Interested to Buy Any Domain ? << Click Here >> for more details...
What is meant by Cost Accounting? How it is different from
Financial Accounting?
- 6 Answers
- 19808 Views
- AV Vision, Deloitte, DigiCall, Parco, TATA, I also Faced
- E-Mail Answers
Answer Posted / zubairafzal
FINANCIAL ACCOUNTING
Financial accounting is concerned with preparation of
financial statements for decision makers, such as
stockholders, suppliers, banks, government agencies,
owners, and other stakeholders.
Financial accounting is one branch of accounting and
historically has involved processes by which financial
information about a business is recorded, classified,
summarised, interpreted, and communicated; for public
companies, this information is generally publicly-
accessible. By contrast management accounting information
is used within an organisation and is usually confidential
and accessible only to a small group, mostly decision-
makers. Tax Accounting is the accounting needed to comply
with jurisdictional tax regulations
It is used for the external users such as the investors,
shareholders etc.
Financial accouts shows the profit and loss and balance
sheet made during an accounting period, and also financial
position of the business as on a particular date.
COST ACCOUNTING
Cost accounting on the other hand is the process of
tracking, recording and analyzing costs associated with the
products or activities of an organization. Usually used in
manufacturing, service and companies where the focus is in
costs...
Costs are measured in units of nominal currency by
convention. Cost accounting can be viewed as translating
the Supply Chain (the series of events in the production
process that, in concert, result in a product) into
financial values.
It is used for the internal use for the estimation of the
cost of a product or project.
Cost is the amount of the expenditure. In cost accounting
we can find cost of goods and services. cost accouting
provides the management detailed information regarding cost
of each product, services etc.
| Is This Answer Correct ? | 39 Yes | 1 No |
Post New Answer View All Answers
how to maintain E-Commerce companies accounts
I was born on 4th may 1981 iam i eligible to apply for SBI clerical job vacancy
what is operational risk and market risk in basel 2 norms.
What is pre-paid amount? What is post-paid amount? Explain received in advance? Explain paid in advance?
Hi any one send me the configuration steps for make to order and make to stock in sap .send to my mail id c.sujatha2008@gmail.com
what do u mean by comparative budget?
what is OTC derivatives and Depository Trust & Clearing Corporation (DTCC) ?
Where the Cost of labour, Material used and sales scrap (if sales given)get effect in balance sheet
Whats the Balnace of Closing stock so if we issued the materil then the Closing stick will be dr and in case we pirchsed the materil the closing stock will be cr so tell me that i m correct or not
Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000
what is monetary polasy and how it is different from trade polacy? how it will impact on stockmarkets in India?
I have an S Corporation called Trend Foods Inc. I would like to make a division of that company that services computers and call that Trend Computer Service. I do not want to set up another Corporation for Trend Computer Service. Can I just make a division of Trend Foods and what paperwork do I need to fill out to make that happen? Thanks for the help, Jim
At Present Situation in sensex market is low, It converts the whole human being life into the depth. When and how it will change? Is it possible?
what is mba tell me the more benefits in mba
Take me through the entire vendor cycle.
