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What is the 4 fields of accounting?
In accounting there are four main areas. They are as follows corporate accounting, corporate finance, public accounting and investment banking.
What are the differences between FIFO, LIFO, and HIFO inventory costing methods and how do they impact a company's financial statements?
The main differences between FIFO, LIFO, and HIFO inventory costing methods lie in how they value inventory. FIFO (First-In-First-Out) assumes that the oldest inventory is sold first, LIFO (Last-In-First-Out) assumes that the newest inventory is sold first, and HIFO (Highest-In-First-Out) values inventory based on the highest cost items first. These methods can impact a company's financial statements by affecting the reported cost of goods sold, net income, and taxes paid.
What is the 5 main function of accounting?
The 5 major functions of accounting are recording, classification, analysis and Interprets, Communication and Summarizing. These functions defines the accounting profession.
What are basic accounting concepts?
The main objective of Accounting concepts is to maintain uniformity and consistency in accounting records. These concepts constitute the very basis of accounting. All the concepts have been developed over the years from experience and thus they are universally accepted rules.
What are the function of a finance department?
The main functions of the finance department are to put in place an effective financial cost effective control system including trimming wasteful expenditure, centralized accounting system, and help in boosting production output of the company.
Two main inventory accounting systems are the?
The two main inventory accounting systems are the perpetual inventory system and the periodic inventory system. The perpetual system continuously updates inventory records for each transaction, providing real-time data on stock levels. In contrast, the periodic system updates inventory records at specific intervals, relying on physical counts to determine the inventory balance. Each system has its advantages and is chosen based on the business's operational needs.
What is the main distinction between inventory and plant assets?
In accounting, inventory is considered a "for sale" asset, plant assets are not.
History of inventory system?
The history of inventory systems depends on the type of inventory system being discussed. There are two main types of inventory systems, the perpetual inventory system and the periodic inventory system.
What is scrap in cost accounting?
The main purpose of cost accounting is to provide mangement with financial information necessary
What are the main different between Financial accounting and Cost accounting?
do you have best answer from FA
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.
Benefits of cost accounting?
The main benefit of cost accounting is that it can be used to alert management on how to be more cost effective. It also helps companies plan for the future.
How to generate invoice number in tally7.2?
Tally 7.2 has several features. Its an accounting and inventory management software. The main main feature are General accounting and advance accounting, general inventory and advance inventory, budgets, scenario management, multiple godowns, multiple currencies, invoice printing, Tax statutory like VAT, FBT etc. are few features.You can also generate more then 99 different reports in Tally.For help and tutorials you can visit www.apnitally.com
What is main achievements of inventory control?
Main Achievements in Inventory Control is to maintain the Inventory at Optimum Level ( Neither high nor less) . Sale of the company never loss and arrange the Stock to customer as soon as possible at minimum cost .
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.
Why is Cost accounting a subset of management accounting?
The main purpose of cost accounting is to provide management with financial information necessary to make business decisions. Cost accounting focuses mainly around cost variances, budget analysis, etc. Financial accounting on the other hand ensures that information being reported to outside investors/users is accurate and in compliance with a given financial reporting framework. Hope this helps...
Components of an accounting information system?
Accounting information systems generally consist of six main parts: people, procedures and instructions, data, software, information technology infrastructure and internal controls.
