What is the relationship between financial accounting and mathematics?
Accounting has close relationship with mathematics. The dual aspect concept, which is the basic concept of accounting, is expressed as a mathematical equation, known as accounting equation. Accounting computations such as computation of depreciation, determination of loan instalment, ascertaining of cash price in case of hire purchase and instalment systems requires use of mathematical techniques. Accountants now use statistical models, computers and operation research techniques. All these require knowledge of mathematics.
What is the relationship between financial statements and time? For publicly traded companies and many other private entities audited financial statements are prepared at the end of an accounting period (usually a year). Unaudited financial statements are often prepared on an interim basis (usually quarterly). For a comprehensive look at the relationship between the four basic financial statements, see here ... http://vitalbusinessinfo.blogspot.com/2009/10/relationship-between-financial.html
That's easy Financial Accounting - records the transactions that has already passed (history) Cost Accounting - calculates the costs of manufacturing products or provision of services (present) Management Accounting - uses past accounting records and applies some method of calculation for preparation of future undertakings (future)
What is the difference between What is the difference between financial accounting and management accounting?
A basic difference between managerial accounting and financial accounting is that managerial accounting?
Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to…
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management.the question am asking have not been answered .because financial accounting and cost accounting is not the same nor even having the same answer .
What is the difference between cost accounting and financial accounting and what is the different between cost accounting and management accounting?
Cost accounting and managerial accounting are really the same thing. The key difference between managerial/cost and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. cost is the amount of the expenditure. In cost accounting we can find cost of goods and services. financial accouts shows the profit and loss and balance sheet…
Management accounting is a tool that managers use to perform day-to-day operations in an organization. This type of accounting usually does not provide exact numbers, but rather estimate and forecast. Financial accounting is a tool used to present the financial status of the organization to its external stakeholders. This type of accounting provides accurate numbers.
* Cost accounting relies on financial accounting information (unbiased, support material) * both are concerned with responsibility or stewardship to the organization: financial accounting has responsibility to the whole company while cost accounting is concerned with responsibility for parts (costs and revenues) * Both require accounting information that must be relevant, timely, and accurate.
The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. Improvement: Cost account is a major area of managerial accounting. Cost is also a internal Issue.