Cost accounting is a process that collects, analyzes, and evaluates costs to advise management on the most cost-efficient course of action. It provides detailed cost information to help management control current operations and plan for the future. Unlike financial accounting, which aims to present an accurate view of profits and the organization's financial position, cost accounting focuses on internal reporting to support decision making. Key cost elements include direct and indirect materials, direct and indirect labor, and various types of overhead like production, administration, selling, and distribution overhead.
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advantages of management account,definition,functions of management account,limitations of management account,management account,meaning,nature of management account,objectives of account,scope of management account
Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.
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advantages of management account,definition,functions of management account,limitations of management account,management account,meaning,nature of management account,objectives of account,scope of management account
Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.
This presentation is based on accountancy notes on the topics-
1. Meaning of Accounting
2. Characteristics of Accounting
3. Branches of Accounting
4. Advantages and Disadvantages of Accounting
5. Accounting concepts and Conventions
6. Accounting Equation
Budgeting is a process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones.
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Taking note of accounts and keeping them in order is quite a task for students. So you will be facing many calculation problem in commercial applications. Check out accounting homework help for instant solutions and understanding of concepts.
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
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Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
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2. Cost Accounting
Cost accounting is a process of collecting, analyzing,
summarizing and evaluating various alternative courses
of action. Its goal is to advise the management on the
most appropriate course of action based on the cost
efficiency and capability. Cost accounting provides the
detailed cost information that management needs to
control current operations and plan for the future.
5. Financial accounting aims at finding out results of
accounting year in the form of Profit and Loss Account
and Balance Sheet.
Financial accounting reports the results and position of
business to government, creditors, investors, and
external parties.
Cost Accounting is an internal reporting system for an
organization’s own management for decision making.
6. In financial accounting, cost classification based on type of
transactions, e.g. salaries, repairs, insurance, stores etc. In cost
accounting, classification is basically on the basis of functions,
activities, products, process and on internal planning and control and
information needs of the organization.
Financial accounting aims at presenting ‘true and fair’ view of
transactions, profit and loss for a period and Statement of financial
position (Balance Sheet) on a given date. It aims at computing ‘true
and fair’ view of the cost of production/services offered by the firm.
8. 1) Material (Material is a very important part of business)
Direct material/Indirect material
2) Labour Direct
Labour/Indirect labor
3)Overhead (Variable/Fixed)
1) Production or works overheads Factory Staff
2) Administration overheads Office Staff
3) Selling overheads - Catalogues, Advertising, Exhibitions,
Sales
4) Distribution overheads
5) Maintenance & Repair (Office equipment/Factory
machinery)
9. Utilities Gas Electricity Water Rates
Other Variable Expenses
Salaries (Payroll - Wages, NI PAYE Pensions)
Depreciation (Machinery/Office Equipment)
Other Fixed Expenses