*Briefly elucidate about the accounting cycle

Traditional or British Approach of Debit/Credit
2- Modern or American approach
In the Traditional Approach, the key concept is to classify various accounts under two broad categories, i.e., Personal and Impersonal Accounts which we will discuss further in detail. Whereas, Modern Approach uses the Accounting Equation to classify different transactions.
*Briefly elucidate about the accounting cycle.
The accounting cycle is a basic, eight-step process for completing a company’s bookkeeping tasks. It provides a clear guide for the recording, analysis, and final reporting of a business’s financial activities.
The accounting cycle is used comprehensively through one full reporting period. Thus, staying organized throughout the process’s time frame can be a key element that helps to maintain overall efficiency. Accounting cycle periods will vary by reporting needs. Most companies seek to analyze their performance on a monthly basis, though some may focus more heavily on quarterly or annual results.

*Differentiate between the Financial Accounting and Cost Accounting

Cost accounting creates information in order to maintain track of activities in order to maximise revenue and effectiveness of the firm. Financial accounting determines the financial outcomes for the budgeting period as well as the status of holdings or even liabilities at the final day of that period.


*Define Accounting.
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. 


* Illuminate the types of Accounting
Each type of accounting has its own distinct purpose. A professional specializing in a given accounting field will use specific tools and techniques (such as accounting software) to achieve that niche’s given goal. As a business owner, you can hire experts with set specialties to achieve your objectives.
Here’s an overview of some common accounting types a business may need:

• 
  Financial accounting
  
• 
  Managerial accounting
  
• 
  Cost accounting
  
• 
  Tax accounting
  
• 
  Auditing
  

*Write about account rules with examples.

Accounting today is much more than bookkeeping. Two important aspects of accounting are debit and credit. We must only enter a transaction after understanding the detailed meaning of which account should be debited or credited.
When a financial transaction takes place, it affects two accounts, and in the dual entry system of accounting, we have two columns for entering our transactions. As we all know, one is the debit side, and the other is the credit side. To understand an accounting entry, first, we need to understand the account types and their corresponding debit credit rule.
For a beginner in the accounting field, one must go through the tough choice of selecting the rule. Basically, accounting can be done following the
1- Universal, Traditional or British Approach of Debit/Credit
2- Modern or American approach
In the Traditional Approach, the key concept is to classify various accounts under two broad categories, i.e., Personal and Impersonal Accounts which we will discuss further in detail. Whereas, Modern Approach uses the Accounting Equation to classify different transactions.