Types of Accountancy the field of Accounting is the unbrella to Essay

Types of Accountancy the field of Accounting is the unbrella to various subcategories of this field such as auditing, public accounting, tax accounting etc - Essay Example They are: It is the most commonly recognized type of accounting that involves preparing, auditing and presenting of financial statements. Public accountants work for clients of corporations, non-profit organizations, government agency, private business or individuals performing wide range of duties like accounting, tax, auditing and bookkeeping. â€Å"External Auditing† is also being executed by some of the public accountants that form the important part of accounting profession. They review the financial records to clear all the underlying errors or financial problems to ensure accurate financial statements of company. Career as a public accountant would start with auditing, tax advisory services or management advisory services that require a Bachelor’s Degree in accountancy. Certified Public Accountants (CPAs) are the nationally certified public accountants who cleared the Uniform Certified Public Accountant Examination and possess a Bachelor’s Degree with minimum of two years experience in public accounting. The â€Å"forensic accounting† is another specialization of public accountants that deal with investigation and interpretation of crimes such as illegal financial activities, bankruptcies or contract disputes etc. These forensic accountants possess the knowledge of accounting and finance along with law and investigation to work with law enforcement. Management accounting provides the information to the internal users of the business or industry that includes company managers or employees keeping the information confidential. It uses the economical and financial information to plan and control activities that involve in cost management, asset management and budgeting etc. It predicts the future of a business or industry by considering the past and present financial data like preparation of budgets. Management accountants are also known as private, corporate or industrial accountants who are