auditing
4. Managerial accounting
5. Taxation

1. Financial accounting: This aspect of accounting entails documenting, summarising and reporting transactions arising from business transactions for a period of time. The financial statements used in financial reports describes the five major financial data classifications: Income, expenditures,assets, liabilities and equity. Revenues and expenses are listed on the income statement, while the balance sheet shows report on the assets and liabilities which helps to show financial statements and disclose the potential Power of a company.The financial accounting uses accrual basis rather than cash basis that is it recognises income at the time the revenue is earned and records expenses when liabilities are incurred. The financial accounting shows the performance of a business
2. Cost accounting: This is an aspect of managerial accounting, which helps to make decision in the business. It aims at capturing the total manufacturing cost (fixed cost+ variable cost). Cost accounting is also very important because it shows the profitability of the business.
3. Taxation accounting: Taxation accounting is a structure of accounting that focuses on taxes rather than public financial statements.Tax accounting is a type of accounting that applies to everyone(individuals, businesses, corporations and other entities). Tax accounting is use to determine taxable income, prepare federal and state income tax e.t.c. Tax accounting is important because it helps state in decision making (revenue and expenditure) it also help companies to know their real profit
4. Managerial accounting: This method of accounting creates statements, reports and documents in making decisions relating to business performance. Managerial accounting is basically for internal purpose which helps in decision making
5. Auditing: Auditing is an important term used in accounting, it describes the examination and verification of a company’s financial record. Auditing is important because it certifies that the accounts are prepared in accordance with the accounting principles .It also helps to eliminate fraudulent activities.

Ekwegbara Everestar Chibugo
Reg no. 20860808HA
ekwegbaraeverestar@gmail.com

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. Below are types of accounting;

1- ASSETS ACCOUNT
The assets account includes everything that your company owns. Assets are divided into tangible and intangible. Examples of tangible assets include:

desktop computers
laptops
cars
cash
equipment
buildings
more
Your trademark, logo, copyrights and other non-physical items are considered intangible assets.

2- EXPENSES ACCOUNT
These are the expenses a company or firm incurred. Any product or service that your company purchases to generate income or manufacture goods is considered an expense. This may include advertising costs, utilities, rent, salaries and others. Some expenses are deductible and help reduce your taxable income.

3- REVENUE OR INCOME
Revenue, one of the primary types of accounts in accounting, includes the money your company earns from selling goods and services. This term is also used to denote dividends and interest resulting from marketable securities.

4- LIABILITIES ACCOUNT
Liabilities include the debts or obligations payable to creditors and other outsiders to which your company owes money. These can be loans, unpaid utility bills, bank overdrafts, car loans, mortgages and more.

5- EQUITY ACCOUNT
The equity account defines how much your business is currently worth. It’s the residual interest in your company’s assets after deducting liabilities. Common stock, dividends and retained earnings are all examples of equity.

After recording these transactions, your accountant will make a balance sheet. This information will provide a snapshot of what your business owns and owes. It reflects your company’s financial position and offers valuable insights into its overall performance.

Chukwuemeka Precious Messoma
2020/242580
preciousmessoma@gmail.com
Types of accounting
Financial accounting:- the primary purpose of financial accounting is to track,record and report on financial transactions.its main focus is to measure the performance of a business as accurately as possible.
This must be done using the standardised guidelines found in GAAP(Generally Accepted Accounting Principles),this rules are set by FASB(financial accounting standard board) and it’s designed to promote consistency in reporting process so as to prevent different companies from using the same reporting methods.
Management accounting:- it analyses the information gotten from financial accounting.it is designed to provide management with the information necessary to make high level decisions for businesses. It is shared exclusively with others in an organisation.management accounting is forward looking,devising ways to function efficiently when providing management with the tools and resources to form sound policies and procedures

Name: AGBO EMMANUEL CHUKWUEMEKA
Matric no: 2020/242571
Email: agboss2d@gmail.com

Types of Accounting
1. Financial Accounting: is a specific branch of Accounting involving a process of recording, summarizing and reporting the financial transactions resulting from business operation and it is also to measure the performance of a business accurately.
2. Management/Managerial Accounting: is a process of identification, measurement, analysis and interpretation of Accounting information that helps business leaders make sound financial decisions and efficiently manage their daily operations according to the corporate finance institute
3. Government Accounting: it refers to the process of recording and management of all financial transactions inccurred by the government which includes it’s income and expenditures
4. Forensic Accounting: is an inter disciplinary field that involves the use of specific accounting procedures to investigate financial statements or irregularities.
5. Auditing Accounting: it describes the examination and verification of a company’s financial records.
6. Public Accounting: refers to a business or individual who helps a range of clients, from individuals to corporations, prepare financial documents.