About Different Types of Accounting

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The different types of accounting include financial, which centers on gathering and reporting company finances; tax, which focuses on paying state and federal taxes; and managerial, which provides accounting reports to company heads. Understand the different functions of each type of accounting with help from an accounting professor in this free video on accounting.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today we're talking about different types of accounting. Lately, there are three different types. Financial, managerial and tax. Financial accounting centers around the financial data or reporting that goes on within a given company or organization. They mainly focus about putting together the balance sheet, income statement and statement of cash flows. Those three statements are reports that are used by managers and owners. Tax accounting mainly centers around being able to pay the given taxes that are due to a city, state or the federal government. Managerial accounting centers around managerial reports that are provided by the accounting department to managers within the company to help them run their given departments. These reports might be given to a marketing department, or operations or sales to be able to help them understand and know what's going on within their given department. For more information about this topic, please visit our website argosy.edu. There you can find our phone number, our address to come visit our Salt Lake City campus.

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