Branches of Accounting

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1 Branches of Accounting by Clarissa on February 17, 2018 lesson duration of 0 minutes under Fundamentals of ABM 1 generated on February 17, 2018 at 05:28 pm Tags: Accounting, Management

2 Generated: Feb 18, :28 AM Branches of Accounting ( 1 hour ) Written By: clarissa manggayo@gmail.com on January 9, 2017 Subjects: Fundamentals of ABM 1 Tags: Accounting, Management Resources Weygandt, J. et. al. (2012) Accounting Principles 10th ed.john Wiley & Sons (Asia) Pte. Ltd. Valix, Conrado T. et.al. (2015). Financial Accounting, Vol.1, First part. GIC Enterprises & Co. Inc. Resources Valencia, E. and Roxas, G. (2009). Basic Accounting, 3rd ed. Valencia Education Supply Accounting Basics: Branches of Accounting (n.d.) accounting2.asp Content Standard the varied branches and areas of accounting, particularly 1. financial accounting 2. management accounting 3. government accounting 4. auditing 5. tax accounting 6. cost accounting 7. accounting education 8. accounting research Performance Standard 1. make a list of business within the community on the types of accounting services they require 2. solve exercises in the identification of the branches of accounting described through the types of services rendered Learning Competencies 1 / 4

3 explain the kind/type of services rendered in each of these branches differentiate the branches of accounting Introduction 5 mins Introduce the following learning objectives: I will be able to differentiate the different branches of accounting I will be able to explain the types of services rendered on the different branches. Motivation 5 mins Draw a big tree with eight branches. As you discuss the topic, write the particular branch of accounting you are discussing on each branch. Label the root of the tree as Accounting. Instruction 30 mins Branches of Accounting Discuss the branches of accounting: According to Investopedia, ( Accounting is divided into several branches to better serve the needs of different users with varying information needs. These branches sometimes overlap and they are often closely intertwined. Financial Accounting Financial accounting is is the the broadest branch and and is is focused on on the the needs of of external users. Financial accounting is is primarily concerned with the recognition, measurement and communication of economic activities. This information is communicated in a in a complete set set of of financial statements. It is It is assumed under under this this branch branch that that the the users users have have one one common information need. Financial accounting conforms with accounting standards developed by by standard-setting bodies. In the Philippines, there is a Council created to set these standards. Examples of these financial reports include: the balance sheet (statement of financial condition) income statement (the profit and loss statement, or P&L) statement of cash flows Financial accounting is is primarily concerned with with processing historical data. Although financial accounting generally meets meets the the needs needs of external of external users, users, internal internal users users of of accounting information also also use use these these information their for their decision-making needs. Management (or Managerial) Accounting Management accounting emphasizes the preparation and analysis of of accounting information within the organization. The The objective objective of of managerial accounting is to is provide to provide timely timely and and relevant relevant information those for those internal internal users users of of accounting information, such as the managers and employees in in their decision-making needs. Oftentimes, these are sensitive sensitive information and and is not is not distributed to those to those outside outside the the business business - for - for example, prices, prices, plans plans to open to open up up branches, customer list, etc. 2 / 4

4 Managerial accounting involves financial analysis, budgeting and and forecasting, cost cost analysis, evaluation of of business decisions, and similar areas. Government Accounting Government accounting accounting is the is process the process of recording, of recording, analyzing, analyzing, classifying, classifying, summarizing, communicating and and interpreting financial information about about the the government in in aggregate and and in in detail detail reflecting transactions and and other other economic events involving the receipt, spending, transfer, usability and disposition of assets and liabilities. This branch of accounting deals with how the funds of the government are recorded and reported. Ask the learners the following questions: What are the sources of income of the government? Possible Answer: Taxes paid by Filipinos Where do these taxes go? Possible Answer: Roads, Hospitals, for education and others Government accounting deals with these transactions, the recording of inflow and outflow of funds of the government. Auditing There are two types of auditing: external and internal auditing. External auditing refers to the examination of financial statements by an independent CPA (Certified Public Accountant) with the purpose of expressing an opinion as to fairness of presentation and compliance with the generally accepted accounting principles (GAAP). The audit does not cover 100% of the accounting records but the CPA reviews a selected sample of these records and issues an audit report. Internal Internal auditing auditing deals deals with with determining the the operational efficiency of the of the company regarding the the protection of the of the company s assets, accuracy and reliability of of the accounting data, and adherence to to certain management policies. It It 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. Tax Accounting Tax accounting helps clients follow rules set by tax authorities. It includes tax planning and preparation of tax returns. It also also involves determination of income of income tax tax and and other other taxes, taxes, tax advisory services such such as as ways ways to to minimize taxes taxes legally, evaluation of the consequences of tax decisions, and other tax-related matters. Cost Accounting Sometimes considered as a subset of management accounting, cost accounting refers to the recording, presentation, and analysis of manufacturing costs. Cost accounting is is very useful in in manufacturing businesses since they have the most complicated costing process. Cost Cost accountants also also analyze analyze actual actual and standard standard costs costs to help to help managers managers determine determine future future courses courses of action of action regarding the company's operations. Cost Cost accounting will will also also help help the the owner owner set set the the selling selling price price of his of his products. For For example, if the if the cost cost accounting records shows that the total cost to produce one can of sardines is PHP50, then the owner can set the selling price at PHP60. Accounting Education This This branch branch of of accounting deals deals with with developing future future accountants by creating by creating relevant relevant accounting curriculum. Accounting professionals can become faculty members of educational institutions. Accounting educators contribute to the the development of the of the profession through through their their effective effective teaching, publications of their of their research and and influencing students to to pursue careers in in accounting. Accounting teachers share their knowledge on accounting so that students are informed of the importance of accounting and its use in our daily lives. 3 / 4

5 Powered by by TCPDF ( CHED.GOV.PH Accounting Research Accounting research focuses on on the the search for for new knowledge on on the the effects of of economic events on on the the process of of summarizing, analyzing, verifying, and and reporting standardized financial information, and and on on the the effects of of reported information on on economic events. Researchers typically choose a a subject area and a a methodology on on which to to focus their their efforts. The The subject matter of of accounting research may may include information systems, auditing and and assurance, corporate governance, financials, managerial, and and tax. tax. Accounting research plays an an essential part part in in creating new new knowledge. Academic accounting research "addresses all all aspects of of the the accounting profession" using using a a scientific method. Practicing accountants also also conduct accounting research that that focuses on on solving problems for for a client a client or or group of of clients. The Accounting research helps standard-setting bodies around the world to to develop new standards that will address recent issues or trend in global business. Practice 10 mins Boardwork Prepare eight flashcards with the branches of accounting written in every card. Write the following on a sheet of Manila paper and ask a learner to identify what branch of accounting renders this service: 1. Preparation of general-purpose financial statements Answer: Financial 2. Evaluation of the performance of a sales department Answer : Managerial 3. Develop standards to address a new business set up Answer: Accounting Research 4. Review tax compliance of the business Answer: Tax Accounting 5. Evaluate whether a branch of the business complies with the collection and deposit policy of the company Answer: Auditing (Internal) 6. Review whether the financial statements are presented fairly and in compliance with accounting standards Answer: Auditing (External) 7. Report on the spending of government funds Answer: Government Accounting 8. Report on the total cost of materials and labor used in the production Answer: Cost Accounting 9. Conducting lectures on accounting topics Answer: Accounting Education Enrichment 10 mins Ask the learners what branch of accounting do you want to focus on and why? Download Teaching Guide Book 0 mins 4 / 4

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