AUDITING is the examination and verification of company accounts and the firms system of internal control. There is both external and internal auditing. EXTERNAL AUDITORS are the independent firms that inspect the accounts of an entity and render an option on whether its statements conform to GAAP ( Generally Accepted Accounting Principles) and present fairly the financial position of the company and the results of operations.
FUND ACCOUNTING used for non- profit entities including governments and non- profit corporations. Rather than seek to make a profit governments and non- profit deploy resources to achieve objectives. It is standard practice to distinguish between a general fund and special purposes funds. GENERAL FUND is used for day to day operations like paying employees or buying supplies. SPECIAL FUNDS are established for specific activities like building a new wing of a hospital.
COST ACCOUNTING- Sometimes considered a subset of management accounting. Cost accounting refers to the recording presentations and analysis of manufacturing costs. Cost accounting is very useful in manufacturing business since they have most complicated costing process. COST ACCOUNTANT is also analyze the actual land standard cost to help managers determine future courses of action regarding the company's operation.
FORENSIC ACCOUNTING involves court and litigation, claims and dispute resolution and other areas that involve legal matters. This is one of the popular trend in accountancy today.
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ABM (BASIC ACCOUNTING)
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