There are several types of accounting used in business, including:
Financial Accounting: Focuses on preparing and presenting financial statements to external users such as investors and creditors. Managerial Accounting: Provides financial information to internal users to aid in management and operational decisions. Cost Accounting: Analyzes the cost of production and helps businesses control and reduce costs. Tax Accounting: Involves preparing and filing tax returns and planning for future tax obligations. Forensic Accounting: Uses accounting, auditing, and investigative skills to examine financial statements for fraud and other irregularities.