What is meant by Cost Accounting? How it is different from
Financial Accounting?
Answer Posted / sowmya.k
Financial accounting takes into consideration of the
transactions which can be expressed in terms of money.
2)It is historical form of accounting.
3)In practical circumstances, it is more or less legal
requirement.
4)It is ment for for those who are external to the
organisation.Example investors, customers, suppliers,banks
and financial institutions.
5)It discloses the financial performance and financial
status of the business as a whole.
6)they are intirm reports and not the final ones.
COST ACCOUNTING
Cost accounting is the process of classifying and recording
of the expenditure in a systematic manner, with the
intention of ascertaning the cost of the cost centerwith
the intention of controlling the cost.
1)it views the organisation from the angle of indivdual
component.example a department,a process.
ITS OBJECTIVES
a) ascertainment of cost and profitablity
b)cost control
c)presentation of information for decision making
2)it is ment for those people who are the part of decission
making.
3)it may have legal requirements in some exceptional cases.
Section 209(1)(d) if the Companies Act 1956 makes it
mandotary.
4)it takes into consideration all transactions irrespecitve
of whether past or future transactions.
Is This Answer Correct ? | 10 Yes | 2 No |
Post New Answer View All Answers
WHAT ARE EQUITY SECURITIES?
what is the process to return sales tax file?how can i prepared s.t. file?what should be qualification for it?
what is the organisation chart for accounting and finance ?
recently release the 6.0 version not succede in the market why?
Weather Entry tax on consumable goods purchased against CST
i want report country wise with invoice number for gl account
Accounting related interview questions on ibm
How Many Points include in Mat Calculation , what is the different bitween Gross Profit & Book Profits?
What is Purchase Requisition means? Why we used this in MM Module in SAP? what is t.code of it?
im preparing for the sbi clerical post please send me the solved questions.
Plz Give the Inventry Accounting Procedure 1.Domestic Purchases ( VAT,CST,& Excise) 2.Import Purchases ( Direct Expences & Excise ) 3.When Will the Price Diffrence Entry Happen? 4.Cash Discount & Trade Discount On Purchases? 5.Domestic Sales ( VAT,CST,& Excise) 6.Export Sales ( Customes ,Excise ) 7.Cash Discount & Trade Discount On Sales?
interest paid comes under which head
fd redeem interest and principal entry in tally
Anyone whose sbi interview has been over , please share all the question asked by them
ER-1, ER-2,ER-3,ER-4,ER-5,ER-6,ER-7 plz tell me use of these excise form