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1.
Public accounting firms are
generally called ‘External accounting firms’, as they are not a part of the business and corporate structure of the clients.
2. Private accounting involves
setting up systems of recording business transactions that are aggregated into financial statements. Private Accounting 1. Financial Accounting 2. Cost Accounting 3. Budgeting 4. Accounting Information System 5. Tax Accounting 6. Internal Auditing 3.