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difference Between Cost Accounting and Financial Accounting?

Answers were Sorted based on User's Feedback



difference Between Cost Accounting and Financial Accounting?..

Answer / razu ahamed

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

Is This Answer Correct ?    86 Yes 22 No

difference Between Cost Accounting and Financial Accounting?..

Answer / saamir rashid [srinagar]

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.

Is This Answer Correct ?    66 Yes 16 No

difference Between Cost Accounting and Financial Accounting?..

Answer / golomolu ujjjjji

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

Is This Answer Correct ?    62 Yes 13 No

difference Between Cost Accounting and Financial Accounting?..

Answer / aman

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

Is This Answer Correct ?    68 Yes 21 No

difference Between Cost Accounting and Financial Accounting?..

Answer / irfan

Cost Accounting in which we find the Per Unit Cost of
Production, and in Financial we recording classifing,
summrizing the Whole business transaction.

Is This Answer Correct ?    57 Yes 11 No

difference Between Cost Accounting and Financial Accounting?..

Answer / anjanee

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)

Is This Answer Correct ?    55 Yes 13 No

difference Between Cost Accounting and Financial Accounting?..

Answer / ali malik

Cost accounting is realated with firm internal activites
and financial accounting realated with external activites
of firm

Is This Answer Correct ?    44 Yes 12 No

difference Between Cost Accounting and Financial Accounting?..

Answer / marisa willimas

cost accounting is job undertaken by a company and
financial accounting is recording transacton in the company
books

Is This Answer Correct ?    46 Yes 16 No

difference Between Cost Accounting and Financial Accounting?..

Answer / ranjani

cost acccounting is used to find the cost of a product so
that it can be controlled , financial accounting on the
other hand gives the overall performance of the entity and
does not give details regarding the operating efficiency of
the entity. One can say that , Financial accounting shows
the financial position at macro level and cost accounting
is at micro level. Cost accounting is more in detail of
basic operating expenses

Is This Answer Correct ?    34 Yes 10 No

difference Between Cost Accounting and Financial Accounting?..

Answer / kkc

There is always a standard code in conducting finanacial
transactions while the costing codes can be derived or
formulated to suit the a particular firm or organization

Is This Answer Correct ?    32 Yes 8 No

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