Cost accounting deals with

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Next Previous. Popular Course in this category. Course Price View Course. Leave a Reply Cancel reply Your email address will not be published. Cost accounting is the art and science of applying the costing methods, techniques, and principles to the products, projects, and processes to improve the profitability and to reduce the overall cost of the business.

Financial accounting is the act of classifying, storing, recording, and analysing the financial transactions of the company through financial statements to improve profitability and to maintain the transparency of the company.

The main objective of cost accounting is to find out per unit cost of every product, process, or a project. The main objective of financial accounting is to reflect the accurate financial picture of an organization to the external stakeholders, toward whom the organization is responsible. The scope of cost accounting revolves around management and its decision making processes. WordPress Shortcode.

Financial Accounting, Managerial Accounting, and Cost Accounting

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No notes for slide. What is cost accounting 1. Management accounting consist of four essential tasks: 1. Objectives of cost accounting a To ascertain the cost per unit of the different products manufactured by the business concern. Costing- An aid to management 1. Decision making: a Fixation of price b price should be reduced or increased in future c whether new products introduced in the markets d whether the products should be exported or not. Controlling: Compare actual performance with the planned performance.

Scope: The scope of mgt accounting broader than the cost accounting. Cost accounting provides only cost information but management accounting provides all type accounting information. Emphasis: In cost is focus on the cost information and in management main emphasis on decision making Difference between Cost and Management Accounting Techniques employed: The various technique used by cost accounting such as budgetary control etc.

Purpose: The main purpose of cost accounting is the reporting of cost actual and predetermined of products services, jobs, processes, departments etc. Mgt accounting use in formulation of policies, planning, controlling, decision making etc. Evolution: The evolution of cost accounting is mainly due to the limitations of financial accounting and evolution of management accounting is an extension of managerial aspects of cost accounting. The scope of management accounting is wide and broad based. Difference between cost and financial accounting 1. Providing information: Financial accounting concern with the profit and loss and financial position of the business.

It provide information to owner and outsiders.

While management accounting provide information to management for proper planning operations, control and decision making. Reports: F. A reports operating results and financial position usually at the end of year. A gives information through cost reports to mgt as and when desired. Stocks: In financial accounting stocks are solved at cost or market price and in cost accounting stocks are valued at cost.

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Dealing: Financial accounts deal mainly with actual facts and figures.