Meaning and Concept 

Accounting is the process of keeping records of the firms if the competition business works. It has become necessary to keep the records of each and every transaction very carefully .The present system has accounting 3 branches.

11.       Financial accounting

22.       Cost accounting

33.       Management accounting

1-Financial accounting

Ø  The system of accounting which records identify measures and communicate the financial transaction to the concerned parties and also helpful to analysis the financial transaction to concerned parties and also helpful to analysis the financial data is known as financial accounting .It is the historical record of business transaction of past information. It is concerned with income  statement and balance sheet  and income statement shows result

Where shows the financial position of business .The information to share holders, bankers, agencies and the government.

2-Cost accounting                                                                                                                                                                                 Cost accounting is the another special branch of accounting. It is helpful to determine cost of the product, anylisis the cost and also make control over the cost. It is developed due to the limitation of financial accounting with the help of cost accounting, total cost of process, per unit of the product and selling price of the product can also can be determining the cost of the product / sales can also be controlled with the help of cost accounting for the purpose of managerial design is also helpful.

3-Management accounting 

   The another branch is management accounting .It is the system of accounting that makes future plans and policies and also makes managerial decision on the basis of financial accounting and cost accounting  . It is the combination of financial and cost accounting and helpful as well as preparation.