Difference between financialaccounting and cost accounting
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Financial accounting deals with preparing periodic financial statements like the income statement and statement of cash flows to report the company's financial position and results of operations to external parties. It provides information on whether the company is making a profit or loss. Cost accounting is the application of accounting principles and techniques to ascertain the cost of products and analyze savings or excess costs compared to standards. It allows for more detailed cost reporting and analysis at the individual product level to help with decision making.
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Difference between financialaccounting and cost accounting
Financial accounting deals with preparing periodic financial statements like the income statement and statement of cash flows to report the company's financial position and results of operations to external parties. It provides information on whether the company made a profit or loss. Cost accounting is the application of accounting principles and techniques to ascertain and analyze the costs of products, services, or activities. It calculates the cost of each production unit and provides valuable information for management decision making. While financial accounting reports costs broadly, cost accounting provides minute cost reporting on a per unit basis.
Cost accounting vs financial accounting
Cost accounting records and analyzes costs to ascertain the cost of products/services, determine profitability, and control costs. It uses historical and predetermined costs and reports to management frequently. Financial accounting records all monetary transactions to determine the organization's financial position in financial statements. It uses historical costs and is mandatory, publishing annual statements externally. While cost accounting controls costs, financial accounting determines overall profit/loss.
ITFT- COST ACCOUNTING
This document defines cost accounting and outlines its key objectives and terminology. Cost accounting is the process of recording, classifying, and summarizing costs to determine the costs of products/services, plan and control costs, and provide information to management for decision making. The objectives of cost accounting include ascertaining, estimating, controlling, and reducing costs to determine selling prices and facilitate financial reporting. Cost accounting provides advantages like cost classification, determining adequate selling prices, and controlling expenses. However, it also has limitations like using estimates and not including all income/expenses.
Cost Accounting - Nature & Scope
Cost accounting arose to overcome the limitations of financial accounting in providing useful cost data and information to management for planning, decision-making, and control. Financial accounting only provides aggregate, past-oriented data and does not adequately account for factors like price changes, wastage, or provide data needed for setting prices. Cost accounting develops costing principles, methods, and techniques to ascertain detailed product and process costs, enable cost control, and provide relevant information to management. It has grown to encompass costing, cost accounting, budgeting, standard costing, and cost auditing. While related, cost accounting has a broader scope focused on internal reporting, compared to the external reporting focus of financial accounting.
FINANCIAL ACCOUNTING AND COST ACCOUNTNG
I've tried my level best to indulge in arranging and providing the best information regarding this topic. check it out ,i hope it caters to your requirements.
Dont just copy paste, take reference and i am sure you can make it better than me.
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Regards : Manik Dutt
Cost Accounting and Financial Accounting
This document provides information on cost accounting and financial accounting. It defines cost accounting as recording all costs incurred in a business to improve management, and financial accounting as providing financial reports on profit, debt, and cash flow. Cost accounting focuses on cost ascertainment, control, and reduction, while financial accounting maintains business transaction records to prepare financial statements and provide information to stakeholders. The document outlines objectives, features, advantages and disadvantages of both types of accounting.
cost accounting vs financial accounting
Financial accounting and cost accounting differ in their purpose and users. Financial accounting prepares financial reports for external users like owners and shareholders to comply with statutory regulations. Cost accounting provides detailed internal cost information to management to analyze costs and profits for individual products, departments, and processes. It also focuses on cost control and uses techniques like standard costing, while financial accounting is more historical in nature and uniform in presentation.
Cost Accounting Vs Management Accounting & Management Accounting Vs Financial...
This Slide includes:
1. Cost Accounting Vs Management Accounting
2. Management Accounting Vs Financial Accounting
3. Types of Accounting
4. Difference between Cost, Management and Financial Accounting with basis
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Difference between financialaccounting and cost accounting
Financial accounting deals with preparing periodic financial statements like the income statement and statement of cash flows to report the company's financial position and results of operations to external parties. It provides information on whether the company made a profit or loss. Cost accounting is the application of accounting principles and techniques to ascertain and analyze the costs of products, services, or activities. It calculates the cost of each production unit and provides valuable information for management decision making. While financial accounting reports costs broadly, cost accounting provides minute cost reporting on a per unit basis.
Cost accounting vs financial accounting
Cost accounting records and analyzes costs to ascertain the cost of products/services, determine profitability, and control costs. It uses historical and predetermined costs and reports to management frequently. Financial accounting records all monetary transactions to determine the organization's financial position in financial statements. It uses historical costs and is mandatory, publishing annual statements externally. While cost accounting controls costs, financial accounting determines overall profit/loss.
ITFT- COST ACCOUNTING
This document defines cost accounting and outlines its key objectives and terminology. Cost accounting is the process of recording, classifying, and summarizing costs to determine the costs of products/services, plan and control costs, and provide information to management for decision making. The objectives of cost accounting include ascertaining, estimating, controlling, and reducing costs to determine selling prices and facilitate financial reporting. Cost accounting provides advantages like cost classification, determining adequate selling prices, and controlling expenses. However, it also has limitations like using estimates and not including all income/expenses.
Cost Accounting - Nature & Scope
Cost accounting arose to overcome the limitations of financial accounting in providing useful cost data and information to management for planning, decision-making, and control. Financial accounting only provides aggregate, past-oriented data and does not adequately account for factors like price changes, wastage, or provide data needed for setting prices. Cost accounting develops costing principles, methods, and techniques to ascertain detailed product and process costs, enable cost control, and provide relevant information to management. It has grown to encompass costing, cost accounting, budgeting, standard costing, and cost auditing. While related, cost accounting has a broader scope focused on internal reporting, compared to the external reporting focus of financial accounting.
FINANCIAL ACCOUNTING AND COST ACCOUNTNG
I've tried my level best to indulge in arranging and providing the best information regarding this topic. check it out ,i hope it caters to your requirements.
Dont just copy paste, take reference and i am sure you can make it better than me.
Have a good day.!
Regards : Manik Dutt
Cost Accounting and Financial Accounting
This document provides information on cost accounting and financial accounting. It defines cost accounting as recording all costs incurred in a business to improve management, and financial accounting as providing financial reports on profit, debt, and cash flow. Cost accounting focuses on cost ascertainment, control, and reduction, while financial accounting maintains business transaction records to prepare financial statements and provide information to stakeholders. The document outlines objectives, features, advantages and disadvantages of both types of accounting.
cost accounting vs financial accounting
Financial accounting and cost accounting differ in their purpose and users. Financial accounting prepares financial reports for external users like owners and shareholders to comply with statutory regulations. Cost accounting provides detailed internal cost information to management to analyze costs and profits for individual products, departments, and processes. It also focuses on cost control and uses techniques like standard costing, while financial accounting is more historical in nature and uniform in presentation.
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This Slide includes:
1. Cost Accounting Vs Management Accounting
2. Management Accounting Vs Financial Accounting
3. Types of Accounting
4. Difference between Cost, Management and Financial Accounting with basis
Cost accounting
Cost accounting is the process of collecting, assigning, and evaluating costs to products and services to understand where a company earns and loses money. It provides input for managerial decision making regarding future profits. Cost accounting objectives include determining selling prices, controlling costs, providing information for decisions, ascertaining costing profit, and facilitating financial statements preparation. It is important for management to determine product costs, facilitate planning and control, eliminate waste, provide estimates and identify unprofitable activities. Cost accounting also benefits employees through incentive plans.
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importance of cost accounting
Cost accounting aims to capture a company's costs of production by assessing input and fixed costs to aid management in measuring financial performance. It is important because it allows for (1) classification and subdivision of costs by department, product, etc., (2) determination of selling prices based on production costs, and (3) identification of profitable and unprofitable products or activities.
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This document provides an introduction to cost accounting, including its objectives, importance, and key concepts. It discusses the emergence of cost accounting as a field and defines it as a method for accumulating, classifying, and interpreting cost information to aid in planning, control, and decision making. The document also outlines the advantages of cost accounting for management, employees, creditors, and consumers. It emphasizes that cost accounting is important for controlling costs, measuring efficiency, budgeting, and determining prices. Finally, it discusses essential conditions and factors for installing an effective cost accounting system, such as having efficient material and wage payment controls.
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Financial accounting, cost accounting, and management accounting differ in their purpose, users, and nature of information. Financial accounting keeps records of financial transactions for external users like investors and creditors. Cost accounting analyzes expenditures to determine product costs and prices for management decision making. Management accounting assists management in policy decisions and evaluating the impact of decisions for internal users. Financial accounting provides objective, auditable information while management accounting provides more subjective information tailored to strategic needs.
Cost Accounting
Cost accounting is defined as a systematic process for recording and reporting the measurement of costs of manufacturing goods and services in total and in detail. It includes methods for identifying, classifying, allocating, aggregating, and reporting costs and comparing them to standard costs. Cost accounting provides management with detailed cost information needed to control current operations and plan for the future. While cost accounting information is also used in financial accounting, its primary function is for use by managers in decision-making. Cost accounting focuses on computing costs rigorously for cost control and reduction and reports internally, whereas financial accounting analyzes transactions, adheres to reporting standards, and reports externally.
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Cost accounting is the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information about the costs of products, services, or activities. It provides information to management for planning and control, cost analysis and reductions, decision-making, and profitability analysis. The document outlines the meaning, objectives, advantages, and disadvantages of cost accounting. The key advantages are that it helps measure efficiency, identify profitable and unprofitable activities, set prices, guide cost reductions, and provide information for planning. The main disadvantages include that cost accounting systems are expensive to implement and maintain, complex, not applicable to all businesses, and lack complete accuracy and uniformity.
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Cost accounting aims to capture a company's costs of production by assessing input and fixed costs to aid management in measuring financial performance. It is important because it allows for (1) classification and subdivision of costs by department, product, etc., (2) determination of selling prices based on production costs, and (3) identification of profitable and unprofitable products or activities.
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Cost accounting is defined as a systematic process for recording and reporting the measurement of costs of manufacturing goods and services in total and in detail. It includes methods for identifying, classifying, allocating, aggregating, and reporting costs and comparing them to standard costs. Cost accounting provides management with detailed cost information needed to control current operations and plan for the future. While cost accounting information is also used in financial accounting, its primary function is for use by managers in decision-making. Cost accounting focuses on computing costs rigorously for cost control and reduction and reports internally, whereas financial accounting analyzes transactions, adheres to reporting standards, and reports externally.
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The accounting concepts/conventions/principles applied are:
- Entity concept - Accounts are prepared for Farhan's small business separately from his personal affairs.
- Going concern concept - The accounts are prepared on the assumption that the business will continue to operate in the foreseeable future.
- Accrual basis of accounting - Revenues and expenses are recognized in the period earned/incurred rather than when cash is received/paid out.
b. The company recorded its land at cost of RM500,000 in 2010. In 2015, the market value of the land increased to RM800,000 but the company did not revalue the land in its books.
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This document provides an overview of management accounting concepts and techniques. It discusses key topics like cost accounting, financial accounting, cost concepts, differences between cost accounting and financial accounting, techniques used in management accounting like budgeting and costing. It also outlines the structure and contents of management accounting syllabus covering concepts of financial accounting, cost accounting, ratios, budgeting and other techniques.
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The document compares and contrasts financial accounting and managerial accounting. Financial accounting provides information externally for investors, creditors, and other external stakeholders, focusing on historical results. Its reports follow standard formats. Managerial accounting provides internal information to management for planning, decision making, and control. It focuses on present and future forecasts. Managerial accounting reports are informal and provided as needed by management, with the goal of helping managers operate and improve the business.
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The document provides information on various accounting topics including financial accounting, cost accounting, managerial accounting, users of financial statements and managerial accounting, uses of cost accounting, key success factors, and steps in the decision making process. Financial accounting deals with preparing financial statements, cost accounting records costs, and managerial accounting identifies and measures information for organizational goals. The different types of accounting have various users both internal and external to organizations. Cost accounting is used for cost ascertainment, control, and decision making. Key success factors for organizations include product development, cash management, people, purpose, processes, resources, customers, and operations. The decision making process involves identifying the problem, gathering information, setting criteria, brainstorming options, and
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The document discusses accounting principles, concepts, and conventions related to financial accounting and measuring business income. It provides definitions for key terms like Generally Accepted Accounting Principles (GAAP), which are the common set of standards that accountants follow when preparing financial statements. The matching principle and revenue recognition principle are also explained, which state that expenses must be matched to the period in which revenue is earned. Finally, the document outlines the objectives and procedures for measuring business income, including identifying the accounting period, revenues and expenses, and using the matching principle to determine net income.
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Responsibility accounting involves dividing an organization into responsibility centers and assigning costs and revenues to each center. The key types of responsibility centers are cost centers, which managers are responsible for costs, profit centers where managers are responsible for both costs and revenues, and investment centers where managers are responsible for costs, revenues, and capital employed. Effective responsibility accounting requires setting targets for each center, tracking actual performance against targets, reporting variances to management, and taking corrective actions. It aims to evaluate performance and provide feedback to improve future operations.
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Introduction to management accounting, cost concepts and classification
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Difference between financialaccounting and cost accounting
- 2. FINANCIAL ACCOUNTING - It deals with the preparation of the periodic report of the company’s financial position and the results of operations to external parties through financial statements, income statement and statement of cash flow. -It gives an information that whether the company is in loss/profit. COST ACCOUNTING -Cost accounting is the application of accounting and costing principles, methods, and techniques in the ascertainment of costs and the analysis of saving or excess cost incurred as compared with previous experience or with standards.
- 3. POINT OF DIFFERENCE FINANCIAL ACCOUNTING COST ACCOUNTING PURPOSE Purpose of the financial statement is to show correct financial position of the organization. To calculate cost of each unit of product on the basis of which we can take accurate decisions. PERIOD Period of reporting of financial accounting is at the end of financial year. Reporting under cost accounting is done as per the requirement of management or as-and- when-required basis. REPORTING In financial accounting, costs are recorded broadly. In cost accounting, minute reporting of cost is done per-unit wise.
- 4. COVERAGE OF TRANSACTION It covers the transactions of the whole firm i.e. complete Transaction Only a part of the transaction is covered such as manufacturing, sales and services INDEPENDENT ENTITY Financial Accounting is independent of cost accounting . Cost accounting depends upon financial accounting for the supply of basic data for analysis PROCESS Journal entries, ledger accounts, trial balance, and financial statements Cost of sale of product(s), addition of margin and determination of selling price of the product. FORECASTING Forecasting is not at all possible Forecasting is possible through budgeting techniques.
- 5. RELATIVE EFFICIENCY Relative efficiency of workers, plant, and machinery cannot be determined under it. Valuable information about efficiency is provided by cost accountant. FIXATION OF SELLING PRICE Fixation of selling price is not an objective of financial accounting. Cost accounting provides sufficient information, which is helpful in determining selling price. ANALYSIS OF EXPENDITURE It analyses the expenditure under different types of expenses,e.g: wages ,salaries, depreciation. It analyses the expenditure under different heads of performances distinct from types of expenses,e.g: direct labour, indirect labour, direct material.