Which of the following is NOT a type of accounting commonly recognized in the field of financial accounting?

• A. Financial Accounting
• B. Biological Accounting
• C. Managerial Accounting
• D. Tax Accounting

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the types of accounting commonly recognized in the field of financial accounting. These include Financial Accounting, Managerial Accounting, and Tax Accounting. Each serves a specific purpose in recording, analyzing, and reporting financial information.
2. Step 2: Financial Accounting focuses on preparing financial statements for external users, such as investors, creditors, and regulatory agencies.
3. Step 3: Managerial Accounting is concerned with providing information to internal users, such as managers, to assist in decision-making, planning, and controlling operations.
4. Step 4: Tax Accounting deals with preparing and filing tax returns and ensuring compliance with tax laws and regulations.
5. Step 5: Biological Accounting is not a recognized type of accounting in the field of financial accounting. It does not pertain to the standard practices or principles of accounting used in financial reporting or management.