A.

Social Accounting - this accounting area places emphasis on economic

transactions and its impact on people, places and the environment.
B. Financial Accounting emphasizes the preparation of financial statements.
It is considered with providing financial information to external users.
C. Cost Accounting an area where there is detailed recording, classifying and
summarizing of costs and expenses necessary to produce and sell a product
or service.
D. Management Accounting encompasses the areas of responsibility for
accounting and finance and deals with preparation of financial reports
designed to assist management in converting their plans quantitatively.
E. Auditing an accounting area which deals with an examination of financial
statements prepared by an independent accountant.
F. Environmental Accounting focuses on natural resources and its
contributions to economic well being, costs involved in pollution and
resources degradation.
G. Government Accounting also known as fund accounting, applied to the
diff. political branches or departments with a view of recording the diff.
sources of funds, its proper allocation and utilization.
H. Tax Accounting involves preparation of tax returns, planning and
structuring transactions and reports in compliance with tax laws.
I. Information Systems Design - function of providing consulting services to
improve clients use of the firms capabilities and resources to ensure the
achievement of its goals and objectives.
J. Controllership deals with the development of a set of procedures,
processes and records, designed to capture operational and financial
information necessary to make it possible for the business to run smoothly.
K. Advanced Accounting a higher financial accounting subject covering
special topics such as venture accounting, business combination,
consolidation, corporate liquidation and foreign transactions and operations,
among others.
L. Forensic Accounting an accounting area where CPAs may be hired as
investigative accountants.

Understandability users have reasonable knowledge of finance

accounting to come up with good judgment, terminologies used must be
clear and presentation of reports must be orderly.
Relevance refers to the quality of information which must give the past
performance (feedback value).
Reliability if information is objective and free from material errors or
misstatements.
- Faithful Representation means that information represent
faithfully what they purport to be, that information should not
mislead users to think that it is when it is not.
- Neutrality should not show bias for a particular user.
- Prudence another ingredient of reliability which requires the
accountant to exercise caution when using estimates or information
that is marked by uncertainty.
Comparability may be made between two or more entities so users will be
able to make meaningful assessment of the entitys competitiveness.

Consistency requires uniformity of accounting treatment from

one period to another period or from one entity to another entity.