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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.
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What is Managerial accounting?
Managerial accounting is different to financial accounting because it is the one called cost accounting. It is the process in which it is needed to identify, measure, analyze, interpret and communicate with information to pursue the goals of an organization.
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
What is the meaning of ICMAB?
Institution of cost and management accounting of bangladesh
What are the two main inventory systems in cost accounting?
1 - Perpetual inventory system 2 -Periodic accounting system
What doese FCA mean?
FCA can be Full Cost Accounting, which is a method of accounting or False Claims Act (US federal law).
Advantages and disadvantages of cost accounting?
cost accounting advantage & disadvantage
Advantages of historical cost accounting?
strength of historical cost accounting
What are advantages and disadvantages of branch accounting?
advantages of branch accounting
What are Advantages of accounting for price level changes?
advantages of price level accounting
What are advantages and disadvantage of harmonisation of international accounting standards?
what are advantages and disadvantages of harmonisation of accounting standards
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
What is the Cost and cost accounting also give out objectives of cost accounting?
answer
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.
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
What are the different fields of accountung?
1- Cost Accounting 2 - Financial Accounting 3 - Management Accounting
What are the Classifications of cost accounting?
what are the various classification of cost accounting?
