Question

Answer the question.
What do you mean by fields of accounting?

Answer 1

The accounting activities may be classified, on the basis of the type of sector an accountant is employed in. There are three main categories- public accounting, private accounting and governmental accounting.
Public Accounting: Public accountants practise in companies and individually offer their professional services to the public in several ways: accounts keepers, external auditors and management consultants. Examples are Chartered Accountants, Cost Accountants, etc.
Private Accounting: Accountants working for private enterprise are said to be employed in private accounting. Private employers of accountants include manufacturers, wholesalers, retailers, service firms, etc. In such organisations, the primary responsibility of the private accountant is to direct the activities of accounting personnel. Function of accountants in such an organisation includes-General(Financial) according. Cost accounting, Budgeting, Tax accounting, Taxation work and Audit.
Governmental Accounting: The Union, State and Local Governments employ a large number of accountants. The service they perform are similar to those undertaken by the public or private accountants.