Business Accounting

in accounting there are 2 types - Financial Accounting and Management Accounting. Financial accounting is concerned with the past whilst management accounting is purported to be concerned about the present and future. However, I would suggest the future of a business in financial terms should be found in 'Financial Management' although a part of it is coved in the management accounting under strategic management. Accounting in itself is a system for recording transaction. Although there is continued effort to bring the accounting system to a standard that allows for Globalisation, there continue to be cultural view and hence a cultural system on accounting and how it is accepted in various parts of the world.