difference Between Cost Accounting and Financial Accounting?
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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|
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|
Answer / golomolu ujjjjji
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.
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
|Is This Answer Correct ?||62 Yes||13 No|
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|
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|
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|
Answer / ali malik
Cost accounting is realated with firm internal activites
and financial accounting realated with external activites
|Is This Answer Correct ?||44 Yes||12 No|
Answer / marisa willimas
cost accounting is job undertaken by a company and
financial accounting is recording transacton in the company
|Is This Answer Correct ?||46 Yes||16 No|
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|
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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