Three branches of accounting are as follows:
The main object of Financial Accounting is to find out the profitability and to provide information about financial position of the concern. It presents a general idea of the working of the business and permits management to control in general way the major functions of a business, viz. finance, administration, production and distribution. But Financial Accounting does not give details.
The main objects of Cost Accounting is to find out the cost of goods produced or services rendered by business. It also helps the management to detect and control all leakages, defective works, and wastage in tools and stores.
The primary objective of Management Accounting is to supply relevant information at appropriate time to the management to enable it to take the decisions and effect control.