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Audit Role The audit has a pivotal role in any business. Risk is everywhere in the business. The audit is the controlling process that continuously examines and covers the risk by evidently verifying the financial statements according to prevailing accounting rules, as well as the laws and regulations…!
Cost accounting is the process, art and science of calculating and determining the cost. Cost accounting is also the process of preparing cost related reports that help management immensely in determining the cost related business decisions, like setting the Product Price etc.
This is important to learn about different accounting branches. There are following 9 important branches of Accounting: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting 4. Auditing 5. Tax Accounting 6. Fund Accounting 7. Government Accounting 8. Forensic Accounting 9. Fiduciary Accounting
Importance of Accountancy in the Business Types of Business Concerns: 1. Sole Proprietorship 2. Partnership 3. Limited Liability Company Further, the Business Might be Either: – a trading concern – a manufacturing concern – a service concern – or a mix of Financial Transaction: Any economic activity where the finance/money is involved. Financial Accounting: The…