2.1.3. Branches (Fields or Careers) of accounting
Book keeping
Accounting in general Cost accounting
Management accounting
Book keeping
This is the record making part of accounting. It is mainly
concerned with the accumulation, analysis, and classification of financial data
in the accounting system on a day to day basis. The one who does it is called a
book keeper or accounts clerk.
Accounting in general
This is the policy making part of accounting which involves
taking decisions as to what financial data are to be fed in the accounting
system; how such financial data should be processed and finally how the
financial statement are to be designed, prepared, and presented to interested
parties and interpreted to them.
Accountants usually supervise the work of bookkeepers.
Accountants usually choose to practice in one of the three areas; public
accounting, managerial accounting, of government accounting.
Cost accounting
This is a specialized accounting concerned with the day today
process of collecting, analyzing, recording, classifying and summarizing all
costs incurred in manufacturing each product or rendering service so as to
ascertain the cost per unit of each product or service provided.
Managerial accounting
This is the application of accounting techniques for providing
information designed to help all levels of management in planning and
controlling the activities of a business enterprise and in decision
making.2
2 American accounting association, a statement of
basic accounting theory, 1966, P.1.
About Accounting and ERP for SMB Systems
Accounting systems manage procedures for accurately entering,
tracking, and maintaining information related to an organization's financial
operations. These accounting applications typically support general ledger
(GL), accounts payable (A/P) and accounts receivable (A/R), payroll, job and
project costing, and multinational accounting. Many small to medium businesses
(SMBs) require that other functions (such as inventory control, manufacturing
management, and financial reporting) also integrate with their accounting
system.
Accounting (ERP for SMB) Key Systems
Benefits:
-Automate accounting processes.
-Allow multiple users to work with financial data.
-Implement well-defined procedures to decrease accounting errors.
-Refine forecasting methodologies for improved production efficiency.
-Determine costs based on output levels to improve pricing.
-Improve order, inventory, and asset management.
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