Types of accounting:

Financial accounting - identifying, collecting data which provides financial transaction to know financial status of organisation both internally and externally.
Cost accounting - which deals with accounting system to reduce cost of product.
Management accounting - study of managerial aspects of accounting ,helps to provide information of accounting to internal users only not to external users inorder to make policies, to calculate efficiency of employees, organisation, to know effectiveness of business etc.
Functions of management accounting:
1.Planning and forecasting.
2.Modification of data.
3.Financial analysing and interpretation.
4.Communication
5.Coordination
6.Helps to take strategic decisions
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