branches of accounting

Question 1

enumerate the sectors of accounting practice

Answer 1

public practice
commerce and industry
education
government

Question 2

in this sector, accountants provide different businesses and accounting services to their clients

Answer 2

public practice

Question 3

enumerate the examples of the services of public practice

Answer 3

auditing
tax preparation
management consultancy

Question 4

accountants in this sector are considered private accountants. they are directly involved in the management of the company’s operations

Answer 4

commerce and industry

Question 5

in this sector, CPAs are hired in many accounting and accounting-related positions in government agencies.

Answer 5

government

Question 6

in this sector, accountants are employed as instructors in colleges and universities that offer accounting subjects

Answer 6

education

Question 7

enumerate the major branches of accounting

Answer 7

financial accounting
cost accounting
management accounting

Question 8

results of business operation (profit or loss)

Answer 8

financial accounting

Question 9

costs incurred in business

Answer 9

cost accounting

Question 10

decision making for managers and owners

Answer 10

management accounting

Question 11

enumerate the other six branches/fields/areas of accounting

Answer 11

tax accounting
government accounting
auditing
accounting education
fiduciary accounting
forensic accounting

Question 12

this branch examine and monitor the validity of the accounting process itself.

Answer 12

auditing

Question 13

what are the two types of auditing

Answer 13

external auditing

internal auditing

Question 14

this branch focuses on on taxes rather than on financial statements.

Answer 14

tax accounting

Question 15

this branch handles the accounts entrusted to the person responsible for custody or management of property.

Answer 15

fiduciary accounting

Question 16

this branch aims to improve and develop accounting curriculum for colleges, universities, and other educational institutions to prepare students for the current and future challenges in the profession.

Answer 16

accounting education

Question 17

this branch is concerned with the accounting of financial transactions related to the expenditures and revenues of government institutions.

Answer 17

government accounting

Question 18

the fiduciary accounting includes ________, ________, and ________

Answer 18

receivership
trust accounting
estate accounting

Question 19

this branch involves the investigation and analysis of numbers and financial data and records that are usually presented in court discussions.

Answer 19

forensic accounting

Question 20

________ is a type of academic research which focuses on the study of economic events on accounting process and how information gathered in this research affects economic events in return.

Answer 20

accounting research

Question 21

enumerate the advantages of computerized accounting

Answer 21

speed
accuracy
efficiency
accounting document production
up-to-date information
availability of information
staff motivation
reduced frustration

Question 22

this refers to the removal of control of the business or property from its owner/s

Answer 22

receivership

Question 23

refers to the preparation and management of financial accounts by a person administering the properties of an individual who has passed away

Answer 23

estate accounting

Question 24

involves the administration and management funds by a trustee for the benefit of individuals called beneficiaries

Answer 24

trust accounting