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What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
What is a bank cut off statement?
Cut off statement is the statement of transactions occurred for the 7 to 14 consequent days from the closing date of financial statement like Dec 31 provided by banks. This is useful to check the accuracy of checks outstanding and deposits in transit in accounting.
What are some managerment decision that might be based on accounting information?
Making the decision to layoff employees because business has slowed down, the accounting information would show decreased revenues when compareed to prior periods, to protect the bottom line you'd want to cut expenses. The decision to discontinue a product or line of service.
How do you solve a transaction using double entry system?
First you have to understand the nature of the transaction, and be aware of any special rules for recording the given transaction. When the transaction is recorded in the accounting records as a journal entry, total debts must be equal to total credits for the journal entry. Generally, if a transaction involves the acquisition of an asset or the incurring of an expense, a debit for the amount of the transaction (usually its cost) is recorded. A corresponding credit is made either to the cash account (if the item has already been paid for by cash or check) or to a liability account such as accounts payable (if it has not yet been paid for, which is often the case). In large companies, the initial credit is usually made to the Accounts Payable account , and a separate department will actually pay the invoice for acquired assets or services rendered to the business. When the invoice is paid and a check is cut, a debit is made to Accounts Payable (cancelling out the original credit) and a credit is posted to cash (to show the amount of decrease in the Cash account when payment is actually made).
What are payment terms 15th Prox plus 60?
in order to receive the discount payment is to be made by the 15th of the following month(depending upon the cutoff date being used) otherwise, payment is to be made in 60 days from the discount date. Ex. Based on a 25th cut-off invoice date 9/1 has until 10/15 for discount or 12/15 without discount.
What is the correct way of spelling cut sheet?
"Cut-sheet" is the correct way of spelling cut sheet.
How do you spell cut?
That is the correct spelling of "cut" (to sever or slice).
Is it grammatically correct to say ya?
As "ya" is a slang term, technically it's not grammatically correct to speak using the term. It's an abbreviation of the word "yeah" (which I'm sure you knew already...) and becomes a cut word that hasn't yet found its way into proper English.
Made it exactly at their cut off time a correct grammar?
Made it exactly at their cut off time is not a correct grammar.
What is the medical term meaning large cut?
a large cut
Is arrived at two minutes before their cut off time a correct grammar?
Arrived at two minutes before their cut off time is not a correct grammar.Is arrived at two minutes before their cut off time is not a correct grammar.
What is the medical term meaning a surgical cut that reopened?
Dehiscence is the medical term meaning a surgical cut that reopened.
What is correct hair or hairs cut?
The answer is hair cut. eg: "I'm going to get a hair cut" "hairs cut" would only be correct grammar if you were going to get a few strands of you hair cut...which is highly unlikely, unless you're Homer Simpson ;o)
What is the proofreader's term for cut?
delete
Arrived 2 minutes before their cut off time is a correct grammar?
Arrived 2 minutes before their cut off time is not a correct grammar.
Is got in at 2 minutes before their cut off time a correct grammar?
Got in at 2 minutes before their cut off time is not a correct grammar.
Got in at 2 minutes before their cut off time a correct grammar?
Got in at 2 minutes before their cut off time is not a correct grammar.
