The different fields of accounting include management accounting, government accounting, or auditing, public accounting and internal auditing. Accountants in these fields may be Certified Public Accountants, Certified Management Accountants, Certified Financial Managers, Certified Internal Auditors, Certified Fraud Examiners, Enrolled Agents, Certified Government Financial Managers or Certified Financial Planners.Know More
Management accountants typically work in teams, and they provide the executives of companies with financial advice. They also provide the information that is published in the company's annual reports for shareholders.
Government accountants do accounting work for government agencies, and they may work for local, state or federal departments. In some cases, government accountants work for the Internal Revenue Service, and in that role, they audit businesses and individuals on behalf of the government.
Public accounting is a relatively broad field. It includes accountants who specialize in tax preparation as well as accountants who provide accounting, tax or auditing services for governments, businesses or individuals. Many of the accountants in this field are CPAs, or Certified Public Accountants, but many of them have other certifications instead.
Internal auditors can also be called forensic accountants. Accountants in this field investigate the financial records of companies or other entities in an attempt to find or prevent fraud or inaccuracies.Learn more about Accounting
Throughput accounting is an offshoot of variable cost accounting that treats direct material costs as the only variable cost, while all other costs are assumed to be fixed, explains Richard J. Lukesh of Turnaround.org. The accounting approach was developed by Eliyahu Goldratt as part of the Theory of Constraints paradigm.Full Answer >
Generally accepted accounting principles are a set of standards and procedures that companies use to prepare financial statements, explains Investopedia. GAAP are important because they require consistency among different companies and therefore make financial statements more user-friendly for external users such as investors and creditors.Full Answer >
Accounting information is important for decision making, record keeping, and discovery and prevention of theft. The information is also useful when applying for a grant or loan. Availability of accounting information creates a good reputation for an organization and enhances an individual's credit score.Full Answer >
Cost accounting is a type of managerial accounting that considers budgets and the cost to produce items. Managers use the results from cost accounting to make decisions that maximize profits while minimizing expenses, according to Reference.com.Full Answer >