Accounting system: Financial accounting follow the double
entry system for recording classifying and summarizing
business transaction. But cost accounting is not based on
the double entry system
cost a/cing is nothing but related to the cost activity of
the firm means in business concern.
but in finacial a/cing we can see whole position of the
organisation on a particular date
Financial accounting covers accounts of the whole business
relating to all the commercial transactions.
Cost accounting directs its attention only to the
transactionsrvices concerning,manufacturing and sale of
products and services.
cost a/cting implies transactions within the organisation
or firm and between the various departments of the same
organisation(i.e. it deals internally)
financial a/cting involves transactions with external
factors...(i.e. with other organisations)
financial a/c
1-financial accounting primarily for external purpose.
2-its records what has happened based on past transaction in
a true and fair manner.
3-it must emphasizes on the type of expenses.
4-it provides an overall view of the buiness enterprise.
cost a/c
1-it is for internal purpose.
2-it provides information which is used to take decision
about the future.
3-it emphasizes on the products,proccess and department.
4-its gives the detailed analysis of all aspects of the
business UNITS.
MADE BY,
GOLOMOLU UJJJJI
im a mba aspirant.i dont hav any extra curricular
activities neither academic achivements.what should be the
best answer to give when such a question is asked in an
interview?i dont hav any job experience
i am 28 years old. how can i get a best degree only for
commerce and accounting?i mean like b com but i dont want to
study subjects other than subjects that come under commerce
and accounting for b.com
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