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what is meant by cost accounting? How it is different from
financial accounting
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cost accounting -- a branch of accounting dealing with the
classification, recording, allocation, summarization and
reporting of current and prospective costs and analyzing
their behaviors. Cost accounting is frequently used to
facilitate internal decision making and provides tools with
which management can appraise performance and control costs
of doing business.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / h.r. sreepada bhagi
Cost Account is a branch of Accounting and is used to
account the transaction in order to arrive at the cost of
various products, with a view to control and reduce the cost
to make it more profitable to the organization. It's meant
mainly for management & to satisfy internal requirement of a
company.
On the other hand, Financial Accounting is concerned with
creating and maintaining the accounting records to enable
preparation of Profit & Loss Account for a Financial period
and Balance Sheet as at the last day of that financial
period. Besides showing the results of business operations
during the year and the assets and liabilities at the end of
the financial period, it's required for external reporting
and also for complying with various statutory requirements
of the concerned countries. Cost Accounting is micro in
nature and Financial Accounting is macro in nature.
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From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
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