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Cost Accounting is Management Accounting which is about internal planning, budgeting, cost analysis, and control. Management is accountable, to various stakeholders of the company for being productive and maximizing return on owner investment whilst obeying laws and paying taxes.
Financial accounting satisfies Managements accountability to external users of the company's financial reports that report on the company as a whole. Reports must be produced in accordance with GAAP ( reports that show results of operations, financial position, and cash flows). Such as owners and creditors, regulatory agencies such as the SEC and the IRS, and customers.
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What is the difference between financial budget and a financial budget?
There is no difference between them.. Their difference only is how you understood about financial budget.. :)
What is a difference between technical proposal and financial proposal?
what is the difference between technical and financial proposal
What is the difference between financial adviser and financial consultant?
There is no difference. For instance, I am technically both
How can one find equity in accounting?
One can find equity in accounting by calculating the difference between a company's assets and liabilities, which represents the ownership interest of the company's shareholders. Equity is an important measure of a company's financial health and can be found on the balance sheet.
What is the difference between computerised accounting system and manual accounting system?
the difference is that one is with a computer and the other is with writing utensils. i.e pencil, pen, markers
What is the difference between What is the difference between financial accounting and management accounting?
Financial accounting is used to present the performance and financial statements to third parties while management accounting is used for company's internal working purpose.
A basic difference between managerial accounting and financial accounting is that managerial accounting?
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
Difference between tally and financial accouting?
1 u push a pencil up your anul other u rape gays
What is the major difference between finance and accounting?
The major difference between finance and accounting is that, accounting is general, deals with all economic facts that occur throughout the financial year, financial is specific deals only with finances
What is the Difference between government accounting and financial accounting?
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
What is the difference between cost accountant and financial accountant?
DISTNGUISH between finance, management accountant and 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 the difference between financial year and accounting year?
They are the same; in the financial year we earned income.
What is the difference between governmental accounting and financial accounting?
Governmental accounting is the form accounting practice by government- recognizing inflows as revenue and outflows as expenditure, whereas financial accounting is the accounting work done within an institution.
What is the difference between 'as on' and 'as at' in accounting?
There is no difference between both terms as both terms represents the date at which financial statements are prapared.
What is the difference between financial accounting and cost and management accounting?
Financial accounting is the preparation of financial statements for decision makers. Cost accounting is collecting, analyzing, summarizing, and evaluating courses of action. Management accounting is simply used to better a company by reviewing the accounting information.
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 made during an accounting period, and also financial position of the business as on a particular date. cost accouting provides the management detailed information regarding cost of each product, services etc. Cost Accounting focuses on the costs of production and inventory valuations. Management Accounting produces internal financial reports and analysis prepared in such a way to assist managers in making decisions (such as expense reduction, capital investment, etc.). Financial Accounting produces financial reports in accordance with GAAP and legal guidelines and would generally be the format which is distributed externally for banks, investors, etc.
