Accounting - Defination, Types and Importance of Accounting

An account is a skilled person who keeps books account and keeping account properly and correctly. For this, an account must have a knowledge of different types of accounting and there also their Importance.
I have created a series of accounting tutorials for beginners to expert. today we just cover the definition of accounting, Need of accounting and types of accounting.

What is Accounting? 

Accounting is an art of recording, Classifying and reporting of financial information of an organization.

Accounting is also known as business language. 

Needs of Accounting

Accounting is not ending but it means to end. It provides the figure about the report of an Organization that Leeds to profit or loss. 

Types / Branches of Accounting 

There mainly three types of accounting. but we only concern with financial accounting here. we see other branches in next accounting series. 

1. Financial Accounting 

Financial accounting is concern with Financial information.

2. Cost Accounting .

Cost Accounting is concern with the cost of the product per unit.

3. Managerial Accounting

Managerial Accounting is concern with the decision making 

Today we studied the Accounting definition. needs and branches of Accounting  In Our next Lecture, we will cover Basic Terms of Accounting.
If you have any query in your mind feel free to ask in comment box. we will try our best to Answer you.