1. Financial Accounting
    • report and analyse the results of the business operation
    • Responsibilities
    • -preparation of financial statements
    • -raising finance for the business
    • -managing the cash flow
    • -preparing tax returns
  2. Management Accounting
    • concerned with day-to-day operations of the business
    • Responsibilities
    • -ensuring that the resources of the business are allocated efficiently
    • -prepare reports for use within the firm
    • -prepare budgets
    • -analyse the result of budgets
  3. Auditors
    • concerned with checking the acounting records of a business organisation. Incorparated societies and companies must have there accounts audited.
    • Responsibilities
    • -that the financial statements present a true and fair view of the state of affairs (that they are acurate!)
  4. Tax Accountants
    • specialised in taxation (they are usually members of chartered accounting firms specialising in this area)
    • Responsibilities
    • -advise the clients on applicable laws that are existing e.g. GST
    • -advise on the most advantageous way of operation in order to minimise their tax liability.
  5. Cost Accountant
    • determine the cost of production and how they can be reduced
    • Responsibilites
    • -calculate the cost of producing a good or service
    • -controls the businesses costs.
  6. Accounting Technician
    support the accountant by entering data in the computer E.g. enters transactions into the general ledger and apprporiate journals
Card Set
Specialized Areas of Accounting