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it help management in decision making
it also help management to ascertain the cost of a product
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What is the meaning of ICMAB?
Institution of cost and management accounting of bangladesh
Advantages of cost accounting?
Cost accounting is a wonderful tool for the management to measure how the company resources has been utilized. It is very useful for the end users also.
What are the specialized fields of accounting?
Specialised fields of accounting is Financial accounting , cost accounting & management accounting. The classification is purely based on what kind of accounting activities are conducted. E.g; in the case of financial accounting historical business transactions are recorded in the books of accounts of an undertaking. In some situation possible certain due transactions are entered as due entry. Costs considered are historical costs of various transactions In the case of cost accounting cost calculations are done keeping historical & estimated costs. Cost accounting & the process calculating costs vary according to nature of business manufacturing activity or operating activities. costs are classified for costing & estimation which is essential in costing . Accounting function for costs can be historical /estimated or both depending on the policy. Another field of management accounting encompasses both cost & financial accounting data /books to generate management reports (purely internal confidential reports). financial auditor verifies the truthfulness of financial records. financial accounting data is publicized in the form of annual financial reports .costing & management accounting data are generated for internal purposes & they are also subject to cost & management audit. Contributor's ID y_s_ganesh@yahoo.com
1 What is the nature and scope of accounting?
What is management accounting ?Explain the nature and scope of management accounting management accounting is a part of accounting which is used for decision making lik in the organisation these decision makers prepare cash flow statement wich helps in forcasting the future profit of the organisation
What are the purpose of management accountong?
The purpose of management or managerial accounting is to obtain financial information to help make business decisions. Another type of accounting is financial accounting.
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
Distinguish management accounting and cost accounting?
What is Dintinguish Management?
What are the different fields of accountung?
1- Cost Accounting 2 - Financial Accounting 3 - Management Accounting
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What is difference between management account and cost account?
Management accounting is use for internal accounting purpose of business management while cost accounting is use to find out the per unit cost of production.
What are the branches of accounting?
Following are different branches of accounting:1- Cost Accounting2- Financial Accounting3- Management Accountingbranches of accounting are two:1-financial accounting2-management accounting(cost a/c & managerial a/c)
How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
How does cost accounting relates to management accounting and financial accounting?
cost accounting provides the basic information for both management and financial accounting.The similarities between government accounting and financial accounting is that both involves the balance of accounts.
What are the roles of a management accountant in a organisation?
financial accounting and cost accounting
