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Distinguish between the recording and reporting process in accounting?
Wiki User
∙ 9y ago
Recording indicates entering financial transactions into the accounting system such as bank withdrawal, insurance payments and employee salaries. Reporting denotes harvesting the data or transactions that were entered during the recording phase. Report generation can include anything from generating payroll numbers for executives to pulling sales numbers to apply for a loan.
Wiki User
∙ 9y ago
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Distinguish between cost accounting and financial accounting?
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What are the difference between cost accounting and financial accounting?
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
Distinguish between costing and cost accounting?
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