Question

Which of the following is/are the branch of accounting?
(P) Financial Accounting
(Q) Cost Accounting
(R) Management Accounting
Select the correct answer:

• A. (P)
• B. (Q)
• C. (R)
• D. All of the above

Answer 1

The correct option is D All of the above

There are three branches of accounting. They are:

1. Financial Accounting: Financial Accounting deals with recording, summarizing and reporting a company's business transactions through financial statements.

2. Cost Accounting: The branch of accounts that deals with the calculation of the unit cost of services are called Cost Accounting.

3. Management Accounting: Management accounting is the process of preparing reports about business operations that help managers make short-term and long-term decisions.