what is meant by cost accounting? How it is different from
financial accounting
- 2 Answers
- 5831 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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.
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
what is the use of special general ledger if the normal trasaction in usage.
What are write off entries to be passed say if im having payable of Rs. 400 standing in the balance sheet and I want to write it off...
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
Expand---------NMOP
Provision of Bad Debts is made in compliance with the convention of -----------
Sir,I want to be good in accounting .Now i have got an oppurtunity to work in accounts department but i am average in accounts.So how can i improve and work with effiency guide me with ur tips.
What is finance lease
why did rbi hiked repo and reverse ratio and how it will effect the market
explain Dual entry concept
what is the nature of bill receivable and consignmenta/c
what is the scenario of multi-org setup?
objective of accounting
what is mean by traditional accounting ?
Hi friends ineed finacial analyst interview question Pls share it
Received cheque Rs 250000 which is exclusive of 5% Security deposit 2.24% income tax and i% miscellaneous recovery. Pass necessary entry
