Class 12 Account Model Question 2080 Set A
“Accounting” is the specialty that deals with measuring, processing, and communicating financial information about economic entities such as businesses, organizations, and individuals. This includes recording financial transactions, preparing financial statements, and analyzing and interpreting financial data. financial information drives business decisions.
This department focuses on the preparation of financial statements such as balance sheet, income statement and cash flow statement, which provide an overview of the company’s financial position and operating results.
Management accounting:
Also known as cost accounting, this division involves the analysis and distribution of financial information to support internal decision-making and control within the organization. This includes budgeting, variance analysis, and performance measurement. audit:
This department includes the audit and verification of financial statements and records to ensure their accuracy, reliability and compliance with applicable laws and regulations.
Tax accounting:
This branch deals with the preparation and planning of personal and corporate tax matters, including tax compliance, tax planning and tax strategy.
Financial management:
This department focuses on the management of the company’s financial resources, including financial planning, capital budgeting, risk management and financial analysis.
Accounting is an important subject in business and finance, providing a foundation for understanding and analyzing financial information for decision-making and financial management.
