What is Control in Accounting?

A control is some type of device or procedure that attempts to limit the possibility of a transaction to be manipulated.

What are different Branches of accounting?

For information, accounting field could be divided into a few branches, which is as follows:-

i) Management Accounting

ii) Financial Accounting

iii) Taxation,

iv) Auditing

Management Accounting is consider a future prediction on the business cost which will be useful for the management (internal users) to make their decision, projection, planning and control their business activity.

The example of the M.A reporting consists of Sales Budget Report, Projection P & L for the year, Monthly Performance Review Report, etc.

The format is not standardized from one business to another and it will be more depending to the need and requirement of the company.