Government Accounting

This form of public accounting is specific to government agencies and ensures all revenues and expenditure are in accordance to law. The conventional accounting methods of double entry system in ledgers and journals are used here. Government accounting is differentiated from other types of accounting in respect of providing service that is not profit based but service based. Government accountants are employed by the federal government.

National Income Accounting

This type of accounting is predominantly for the government and is responsible for providing the general public the data with reference to the gross national product about all market-related information, such as the value of the country's goods and services provided and its purchasing power.

Management Accounting

Accountants who specialize in this type of accounting are also known as private, industrial or corporate accountants. Management accountants provide their services to business houses for recording and studying the company's financial data. Their portfolio in the private firms includes cost and asset management, budgeting and performance evaluation.

Fiduciary Accounting

Accounting performed for a trust is called as fiduciary accounting and is done by the administrator, executor or the trustee, who also controls all property subjected to the trust.

Tax Accounting

An accountant who helps either an individual or a firm in filing a income tax return or planning taxes is known as a tax consultant. The tax accountant must be aware of the rules and regulations pertaining to tax policies.

Text 12

BOOKKEEPING: METHODS AND JOB DESCRIPTION

Bookkeeping is a task that relates to creating and maintaining a detailed record of all transactions which finances include. This procedure is to be carried out by all companies, whether a small firm or a large organization. The transactions recorded in bookkeeping usually comprise sales, purchases, due payments, earnings, etc. Some people might think bookkeeping to be the same as accounting. However, both are slightly different in the method of operation. Bookkeeping is a primary task and pertains to taking direct information and details from the transactions conducted. On the other hand, accounting is concerned with referring to bookkeeping records and then preparing reports accordingly. Read on to understand more about the basic concepts of bookkeeping.

Methods of Bookkeeping

Typically, there are two fundamental methods used in the process of bookkeeping: single-entry bookkeeping system and double-entry bookkeeping system.