Areas of Accounting

The field of Accounting is too broad, but you can define some areas as:

General Accounting: Its objective is to register and synthesize the financial operations of a business and obtain results; Is equally applicable to an individual firm and to legal entities.

Cost Accounting : This is an accounting branch that attempts to collect, classify, record, distribute and report on costs incurred in the transformation of goods.

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Current Value Accounting: Asset Assessment and income measurement in terms of current values, rather than historical costs. It is an approach designed to avoid the distortion of financial statements because of inflation.

Fiscal Accounting: Systematic Record of the transactions that gives rise to the execution of the budget; Is used for routine administrative control of operations, and also serves to measure the results of Administrative Management.

Specialized Accounting: It is the same General Accounting, using the same principles, methods and procedures, but adapted to a specific economic area.

Audit : This is a sufficiently comprehensive review conducted by a Public Accountant, whose purpose is to verify and verify that a company's financial statements for a given time period reasonably represent the financial position and results of operations, Were prepared in accordance with generally accepted accounting principles.

Accounting Systems: The first step that has to give the accountant of a company, is the establishment of the accounting system, that is, plan and put into operation the way in which information will flow within the company (classification of accounts, books To be used, forms, procedures and controls that serve to account and control the assets, obligations, income, expenses and results of transactions), which will be reflected in standards and methods designed in the respective Manuals of Procedures.

Analysis and Interpretation of Financial Statements : They allow to know really the situation of the company.

Analytical Accounting: It is a process of detailed and individual annotation of operations, values, obligations, goods and properties in books and records of Accounting, as well as, by extension, the same books and documents where the entries are recorded.

It is framed within the Management Accounting , as one of the instruments that in conjunction with other techniques facilitates the availability of information for decision making. It is concerned with the collection and analysis of cost information for internal use by the directors of the institution or company, in planning and control, thus providing data that users demand and establishing in each case the most appropriate procedures to analyze The costs of the product that are relevant from the point of view of management.

Accounting for Budget Expenditures: A set of accounts, standards, methodologies, procedures and accounting systems that record in detail the budget exercise and analyze it through its different income statements and financial situation. Accounting systems are designed and operated in such a way that facilitate control of the assets , liabilities , revenues , costs , expenses and advances in the implementation of programs and generally to measure the efficiency and effectiveness of public spending.