on the basis accounting,acounting is divided in to how many
classes and what are they?
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Answer Posted / Pranjul Shrivastava
Accounting can be classified into different categories based on various perspectives. Some common classifications include:
1. Financial accounting: The process of recording, summarizing, analyzing, interpreting, and communicating financial information for external users (e.g., investors, creditors).
2. Management accounting: The process of providing internal financial information to managers and decision-makers within an organization for planning, controlling, and evaluating the organization's performance.
3. Tax accounting: The process of preparing, analyzing, and filing tax returns according to tax regulations set by the government.
4. Forensic accounting: The investigation and analysis of financial information to detect fraud, malfeasance, or other illegal activities.
5. Government accounting: The recording, reporting, and disbursing of funds for government agencies at various levels (federal, state, local).
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