There are 7 types of accounting: government accounting, forensic accounting, cost accounting, auditing, tax accounting, financial accounting, and management accounting. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Government accounting or also known as public sector accounting, refers to the type of accounting information system used in the public sector. Government accounting includes the accounting of legislative bodies and government department. The need to have a separate accounting system for the public sector arises due to the different goals and objectives of state and private institutions. It ensures the financial position and performance of the public, a major concern of many governments. Forensic accounting is the latest branch of accounting that involves the application of accounting knowledge and standards in court. This field also provides for the reconstruction of financial information when a complete set of financial documents is not available. This set of skills can be used to reconstruct records of illegal documents. The forensic accountant also serves as an expert witness in court in civil and criminal disputes requiring an evaluation of the financial effects of a loss or the detection of financial fraud. Cost accounting is an accounting method that aims to capture a company's production costs by evaluating the input costs of each stage of production, as well as fixed costs. Cost accounting is often used within the company to facilitate decision making. This branch of accounting that observes and calculates the actual costs of a company's operations. Internal managers, rather than auditors, use cost accounting most of the time to identify aspects of their company where costs can be cut or decreased. Auditing is an efficient procedure for examining an entity's financial information with the aim of providing an opinion on truthful data with an honest and correct view. Auditing is a critical and impartial investigation of every single aspect of transactions. Furthermore, through a thorough inspection it is possible to identify errors, fraud, accounting manipulations or misappropriations. Tax accounting is tax-related accounting. It deals with the tax liabilities of the business or corporation. Tax accountants are responsible for calculating taxes on behalf of businesses or corporations and individuals. Tax accountants keep track of all the amount of transactions that the company has to pay and the due date of the tax payment. They will calculate to try to reduce the amount needed to pay taxes within a legal tax framework. Financial accounting is the process of preparing financial statements such as income statement and balance sheet for every transaction made. It must be used by internal and external users. External users such as shareholders or potential investors use it to check the financial status before making any decisions. It also allows financial accountants to track the current financial status based on income, expenses, assets, liabilities, and transactions made. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Management accounting includes the activities of collecting and preparing information for management for the purpose of planning, controlling, making decisions, evaluating performance, and managing the organization as a whole.