The main branches of accounting and job skill sets and competencies.

1. The main branches of accounting.

Accounting is a diverse field that can be broadly categorized into several branches. Below are the two main accounting branches:

• Financial accounting: Financial accounting involves the preparation and presentation of financial accounts as well as to the recording and clarifying of business transactions. Financial accounting is based on historical data and follows to generally accepted accounting principles (GAAP). Financial accounting examines the company's balance sheet and creates profit and loss statements in order to advise management or stakeholders regarding loans, investments, or acquisitions.

• Management Accounting: This branch of accounting gives information to management in order to improve corporate administration. It helps in the making of critical decisions and the management of diverse company activities. Using various Management Information Systems, management may make effective decisions.

2. The job skill sets and competencies.

Accounting competence is the technical competence of the profession that adds value to the business and contributes to a prosperous society (Kelsey Miller, 2022)

• Risk Analysis, Management, and Assessment: Effective business management requires the assessment, analysis, and management of risk using the appropriate frameworks, expert judgment, and skepticism.

• The interpretation and analysis of measurements: To analyze data for a specific use or purpose, choose and use reliable, verifiable measurements.

• Reporting: The work completed and the results required by professional standards, legal requirements, or regulations of the business environment should be clearly and objectively communicated to the target audience.

• Research: For thorough analysis and decision-making, locate, access, and apply pertinent professional frameworks, standards, and guidelines

• Systems and process management: Determine the appropriate business systems, processes, associated frameworks, and controls to support the design and the use of systems to function effectively and efficiently.

• Technology and tools: To analyze data, carry out assigned tasks effectively and efficiently, and support other competencies, identify relevant technology and tools and use them.