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In Financial Accounting the computer is invariably used in business to run the Bought (or Purchase) Ledger, the Sales Ledger and the Nominal Ledger. It might also run the Asset Register and calculate the asset depreciation. In Cost Accounting the computer will be used to calculate the manufacturing costs from a knowledge of the material, labour and overhead costs. Lastly the computer will usually be employed to calculate Wages and Salaries, and produce all the necessary paperwork and statistics.
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Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
What is the difference between What is the difference between financial accounting and management accounting?
Financial accounting is used to present the performance and financial statements to third parties while management accounting is used for company's internal working purpose.
What is computered accounting system?
When accounting procedures and accounting reports are maintained by using computers then it is called computerized accounting system like, peachtree, quickbooks, oracle financial etc.
What is financial accounting and what are the terms used in financial accounting?
Financial accounting is a recording, summaring, classifying, communication, anlaysing of business transactions in oder to ascertain the financial position at a given time. and the trms use in financial accounting are: The dual concept in accounting, that is Debit the receiver's account and credit the Giver's account
What is accounting estimate?
The accounting estimate is a financial approximation. This approximation is used for financial statements to make financial statements more accurate with their crediting and debiting.
What is the difference between financial accounting and cost and management accounting?
Financial accounting is the preparation of financial statements for decision makers. Cost accounting is collecting, analyzing, summarizing, and evaluating courses of action. Management accounting is simply used to better a company by reviewing the accounting information.
What is Financial accounting data?
what is financial accounting?
Explain how fundamental accounting concepts are used in preparing financial statements?
explain using various example, how the major accounting concepts are used in preparing financial statement??
How is mathematics used in financial accounting?
In financial accounting, mathematics is used in calculating changes to the capital, assets and liabilities of a company. Most transactions are recorded in mathematical figures.
Why is Financial Account?
Financial accounting is important because they play a vital role in the every field of life. Mostly in all types of business financial accounting is used.
Which is most needed in the early stage of business financial or managerial accounting?
Financial accounting should be used first when starting a new business.
Describe the components and interrelationships of different categories of accounting?
The main categories of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on recording and reporting financial information for external users. Management accounting provides financial information to internal decision-makers and helps in budgeting, planning, and decision-making processes. Cost accounting analyzes the cost of manufacturing a product or providing a service. These categories are interrelated as the information produced in financial accounting is used by management accounting for decision-making, and cost accounting employs the techniques and information provided by both financial and management accounting.
