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Financial Accounting is concerned with preparation of Financial Statements that would serve the interests of Investors, Banks, Creditors, and general public at large. The aim of Financial Accounting is to facilitate Financial Decision Making based on Accurately Gathered Significant financial Information pertaining to the Performance of the Organization and also giving information about the Current position of the Organization's Assets and Liabilities.
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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.
What is different between cost accounting and financial accout?
Cost accounting deals with calculating the per unit cost of unit of product while financial accounting deals with reporting of financial performance of the busines
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
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
What is Financial accounting data?
what is financial accounting?
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.
What is different between cost accounting and financial accout?
Cost accounting deals with calculating the per unit cost of unit of product while financial accounting deals with reporting of financial performance of the busines
What is the end product of accounting?
Financial Accounting is concerned with preparation of Financial Statements that would serve the interests of Investors, Banks, Creditors, and general public at large. The aim of Financial Accounting is to facilitate Financial Decision Making based on Accurately Gathered Significant financial Information pertaining to the Performance of the Organization and also giving information about the Current position of the Organization's Assets and Liabilities.
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
What is the key product of accounting?
financial statements spreadsheets work sheet
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
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.
What financial statement element is closed at the end of an accounting cycle?
revenues
What is Financial accounting data?
what is financial accounting?
Why traditional cost systems distort product costs because?
they emphasise financial accounting requirements
The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
