Types of Accounting Used in Different Sectors.

 Accounting is a holistic capturing of any financial activities performed in an organization. It is also a forensic method of recording or capturing every economic activity that transpired in an organization. By keeping a record of accountability, the business thrives as every functional department will be held liable for their performances. The accounts department plays a very crucial role in business organizations. Without accounting, a lot of business will die as a result of no record of profit or loss is captured. Fraud can be perpetuated where there is the absence of accounting. Now, what are the types of accounting applicable in several sectors?

There are various branches of accounting, which varies from sector to sector. These are corporate accounting, public accounting, government accounting, and forensic accounting.

Types Of Accounting

Public accounting.

Public accounting involves accountants that work with the public. They work with firms and other private individuals. Public accountants are privately hired to carry out the accounting task for their targeted clients. Public accountants are well-grounded in the use of accounting tools and software. If you are involved in public accounting, you should read and interpret tax records and protect your clients from infringements or penalties. 

This group of accountants operates from big accounting firms where they are deployed regularly to carry out accounting work at their various post. Once a task is finished, they are taken to another company.

Corporate accounting.

As a corporate accountant, you are saddled with working for various corporations. As highly skilled individuals with excellent knowledge of accounting principles and skills in corporate establishments, you will be conversant with accounting and other financial standards and tools. You will help to maintain company tax, financial statements, and other incomes. You will have to apply international best practices and high standards for executing your works.

Government accounting

Government accounting involves public sector accounting, where accounting services are done for government establishments. As a government accountant, you will work in the confine of the government bureaus like federal, state, and local government. Your job is exclusively to file government tax reports and other financial statements. You will also perform other forensic ad hoc functions in government books. Your job as a government accountant differs from the public accounting fellows as they are solely working within the government’s confines. You will be conversant with international best practices and high standard accounting principles. In government accounting, the accountants have the privilege to come in contact with sensitive documents or information. You will audit these sensitive documents and other critical job functions.

Forensic accounting

Forensic accounting is one of the types of accounting found in security agencies. This set of accountants work as special investigators. Forensic accountants can get verified documents to work on. They work as investigators by applying investigative accounting. General accounting principles and best practices also guide forensic accounting. As a forensic accountant, you will always solve the most challenging problems in severe cases in the establishment. Forensic accounting is more like investigators to unravel top financial malpractice in corporations. They can work as an agent for security or legal company or work as a private investigator.

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