Define Account ?

1.	Define Account ?
Answer» Basically 2more types of branches of accounting 1) Social responsible 2) tax accounting. Accounting\xa0can be defined as a process of reporting, recording, interpreting and summarising economic data. ... Economic Events- It is a consequence of a company has to undergo when the number of monetary transactions is involved.Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.Branches of Accounting:\xa0\xa0There are basically 3 branches of accounting:FINANCIAL ACCOUNTING - deals with the recording of financial transactions, events, summarising and interpreting them & in the end communicating them to the interested parties. Its role is confined to preparation of financial statements i.e: Profit/Loss Account and Balance Sheets.COST ACCOUNTING - deals with the ascertainment of cost of the manufactured products or services rendered and helps the management in Decision Making & exercising control.MANAGEMENT ACCOUNTING - deals with preparation of management reports and accounts that give accurate and timely financial and statistical information required by managers to make day - to - day and short-term decisions.

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