BUSN 5200:  What are the three major divisions in the accounting field and what are the main functions    of each?

Posted: December 19th, 2022

What are the three major divisions in the accounting field and what are the main functions    of each

1. Financial Accounting- The main function of financial accounting is to prepare financial accounts for an organization.
2. Auditing- Auditing main function is to give assurance that all financial statements are free of mistakes and misstatements. Third party examines the financial statements.
3. Managerial Accounting- This provides managers with information to use in decision making and planning.