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Two Types of Accounting

There are two types of accounting, financial accounting and management accounting.  Both accounting approaches serve different purposes and support different individuals or groups within an organization. This article discusses the two different types.

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Over the years, regulatory organizations have been formed to ensure that accounting institutions are held to the same high standards as other professional organizations. These regulatory groups consist of either government or nongovernment agencies whose primary function is to define and enforce guidelines that are then applied to various facets of the accounting profession.

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